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Crisis Management and Innovation in Indian Manufacturing MSMEs Amidst COVID-19 Pandemic

In: Entrepreneurship Research

Author

Listed:
  • Deepak Kumar

    (Indian Institute of Technology Kanpur
    Latrobe University)

  • B. V. Phani

    (Indian Institute of Technology Kanpur)

  • Suman Saurabh

    (Indian Institute of Technology Kanpur)

Abstract

Small firms faced unprecedented challenges during the COVID-19 crisis. Weak financial position, closure of markets and prolonged uncertainty forced them to re-think and re-design their businesses. Using multiple case study method, we examined the crisis management strategy of these firms during the pandemic. Though these firms did not have any pre-built contingency plans or buffer capital reserve, they have chalked their path out of the crisis by innovating their businesses. Diversifying products, Cost cutting, Inventory control and IT adoption were the most popular strategies for their recovery and growth.

Suggested Citation

  • Deepak Kumar & B. V. Phani & Suman Saurabh, 2023. "Crisis Management and Innovation in Indian Manufacturing MSMEs Amidst COVID-19 Pandemic," Springer Books, in: Vanessa Ratten (ed.), Entrepreneurship Research, pages 111-132, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-4452-1_7
    DOI: 10.1007/978-981-99-4452-1_7
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