Crisis strategies in High-Tech ventures

Purpose This study aims to examine the way high-tech ventures responded to the COVID-19 crisis by pursuing digital transformation in their processes and product offerings. Three aspects of these responses are explored here: how ventures interpret the crisis, the changes they make in response to the crisis in their business operations and the changes they pursue in their products and services. Design/methodology/approach To investigate these aspects, the authors conduct a multi-case study of 23 high-tech ventures, both small and large, from Europe and Asia and interview their key managers in June-July 2020. Interview data is analysed through thematic analysis. Findings The research reveals that the COVID-19 crise widespread deployment of digital technologies to support remote work, the crisis led to significant changes in internal processes, ranging from communication approaches to the management of human resources and decision-making practices, which spurred digital transformation. In contrast, changes in product offerings were mostly incremental and considered the process involved in product development rather than the product content. Research limitations/implications The study examines companies in the software sector only, which does not fully capture the broader spectrum of high-tech enterprises. The authors have also considered these changes at one point in time, but crisis responses evolve over time. Further research is needed to understand long-term impacts across diverse industries. Practical implications The findings provide insights into strategic adaptation and resilience, helping tech companies refine their operational models and strategy development to increase resilience in times of crisis. Originality/value This study provides an understanding of the ways high-tech ventures’ roles undergo digital transformation in shaping business strategies and innovation. It explains the interplay between crisis interpretation, organisational context and strategic adaptation in the context of the COVID-19 crisis.