The Harvard Business Review is an excellent resource for leadership training & business articles

3 Ways to Innovate in a Downturn (hbr.org)

Recessions offer major opportunities for innovators. They can be a good time to introduce game-changing offerings or simple, affordable solutions or make bold, strategic moves. The resource scarcity that typically accompanies recessions forces innovators to…more
The sense that a recession is coming is growing. If it does, will it cause innovation to slow? Not necessarily. History shows that recessions create three specific opportunities for innovators.

1. Game-Changing Offerings — Startups with radical products or services that “reverb” off of the big event driving the recession can take off.

2. Simple, Affordable Solutions — Downturns can be great times to introduce offerings that connect with consumers who have tighter purse strings or are naturally frugal given continued uncertainty.

3. Bold Strategic Moves-– Downturns can be great times for established companies to make dramatic changes.