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Businesses that use recessionary periods to innovate and adopt new ways of doing business can build a foundation for long-term growth, according to research by McKinsey & Company.
A review of industry trends during the 2000-01 recession found that nearly 40 percent of leading U.S. industrial companies fell from the top quartile of their sectors, as did a third of leading U.S. banks. In many cases, these reversals of fortune resulted from disruptive innovations rather than from economic impacts.
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