Continuous innovations and investments therein are of central importance when it comes to the future prosperity of Germany and its economy, Professor Dr. Holger Ernst, Chair of Technology and Innovation Management at WHU – Otto Beisheim School of Management, is convinced. In an interview with the Rhein-Zeitung, the researcher explains what he considers to be most decisive for future developments and what they require from small and medium-sized enterprises.
The corona crisis relentlessly reveals which companies are well-positioned for the upcoming years and which are not. Only innovative companies with a strong business model are going to survive the crisis, Ernst states in the interview. The fact that the quota of innovators among medium-sized companies fell to 19 percent last year makes oberservers less confident. Nevertheless, medium-sized enterprises and especially large companies are increasingly spending more money on research and development. According to Professor Ernst's analysis, this is the right thing to do. Although innovations are always bearing risks, businesses cannot do without them in the long term. To be aware of this is particularly crucial for medium-sized companies which, according to the researcher, will need to get used to establishing modern innovation management.