Innovation and Family Business in the Digital Age: A Systematic Literature Review

Abstract

Objective: Identify the factors, characteristics, strengths, challenges, and opportunities that are required in family businesses (FB) to face innovation in the digital age. Theoretical Framework: Reviewed information on the development of family businesses in the digital age and the needs for innovation. Method: An exploratory study was carried out, for the analysis and selection of information, the PRISMA method and hermeneutics were used; In addition, publications from the last five years (2019-2023) from repositories such as Web of Science, Scopus, ScienceDirect, among others, were included. Likewise, the review of 55 scientific articles has been systematized using MS Excel software. Results and discussion: The factors were trends, consumer preferences, increasing competition, internal competencies and business model knowledge. Characteristics highlighted were transgenerational entrepreneurship, values and new forms of digital integration at kinship and genealogy level. Strengths were the ethical attitude, trust, identification and involvement of family management. Challenges were the digitalization of companies, the use of ICT, unlocking the conservative mentality and the defamiliarization of the company. Research Implications: It demonstrates the need to include FBs in the economic theory for study, as well as the consideration of practical specificities for their sustainable development. Originality/value: This study contributes to the literature to proceed with the innovation of a family business in the digital age, considering factors, characteristics, strengths, challenges and opportunities within an innovation ecosystem.