Abstract
Unpredictable events like Covid-19 lead to exceptional situations and make innovation projects and growth strategies obsolete. Customer needs can change radically within a few days and lead to socioeconomic, behavioral changes that are linked to trends like digital transformation and last for a long time. Conventional management concepts no longer work in a business paradigm that calls for quick reactions and business model innovations. Keeping the existing business running as efficiently as possible and at the same time developing new opportunities for the future requires agility, flexibility, and openness. Organizational resilience and behavioral resilience help to reposition over a crisis. For those who are open to novel approaches, the concept of frugal innovation creates new opportunities: targeted and cost-efficient satisfaction of client expectation, reduced to what the user needs at the moment. Creating customer added value with fewer resources is the first step towards responsible corporate management.
Fasnacht, Daniel