Diagnosing Innovation Readiness in Family Firms

Innovation is essential for family firms to remain competitive. One means to enhance the success of innovation within family firms is to assess readiness prior to beginning the innovation process. This article introduces the Readiness for Innovation in Family Firms (RIFF) framework, which provides a diagnostic assessment and identifies multiple factors associated with innovation readiness. By applying the RIFF framework, managers of family firms can focus on specific factors that prepare the firm to engage in the innovation adoption process, increasing success.