Innovation in the Fishing Sector: from the Success to the Bankruptcy

Abstract

Innovation is an important factor for business competitiveness, even in fishing, where numerous innovations are applied. In this industry, the sectorial innovation system has a great complexity, as well as knowledge and technologies coming from various sources. The case of Pescanova provides empirical evidence on the importance of innovation in fishing. But while innovation is a necessary condition for the success and survival, is not sufficient by itself. This work shows how innovation has been a key factor of success in Pescanova over the years, but currently, the inappropriate management of the company has led to an inadequate financial structure, causing the bankruptcy of this organization. Thus, innovation is not only a relevant issue for technology-based companies, but for all firms, including the success of fishing companies; although the challenges and risks of innovation are combined with those of each industry, and in any case, they must be adequately addressed by management to assure the survival and success of the company.