Open innovation and family-owned sustainopreneurial performance: insights into Thailand’s generation gap

ABSTRACT

Openness to innovation is a key strategic decision of any family business. Despite a rising interest among studies regarding open innovation (OI) in family companies, the existing knowledge and information are rather limited. The present study aims to enhance a greater understanding of the execution of OI strategy, examining how OI affects firm performance in each generation. Using a structural equation model (SEM), a sample of 563 family businesses was collected via a survey across different regions of Thailand. We study the significance of open innovation approach in family-owned SEMs in fostering the prospect of sustainopreneurship. The family-owned SMEs provide a generational backdrop for this aim, while the view of capabilities and resources has permitted inquiry into the mechanisms that contribute to sustainopreneurial performance. These processes are begun by the development of sustainable orientation, enterprise resource capabilities, and strategic marketing capabilities through cooperation plans.

KEYWORDS:

• Open innovation
• family business
• entrepreneurial generations
• family business performance

Disclosure statement

No potential conflict of interest was reported by the author(s).

Institutional review board statement

Not applicable.

Informed consent statement

Not applicable.

Conflicts of interest

The authors declare no conflict of interest.

Ethical review of the project

The protocols in this study were reviewed and approved as exempt from full board review by the Ethics Committee for Human Research of Khon Kaen University, No. HE653009.

Correction Statement

This article has been corrected with minor changes. These changes do not impact the academic content of the article.

Notes

1 The Thailand 4.0 strategy (2017-2036) intends to turn the Thai economy into a value-based economy, with innovation serving as the primary engine of sustainable development in the industrial and manufacturing sectors.

Additional information

Funding

The Research titled “Open Innovation and Family-Owned Sustainopreneurial Performance: Insights into Thailand's Generation Gap” by Khon Kaen University, International College has received funding support from Research and Graduate Studies, Khon Kaen University under “Research program Project”. This project is financially supported by Research and Graduate Studies, Khon Kaen University.