Over the past decade, prominent long-running family businesses in the country have found themselves grappling with the chilling existential question of whether they will be able to survive the changing business landscape and maintain their relevance for another 10 years.

The fear has proved potent enough for several major family ventures that have pulled out all the stops to diversify their businesses, with a number of legacy conglomerates investing heavily in today’s single most disruptive force: technology.

Behind these companies’ scramble for survival is a new generation of movers and shakers — the heirs to several of the country’s most notable tycoons who have made a name for themselves through headline-grabbing ventures and accomplishments.

According to the 2019 PricewaterhouseCoopers (PwC) Global NextGen Survey conducted in 69 territories across five continents and in 11 industries, a majority of its so-called next-generation respondents are already actively engaged in their family enterprises.

Almost half of them (48 percent) said they had already run significant operations, while 26 percent said they had assumed executive roles. Furthermore, 64 percent of these next-generation stakeholders also said they were capable of adding value to ensure that future business models adopted by their firms were relevant to the digital age.

Par for the course in any transition to a new era, these next-generation decisionmakers have the odds stacked against them as their respective visions may reinvent their family businesses for better or worse.

The training wheels have been removed — they are calling the shots now.

Victor Hartono

A third-generation heir to the Hartono clan, Victor currently runs the family’s Djarum cigarette firm originally founded by his grandfather Oei Wie Gwan in 1951. Victor is the eldest son of Robert Budi Hartono, one half of the country’s two wealthiest men alongside his brother Michael Hartono. The Hartono brothers topped Forbes Indonesia’s list of 50 richest Indonesians released earlier this month, with a net worth of US$37.3 billion.

Victor, who began his career as Djarum’s brand manager in 1995, has served as the company’s chief operating officer since 1999.

Once asked about the so-called “third-generation curse” — that is, the idea that family-run businesses collapse under the stewardship of third-generation heirs — Victor said he had been fully cognizant of the phenomenon since he was a child.

“[The third-generation curse] has been a crucial part of my life. [I will do my best] to prevent the company from collapsing in my generation,” Victor said as quoted by tempo.co in 2017.

He went on to say that in order to debunk the notion that any such curse existed, his firm needed to invest in a clear family business structure, as well as prepare children and grandchildren to take on leadership roles in the company to ensure smooth transitions in the future.

He mentioned, for instance, the “cousins’ consortium” in which relatives have the opportunity to discuss all matters related to the family business’ strategy.

“We discuss investment opportunities in the consortium, for example,” Victor said.

Axton Salim

The son of Anthoni Salim, the head honcho of family-run Salim Group, 40-year-old Axton currently serves as the director and chief marketing officer of publicly listed food conglomerate Indofood. Forbes Indonesia listed Anthoni and the entire Salim clan as the sixth-richest Indonesians, with a net worth of $5.5 billion.

True to his generation’s sensibilities, Axton fully embraces digital media and uses it to his family business’ advantage. He said that businesses should immediately tap into digital technology as it became more advanced, since it could significantly reduce traditional marketing costs, therefore allowing firms to explore more creative marketing avenues.

“As a company, we need to learn to take more risks in marketing. We have to dare to be out of the ordinary,” he said as quoted by kompas.com. Under Axton’s marketing supervision, Salim Food seems to be continuing its attempt to appeal to the younger demographic.

Christina Suriadjaja

Christina is known among fellow Suriadjajas as the one who constantly goes against the grain. The 28-year-old daughter of construction company PT Surya Semesta Internusa owner Johannes Suriadjaja made what was likely the most important decision of her adult life when she decided to veer off-course from the route her family had originally planned for her.

“We had mapped out a plan and I totally went against it. And to go against it wasn’t a very easy process. I didn’t just have to leave. I had to prove myself,” she told PwC.

Christina now serves as the chief strategy officer of Travelio, an online residential real estate management company based in Jakarta. Initially, the family only invested seed capital in her venture and did not provide practical support until Travelio hit key performance milestones.

Despite the turbulent start, Travelio is now delivering a return on her family’s investment. She said she was excited for the future of the company, especially considering that it had helped her father’s generation to understand the transformative impact of technology on the real estate business.

“At one of my father’s hotels, he employs 20 housekeepers and five front-desk officers for 100 units. At Travelio, we only have 300 housekeepers who also assume the role of front-desk officers, but we’re managing more than 4,000 units. So, the ratio is way more efficient than his, and we do it through technology,” Christina said.

Putri Indahsari Tanjung

At 23-year-old, Putri Indahsari Tanjung not only serves as a presidential expert staff member for President Joko “Jokowi” Widodo, but also as CEO and founder of a company. Her father Chairul Tanjung was listed at number nine on Forbes Indonesia’s list of 50 richest Indonesians, with a net worth of $3.8 billion.

Putri has chosen to chart her own career path as a creative entrepreneur. Through Creativepreneur Event Creator, an organization she created when she was 15, Putri educates her fellow youth about entrepreneurship. She is also the current chief business officer of creative platform Kreavi.

“I’ve always believed there was huge potential for the creative economy in Indonesia. We need young talent, especially in this digital era,” Putri said during the expert staff announcement in November.

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