Small business antifragility: how research and innovation can help survive crises and thrive

To survive the emergency caused by COVID-19, organisations need to change. In particular, many small firms will need to transform their business model. In some cases the crisis is an opportunity to move towards activities with greater added value. This attitude has been called antifragility. In this study three SMEs from southern Italy were investigated which, as a response to the current crisis, transformed their business and shifted their production to new products. The paper identifies the dynamic capabilities implemented by the three companies and the levers used to develop these capabilities. In particular research and innovation processes, implemented through collaboration with research institutions, have proved to be of great importance in building antifragility. The COVID-19 pandemic is an exceptional crisis but emergencies in general are not uncommon. The results of this study are useful for researchers interested in antifragility in innovative small businesses and their ability to survive.