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 2020: Celebrating the World of Innovation”
Event Location: Virtual
Event Dates: December 6-8, 2020
Projects: IFE
Date: 7 December 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 crisis-driven 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 2020: Celebrating the World of Innovation”, December 6-8, 2020, Virtual. ISBN 9789523355668

Actions (login required)

View Item View Item