In the world of family businesses in India, the elusive challenge of innovation in a hyper-fast and unpredictable environment is as intangible as a ghost.
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In today's fast-paced and rapidly changing Indian business landscape, family businesses face a daunting challenge—the need to innovate or risk becoming obsolete. While succession planning is undoubtedly critical for family-run enterprises, their ability to generate cutting-edge products and services that cater to evolving customer demands is equally vital for survival. As Eric Hoffer, the renowned American philosopher, aptly stated, "In a world of change, the learners shall inherit the earth, while the learned shall find themselves perfectly suited for a world that no longer exists." In the world of family businesses in India, the elusive challenge of innovation in a hyper-fast and unpredictable environment is as intangible as a ghost. It's no longer just about passing the baton of power from one generation to another. Rather, it's about inventing, creating, and introducing new and relevant products and services in a given context—that's what innovation truly means. And in today's time of hyper-change, it's the only way for family businesses to stay ahead of the curve.
[This article has been reproduced with permission from SP Jain Institute of Management & Research, Mumbai. Views expressed by authors are personal.]