ABSTRACT
We report on turning policymakers’ attention to saving people’s lives. At the same time, the pandemic crisis is threatening the survival of firms on a global scale, with potentially devastating societal and economic outcomes by novel exogenous shocks, it is shocking transcends past experiences and the implications for SMEs. Companies must innovate and adapt because failing to respond fast could result in great losses. Put succinctly, in the face of a pandemic, business model innovation is unavoidable. The reasons behind these shifts can be multifaceted: changing the product line to keep operations going, turning threats into opportunities, diversifying customer segments, scoring competitive advantage, boosting reputation, or cutting costs, to name a few. However, not all businesses have the luxury of pivoting their business models overnight.
