Universities driving innovation in the ‘new normal’: a multi-ontological perspective of dynamic capability microfoundations for knowledge exchange

Abstract Governments are calling upon universities to work with civil society, the public and private sectors to harness lessons from the Covid-19 pandemic for a step-change in innovation, to boost economic growth and sustainable/equitable transitions. However, a paucity of university strategic management frameworks which enable enhanced fulfilment of economic development, civic engagement and sustainability social responsibilities through knowledge exchange may impede delivery of this ambition. In this study, we develop a multi-ontological perspective of the dynamic capability microfoundations UK universities are using to enable knowledge exchange and achieve the innovation step-change ambition within the uncertain and dynamic post-pandemic ‘new normal’. We argue that the microfoundations being utilised suggest a reflexivity failure, impeding universities’ ability to adapt their strategic management to foster radical system change, limiting prospects that the step-change ambition will be achieved. JEL Classification I23 · O30