“…The macroeconomic fluctuations and the economic slowdown following the 2007 economic crisis on innovation performance was strongly uneven (Makkonen, ), its impact varying strongly across countries and regions (Davies, ; Kastrinos, ). Studies have found that firms either reduced or abandoned innovation activities and related expenditures during the crisis, or managed to build competitive advantage and benefit from processes of creative destruction (Archibugi, Filippetti, & Frenz, ; Frenz & Prevezer, ; Paunov, ). Turbulence, imbalances and a diversity of shocks to the socio‐economic systems have therefore brought to bear a series of contributions that highlight the connections of innovation with the economic downturn.…”