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Innovation in Family Business Groups

In: The Palgrave Handbook of Managing Family Business Groups

Author

Listed:
  • Sabyasachi Sinha

    (Indian Institute of Management)

  • Vinod Thakur

    (Strategic Management, Fore School of Management)

Abstract

Family business groups (FBGs), similar to the non-family owned conglomerates, need to focus on innovation to stay relevant, keep growing sustainably, and maintain their competitive edges vis-à-vis their competitors. Extant research highlights family firms’ lack of proactive interest towards investing in innovation. We present a counter-narrative of how FBGs organize and manage innovation across affiliated group companies. Through a multiple case study of four FBGs based on secondary data, we theorize “how FBG's innovation activities are managed.” We found that FBG owners’ aspirations to be globally competitive and top management teams’ aspirations to support innovation-led growth are the critical antecedents of increased attention on innovation in the FBG firms. We also found that family business groups support innovation by building and enabling structure and context at both group and affiliated firm levels. Such support includes shared group resources, building inter-organizational and intra-organizational knowledge exchange mechanisms, and institutionalizing the innovation culture.

Suggested Citation

  • Sabyasachi Sinha & Vinod Thakur, 2023. "Innovation in Family Business Groups," Springer Books, in: Marita Rautiainen & Maria José Parada & Timo Pihkala & Naveed Akhter & Allan Discua Cruz & Kajari Mu (ed.), The Palgrave Handbook of Managing Family Business Groups, chapter 0, pages 403-426, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-13206-3_16
    DOI: 10.1007/978-3-031-13206-3_16
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