Understanding the nature, drivers, and barriersto innovation in family firms in india

Abstract

This thesis explores the nature, drivers, and barriers to innovation in family firms, with a specific focus on emerging economies like India. Through interviews of eight diverse manufacturing family firms, the study uncovers the significance of innovation for its survival and growth in a rapidly changing market. It emphasizes the importance of embracing innovation as a strategic imperative, offering practical implications for practitioners in terms of autonomy, professionalization, inclusion of non-family employees, and investment in R&D. By analyzing the drivers and barriers to innovation, considering individual, family, firm, and industry-specific characteristics, the study emphasizes the need for family firms to effectively navigate these factors to foster an innovative culture and overcome challenges.