Extraordinary Endeavors in Turbulent Times: Asian Innovation, Inclusion, and Impact during COVID-19

6 ASIABUSINESSCOUNCIL HONGKONGUNIVERSITYOFSCIENCEANDTECHNOLOGY Editorial Insights: How Family Business Traits Helped Companies Adapt and Thrive During the COVID-19 Pandemic Editorial Insights: How Family Business Traits Helped Companies Adapt and Thrive During the COVID-19 Pandemic Many of the companies that appear in this report are family businesses or possessed qualities typical of family businesses. Collectively, profiled companies showed remarkable adaptability, resilience, and the desire to give back to society – traits that typically mark Asian family businesses. Adaptability The companies we studied showed the ability to quickly adapt to fast- changing situations. Whether it was the Lotte Group digitizing its business, the Yoma Group embracing mobile money, DatVietVAC growing its media and technology arms, or the Esquel Group entering the mask making business as a cotton house, these companies were forced to part from tradition and rethink their business models. All of them underwent an epidemic-driven transformation that forced them to adapt to new circumstances. It is important to note that these businesses were able to adapt quickly for several reasons. First, many of them had previously invested in research and development. This meant that they could embrace new technologies, innovate quickly, and come up with plans to refocus their businesses, giving them a distinct advantage during the pandemic. Second, these businesses tend to have cohesive family business structures, as well as flexible management and governance models which smoothen out the decision-making process. This means that in critical times, they can execute ideas and adapt quickly as the situation demands. In our study, even non-family businesses exhibited these qualities. Multi- national technology company Lenovo was able to redirect its investments into its virtual learning and e-education businesses, and global investment firm Temasek was able to redirect its resources toward manufacturing medical supplies.