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Openness to innovation is a key strategic decision of any family business. Despite a rising interest among studies regarding open innovation (OI) in family companies, the existing knowledge and information are rather limited. The present study aims to enhance a greater understanding of the execution of OI strategy, examining how OI affects firm performance in each generation. Using a structural equation model (SEM), a sample of 563 family businesses was collected via a survey across different regions of Thailand. We study the significance of open innovation approach in family-owned SEMs in fostering the prospect of sustainopreneurship. The family-owned SMEs provide a generational backdrop for this aim, while the view of capabilities and resources has permitted inquiry into the mechanisms that contribute to sustainopreneurial performance. These processes are begun by the development of sustainable orientation, enterprise resource capabilities, and strategic marketing capabilities through cooperation plans.

Open innovation and family-owned sustainopreneurial performance: insights into Thailand’s generation gap