EXPLORING INNOVATION COMPONENTS AND CHALLENGES OF ENTERPRISES: LESSONS FROM THE CASE STUDIES

The innovative performance of business units in the country should be aligned in a way to withstand dynamic economic conditions. The purpose of this study is to discover innovative activities and challenges of firms concerning the prevailing economic situation in India. In-depth interviews with managers of three firms are carried out to discover the pattern of innovation practices and challenges faced in the present scenario of economic instability. A semi-structured interview was used for collecting data. A deductive approach is used to excerpt qualitative data with a content analysis coding framework. The study found customised components for innovation concerning the sector and foreseen risks in a global economic slowdown. The study helps managers and consultants redesign innovation activities to meet the challenges in response to changing economic scenarios. It also recommends that policymakers react to external crises as well.