NEW YORK, NY - SEPTEMBER 23: eBay founder Pierre Omidyar speaks during the panel session Democracy and Voice: Technology For Citizen Empowerment and Human Rights during the annual Clinton Global Initiative (CGI) on September 23, 2010 in New York City. The sixth annual meeting of the CGI gathers prominent individuals in politics, business, science, academics, religion and entertainment to discuss global issues such as climate change and the reconstruction of Haiti. The event, founded by Clinton after he left office, is held the same week as the General Assembly at the United Nations, when most world leaders are in New York City. (Photo by Brian Harkin/Getty Images)
Business

Family Business 4.0 – Taking the first step towards a new entrepreneurial spirit

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Family businesses find themselves under severe innovative pressure due to the persistent digitalization inexorably disrupting traditional industrial value chains. Like all firms, family firms are forced to respond to disruptive threats by establishing innovative avenues for value creation, including new business models. As I have already emphasized in my previous Viewpoint

As I have already emphasized in my previous Viewpoint, one of the major challenges in the face of digitalization is the accelerating pace of change. Despite the fact that in particular later-generation family firms are accustomed to recurring changes, the speed of change is becoming ever faster with digitalization.

Therefore, it remains essential for family business decision makers to gain a full understanding of the nature and the possible impact of these changes to ensure their competitiveness. In contrast to many family businesses, startups seem to embody the nature of digitalization and especially its inherent cultural changes. They are characterized by lean, agile and flexible organizational structures, high customer centricity, and a corporate culture that can accept failure.

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