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R&D and innovation after COVID-19 : what can we expect? A review of prior research and data trends after the great financial crisis

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Roper, Stephen and Turner, Joanne (2020) R&D and innovation after COVID-19 : what can we expect? A review of prior research and data trends after the great financial crisis. International Small Business Journal: Researching Entrepreneurship, 38 (6). pp. 504-514. doi:10.1177/0266242620947946

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Official URL: https://doi.org/10.1177/0266242620947946

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Abstract

How did the great financial crisis (GFC) of 2008–2010 impact on R&D and innovation in the United Kingdom and internationally? What can we learn about the likely innovation effects of the COVID-19 crisis on small and medium enterprises (SME) innovation? Numerous international studies suggest the strong procyclicality of R&D and innovation investments in firms: investment rises in recovery and falls sharply in times of crisis. This procyclicality is driven in firms by both internal financial resources or slack and varying market incentives for innovation. Cash constraints, in particular, may impact most strongly on R&D and innovation investments by smaller firms. In the United Kingdom, the proportion of innovating firms fell by around a third during the GFC and took around four to six years to recover. Recovery was also uneven – notably weaker in some sectors and regions. The COVID-19 crisis seems likely to leave many firms financially weaker, with the most significant impacts on the willingness or ability of SMEs to sustain R&D and innovation. Where firms are able to sustain these investments, however, the evidence from the GFC suggests that they will lead to better survival chances, stronger growth and higher profitability. Some additional financial support for innovation has been announced by the UK government. Whether this will be sufficient to sustain SME levels of innovative activity, however, remains to be seen.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HC Economic History and Conditions
H Social Sciences > HD Industries. Land use. Labor
R Medicine > RA Public aspects of medicine
Divisions: Faculty of Social Sciences > Warwick Business School
SWORD Depositor: Library Publications Router
Library of Congress Subject Headings (LCSH): COVID-19 (Disease) , COVID-19 (Disease) -- Economic aspects, Global Financial Crisis, 2008-2009 , Small business, Small business -- Technological innovations
Journal or Publication Title: International Small Business Journal: Researching Entrepreneurship
Publisher: SAGE Publications
ISSN: 1741-2870
Official Date: 1 September 2020
Dates:
DateEvent
1 September 2020Published
1 October 2020Available
29 July 2020Accepted
Volume: 38
Number: 6
Page Range: pp. 504-514
DOI: 10.1177/0266242620947946
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Open Access

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