The Impact of Research and Development on Entrepreneurship, Innovation, Digitization and Digital transformation

Abstract

Greening, Digitizing and Redefining Aims in an Uncertain and Finite World: the triad facing the world in the immediate future as climate change, pandemic, digitization and the scramble for energy resources mark the challenges of an uncertain and finite world. PurposeKeeping in line with previous research on the social, commercial, and industrial impacts of the COVID-19 pandemic, this paper has a dual objective: to extend the analysis in a common time frame by exploring additional indicators based on existing data sources and to analyse the relationships between EIDaD and R&D, comparing the pre- and post-COVID-19 scenarios. MethodologyNumerous primary data sources within multiple available databases were studied, such as the EU dataset. These sources provide a range of indicators which, despite the scarcity of available literature, facilitate an empirical approach involving the quantitative analysis of the information they contain. A set of subsequent correlation analyses during Pre-COVID-19, COVID-19 and Post-COVID-19 were elaborated in order to explore the possible relationships between selected variables. StructurePrevious research has shown that the IDR dataset facilitates the identification of early indicators of EIDaD and the expansion of EIDaD-related early indicators to key business ratios. This in turn allows comparisons between EIDaD and R&D to offer additional insight into how organizations can change the approach of their R&D and investment initiatives from reactive to proactive. FindingsThis paper sheds light on how R&D investments impact EIDaD initiatives and strongly suggests that organizations rethink how they approach entrepreneurship, innovation, digitization and digital transformation, using early indicators to facilitate better long-term decisions. OriginalityThis paper shows that certain pre-pandemic strategic activities, such as R&D investments, may have influenced the behaviour of businesses, customers and society during the pandemic, and how wealth and economic value can be generated in a post-pandemic environment in the framework of a new economic model. Practical implicationsOrganizations that succeed during a pandemic will serve as leadership models for the next generation of businesses, shaping the future of society as a whole. When early R&D investments bring about changes in the metrics that influence the recovery from the impact of a pandemic, they enhance the growth that can create jobs and offer new business opportunities in the new digital context.