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Next generation of Indonesian tycoons: Who are calling the shots now?
Behind these companies’ scramble for survival are 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.
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From left: Putri Indah Tanjung, Axton Salim, John Riady, Christina Suriadjaja and Victor Hartono (Instagram.com/putri_tanjung, Instagram.com/axtonsalim/Courtesy of @america, Courtesy of PBSI, Courtesy of Lippo karawaci)
O
ver the past decade, prominent long-running family businesses in the country have found themselves grappling with the chilling existential question of whether they would be able to survive the changing business landscape and maintain their relevance for another 10 years.
The fear proved potent enough for several major family ventures as they 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 are 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 PwC 2019 Global NextGen Survey, which was 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.
Read also: Heirs to Indonesian tycoons 'want more trust' in managing family ventures
Despite the relatively optimistic outlook, however, some also bemoaned the fact that they had yet to be taken as seriously as their senior counterparts regardless of their active involvement in the day-to-day operations of the family business.
