ABSTRACT
The descriptive theory of the innovation system revolves around the competitiveness of the nations, that is, based on the interaction between science institutions and firms. COVID-19 pandemic has created a medical emergency, and nation-states responded to control the spread of infection that halted economic activities as well as disrupted both global value chains and global governance systems. The threat of shocks like COVID-19 pandemic is becoming a reality. To prepare for such contingencies and prevent future shocks, the global community of innovation scholars needs to put their efforts together to provide a new approach. Healthcare infrastructure has come under severe stress due to COVID-19 infections and exposure to the organizational weakness developed in the post Second World War period. In the case of developing countries, capability building in both firms and people is a dynamic outcome of learning. The chapter also presents an overview of the key concepts discussed in this book.
