The natural resources play a very important role in the economy of the Latin America countries, but follow the classical models of resource exploitation and scale do not add much more value to the products or services like other knowledge-based industries (biotechnology or IT). The cluster approach assembled around the pattern of innovation and entrepreneurship characteristics can help to improve these kinds of industries. Nevertheless, the "Natural Resource Clusters" have a particular task and they are based primary in environmental characteristics. However, this type of clusters is very different from "Technology Clusters" with a high innovation and entrepreneurship structure that needs explicitly more intellectual capacities and non-specific environmental characteristics. The authors suggest that in Latin America, clusters, innovation and entrepreneurship based in the natural resources has a supplementary significance, but they need add much value based in the knowledge. This article discuss the challenge of Latin American economies and the implication to transform the natural resources based industries in others with more innovation and knowledge based assets and shows a framework based on Chile's particular experiences on salmon; wine and mining industries. Economics implications and future research are discussed.
Purpose The main objective of this manuscript is to describe the current situation of a sample of family business and their response to COVID-19 pandemic. This exploratory study analyzes a series of challenges faced by this type of firm in Latin America. This study puts special focus on how the pandemic is impacting transgenerational and family entrepreneurship and the sense of legacy in family businesses. Design/methodology/approach The authors performed an online survey during June–July 2020. The survey includes 20 questions to owners or executives of family businesses about how they had been facing the onslaught of the COVID-19 pandemic in their companies. The authors received 194 valid respondents from firms that have their headquarters in Mexico, Colombia, Venezuela, Peru, Chile and other Latin American countries. Findings The empirical analysis shows that family firms in Latin America have managed to survive and stay current through family entrepreneurship, protecting their heritage and relying on legacy. Out of four main competencies, “family entrepreneurship” was the most important on which business families relied to face this crisis. Research limitations/implications The authors were able to gather information from just under 300 participants. However, the authors decided to take into account only those complete responses in the survey, so the present analysis was carried out on the valid sample of 194 respondents. Practical implications The results of this study show that business families have managed to survive and stay current through family entrepreneurship, protecting their heritage and relying on legacy. Strategic leadership and intergenerational dynamics alone are not enough to face this crisis. Social implications Family firms, like other companies, have shifted their mindset over the last months from “how can we grow” to “how can we survive”. Consequently, what competencies are necessary to develop so that family businesses can cope with this and the following crises? How are Mexico and Latin America’s family-owned businesses navigating the economic disruptions resulting from COVID-19? This paper explores the role of family firms in the wake of the COVID-19 outbreak. Originality/value This study provides an overview of the coping mechanisms that some family businesses are implementing to overcome the challenges during the pandemic, putting focus on the specific context of Latin America. Family businesses represent approximately 60% of the region’s GDP, so their survival is completely relevant in terms of not only economic impact but also social development. Future research and implications are discussed.
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