Incubating the next generation to venture: The case of a family business in Hong Kong
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AbstractMany Chinese family businesses face the dilemma of building good operating and governance structures and systems while fostering an entrepreneurial spirit across generations. In this study, we explored trans-generational entrepreneurship in Automatic Manufacturing Ltd. (AML), a Hong Kong SME, to shed light on this problem. The first generation founded the company and chose a unique development path that emphasized quality, innovation, and learning before grooming a cadre of professional managers. To continue the family entrepreneurial spirit, AML used the "familiness" resources embodied within the family and its business to incubate the second generation. To test the wings of the second generation as entrepreneurs and then lure them back to AML to take over the responsibilities of the first generation, a unique succession plan nurturing spin-offs by the second generation was developed and implemented. Such a systematic approach, although still under experimentation, has the potential to become best practice for other family businesses. The implications of this approach for research in portfolio entrepreneurship and open innovation are also discussed.
All Author(s) ListAu K, Chiang FFT, Birtch TA, Ding ZJ
Journal nameAsia Pacific Journal of Management
Volume Number30
Issue Number3
PublisherSpringer Verlag (Germany)
Pages749 - 767
LanguagesEnglish-United Kingdom
KeywordsAngel investment; Family business; Trans-generational entrepreneurship
Web of Science Subject CategoriesBusiness & Economics; Management; MANAGEMENT

Last updated on 2021-18-09 at 00:25