Innovativeness in Thai family SMEs: An exploratory case study
Over the past decade, academic research has revealed innovativeness to be one of the core components effecting SME performance. This research aims to study the linkage between innovativeness and “familiness” in family SMEs. The paper employs a qualitative approach and exploratory case studies, in collecting data on three categories of firms manufacturing, trading and servicing companies in order to identify how “familiness” effects the innovativeness of their family SMEs. To identify how “familiness” either accelerates or decelerates innovativeness in family SMEs, we adopted the F-PEC scale as a tool to study the connection between family and business values and also the impact of family commitments to the company. We found that power, experience and culture accelerate innovativeness in family SMEs. The paper illustrates the important role of family in firm innovativeness and how this can bring competitive advantage and success to family SMEs.