Crisis-Driven Business Model Innovation - Decision-Making Under Stress

Creators: Schallmo, Daniel and Williams, Christopher A.
Title: Crisis-Driven Business Model Innovation - Decision-Making Under Stress
Item Type: Conference or Workshop Item
Event Title: (Proceedings of the ) ISPIM Connects Global "Celebrating the World of Innovaton"
Event Location: Virtual
Event Dates: December, 6-8, 2020
Projects: IFE
Date: 2020
Divisions: Informationsmanagement
Abstract: This paper aims to develop an approach for crisis-driven business model innovation based on research regarding decision-making under stress and erroneous decisions with several causes. First, a lack of non-technical skills leads to wrong decisions. Second, our brains function differently under stress than under normal conditions. Third, unconscious decision-making comes into play under stress, including two mechanisms: Similarity Matching and Frequency Gambling. We also analysed case studies from companies practicing crisis-driven business model innovation. Our findings show that crisis-driven business model innovation is currently a significant topic. Existing theories do not combine crisis management for business models and decision-making under stress, and, to the best of our knowledge, no approach exists in the current literature. Based on our research, we deliver an approach to crisisdriven business model innovation including the following four phases: business model analysis, risk identification, idea derivation and implementation of ideas.
Citation:

Schallmo, Daniel and Williams, Christopher A. (2020) Crisis-Driven Business Model Innovation - Decision-Making Under Stress. In: (Proceedings of the ) ISPIM Connects Global "Celebrating the World of Innovaton", December, 6-8, 2020, Virtual. ISBN 9789523355668

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