Turning crisis into opportunity: how entrepreneurs can thrive in turbulent times

When crisis hits, most businesses brace for survival. But what if adversity could be a launch pad for innovation and growth?

That’s the question driving the work of Dr. Oleksiy (Oleks) Osiyevskyy, PhD'14, a professor at the University of Calgary’s Haskayne School of Business, whose career has been shaped by a deep curiosity about how organizations and entrepreneurs respond to disruption. 

His latest project, funded by the Social Sciences and Humanities Research Council (SSHRC), explores how generative AI can help entrepreneurs overcome systemic barriers and build more resilient, successful businesses.

“We’re living in an era of ‘permacrisis’ — a term that literally became Collins Dictionary’s word of the year in 2022,” Osiyevskyy says. 

“From pandemics to economic shocks to climate events, disruption is no longer the exception. It’s the norm.” 

As a speaker at the upcoming Haskayne Business Exchange on Nov. 4, Osiyevskyy and fellow Haskayne researcher Dr. Olga Petricevic, PhD, will present the Permacrisis Playbook: How Leaders Turn Chaos Into Innovation.

According to recent data, 91 per cent of organizations have faced multiple disruptions in the past two years, averaging 3.5 major events. For entrepreneurs, especially those from underrepresented communities, these challenges can be even more daunting.

But this professor of entrepreneurship and innovation sees opportunity in the chaos.

The paradox of adversity and aversion

Osiyevskyy’s research asks a bold question: How can we move from reacting to a barrage of crises to growing because of them?

It’s a question rooted in both academic inquiry and lived experience. Before entering academia, the Haskayne professor founded a startup and held strategic roles in the corporate world during turbulent economic times. What he saw playing out in the boardroom didn’t match the popular narrative.

"Everyone loves to say, 'never waste a good crisis,' but the reality is most organizations become rigid and risk-averse when things get tough," says Osiyevskyy. 

"Less than a third actually try new approaches during adversity." 

That paradox sparked a decade-long journey to understand what separates those who freeze from those who flourish. Osiyevskyy’s earlier work focused on how some companies use crises as springboards for innovation. Now, he’s taking that research further into the realm of emerging technology and equity.

The power of generative AI for minority entrepreneurs

“Generative AI is changing the game," Osiyevskyy says. 

"It’s giving small-business owners access to tools that were once reserved for big corporations with deep pockets.”

For minority entrepreneurs who often face limited access to capital, networks and resources, this shift is especially powerful. Osiyevskyy describes their use of AI as a kind of “digital bricolage,” a creative, resourceful way of turning constraints into competitive advantages.

“These entrepreneurs are already masters of resourcefulness,” he says. “Now, with AI, they can build smarter, faster and more efficiently than ever before.”

Osiyevskyy’s research aims to uncover how these innovators are using AI to break through systemic barriers, and what lessons can be shared more broadly.

The implications go far beyond individual success stories.

"Minority-owned businesses are vital engines of job creation and innovation in Canada," says Osiyevskyy. "When we help them succeed, we're not just promoting equity; we're unlocking untapped potential that strengthens the whole economy." 

This emerging research offers practical benefits for three key groups:

• Business leaders, who gain tools to reframe crises as growth opportunities and activate entrepreneurial thinking across their organizations;
• Minority entrepreneurs and policymakers, who get evidence-based strategies to harness AI and overcome systemic challenges; and
• Society at large, which benefits from a more inclusive, resilient and innovative economic landscape.

What excites Osiyevskyy most is the timing.

“We’re at a unique moment,” he says. 

“A solo entrepreneur can now access AI capabilities that rival those of major corporations. That’s never happened before.”

As disruption becomes a constant, Osiyevskyy believes the ability to thrive through uncertainty will define the next generation of successful businesses. His research is helping pave the way by showing how adversity, when met with creativity and the right tools, can become a powerful advantage.