Convergence innovation for sustainable development: Unraveling post‐COVID dynamics for a resilient future

Abstract

AbstractThis paper explores the potential of Convergence Innovation (CI) as an effective catalyst for dealing with the COVID‐19 pandemic and devising a trajectory toward a sustainable post‐crisis future. It offers novel perspectives on sustainable innovation approaches that can enhance organizational performance and extend beyond it. The paper makes significant contributions to both the theoretical and practical aspects of innovation. It illustrates the impact of market forces in the context of the Fourth Industrial Revolution (4IR) and Digital Technologies (DT), highlighting the significance of sustainable innovation for organizational prosperity and individual welfare. Convergence Innovation is explained as a self‐regulating ecosystem that promotes and goes beyond value creation. Different technologies in the ecosystem enhance CI's sensing capabilities for fluctuations in market forces and facilitate the transmission of data for decision‐making. The study recommends splitting off the S‐curve of innovation and the life cycle of competitive intelligence, as the S‐curve of CI tends to be shorter in the digital age. This paper provides managers with a new framework for thinking about innovation and its role in achieving sustainable business success. By embracing CI, managers can create more agile and adaptable organizations that are better positioned to navigate the complex and rapidly changing world of the digital age.