During the situation of a crisis many companies find themselves in a frequently observed dilemma. There is potential to increase performance in the crisis, but simultaneously the amount of resources required to execute innovative strategies is limited by the crisis. To handle this dilemma, the paper introduces an approach utilizing competency-based visioning in the context of a participative innovation process, aiming not only to address the immediate crisis but also lay the foundation for a resilient and adaptive future. Firstly, the process begins with a straightforward and honest assessment of the crisis, encompassing both operational and strategic dimensions. Secondly, workforce involvement takes center stage, particularly in the stages of opportunity recognition and new business ideation. Thirdly, a strong outside-in perspective is adopted, coupled with out-of-the-box creativity. The goal is to create a synergy that maximizes the potential for innovative solutions.