Demand for innovative technologies and digital transformation increased during the COVID-19 pandemic. This paper analyzes the findings of a research project conducted by researchers from Riga Technical University within the National research program “Towards the Post-pandemic Recovery: Economic, Political and Legal Framework for Preservation of Latvia’s Growth Potential and Increasing Competitiveness (reCOVery-LV)”. The analysis of the data of the first survey revealed the innovative solutions adopted to overcome the crisis caused by the COVID-19 pandemic in companies. The second survey showed that 2/3 of the surveyed companies in the reporting period (2019-2020) have implemented at least one product or business process innovation, or performed an innovation that is still ongoing. The analysis of inventions, trademarks, and design applications (2016-2020) indicates that the creation of intellectual products will continue in the crisis. Based on the analysis of expert interviews, sets of factors hindering and promoting the development of innovation were created.