SMEs in Times of Crisis: An Analysis of Medtech SMEs’ Strategic Responses to the COVID-19 Pandemic
Abstract: The COVID-19 crisis has disrupted industries across the globe and has forced organizations to respond. One example is the medical technology (medtech) sector in which small and medium- sized enterprises (SMEs) were impacted and had to respond strategically. Previous literature on crisis management is still immature in respect to strategic responses to this unique crisis. Therefore, the purpose of this thesis is to analyze how medtech SMEs have responded to the COVID-19 pandemic. The study employs a multiple-case study, for which five semi-structured interviews with medtech SME top-managers were conducted. A cross-case analysis allowed to confirm the common strategic responses retrenchment, persevering, innovating, and exit, but also expand them by two other responses, namely collaboration and financing. The researchers developed a crisis management framework consisting of the three phases, pre-crisis, crisis, and post-crisis that also integrates the strategic responses. The findings further reveal that medtech SMEs do not use the responses in isolation but rather in combination. By practicing the certain strategic responses, medtech SMEs were able to grow and develop their business throughout the crisis. The results of this study add to previous research on strategic responses in the field of crisis management. Further, it provides valuable practical implications for managers. It presents ways to respond strategically to crises, and provides learnings that may serve their companies to prepare for future global crises.
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