Abstract
This paper deals with entrepreneurship in family firms by researching how technology‐based innovation capabilities influence the socioemotional dimensions of the owning family and vice versa. In combination with dynamic capabilities, the socioemotional wealth (SEW) perspective offers a framework that enables an investigation of the nature of innovation capabilities in family firms. Studying a single firm, we identify a positive reciprocal relationship between innovation capabilities and SEW. We find that this reciprocal relationship within the family business presents itself in a synergistic fashion, yielding synergies between financial wealth and SEW. The findings contribute to the literature on entrepreneurship and innovation in family businesses.
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