Charting a Sustainable Path: Millennial Business Heirs in Asia
From Malaysia to Singapore and the Philippines, a new wave of second- and third-generation family businesses in Asia is steering towards greener and more sustainable investments. As these young heirs navigate their way through shifting paradigms, they encounter both smooth sailing and turbulent waters, often stemming from the clash between their socially conscious ideals and […]
From Malaysia to Singapore and the Philippines, a new wave of second- and third-generation family businesses in Asia is steering towards greener and more sustainable investments. As these young heirs navigate their way through shifting paradigms, they encounter both smooth sailing and turbulent waters, often stemming from the clash between their socially conscious ideals and their parents' profit-centric mindsets.
Bridging Generational Divides: A Malaysian Perspective
In Malaysia, 27-year-old Abe Lim's journey epitomizes this generational transition. Born into a family where her father built a successful business from the ground up, Lim found herself at odds with the traditional profit-driven ethos. Despite her father's hopes of passing the reins to her, Lim envisioned a business landscape focused on social and environmental impact. Her departure from the family business marked the beginning of her quest for a more sustainable future.
Lim's endeavors led her to found Purpose Plastic, a pioneering venture that transforms discarded plastic into functional and aesthetic products. Despite encountering cultural barriers and initial setbacks, Lim remains steadfast in her commitment to fostering sustainable practices in business.
A Filipino Tale of Environmental Advocacy
Meanwhile, in the Philippines, Marianna Lopez Vargas embodies a harmonious alignment of family legacy and personal values. As the partnerships manager of the Oscar M Lopez Center, she champions climate change research and adaptation strategies—a cause close to her grandfather's heart. The family's bold decision to divest from coal underscores their commitment to renewable energy, signaling a progressive shift in the country's energy landscape.
Lopez Vargas believes in the feasibility of a future free from fossil fuels, emphasizing the importance of a just and inclusive transition. Her story reflects the pivotal role of intergenerational dialogue in fostering meaningful change within family enterprises.
Embracing Innovation: Lessons from Singapore
In Singapore, Fernando Scodro exemplifies the transformative power of education and open communication within family businesses. Through diligent efforts, he introduced his family to the realm of socially conscious investing, sparking a paradigm shift in their approach to wealth management. His father's investment in COGNI—a Brazilian startup promoting energy efficiency—underscores the potential for profit and purpose to coalesce seamlessly.
Scodro's journey underscores the importance of bridging generational divides through shared learning and mutual respect—a testament to the evolving landscape of family entrepreneurship in Asia.
Shaping the Future: A Collective Endeavor
Across Asia, millennial business heirs are not merely heirs to legacies but stewards of change. As they navigate the intricate dynamics of family businesses, they advocate for a future where profit intertwines with purpose. Their stories illuminate the transformative potential of youth-driven innovation and the enduring legacy of sustainable entrepreneurship in the region.
In the pursuit of a sustainable tomorrow, these trailblazers remind us that the path to progress begins with a single step—one driven by conviction, courage, and a steadfast commitment to creating a better world.
Hey there, I'm Mohamed Rahat, your go-to writer for all things business and economy. Originally from Mumbai, now rocking it in Navi Mumbai. With a past life at Tata Power Co. Ltd., I'm here to unravel the mysteries of the economic world, one article at a time. Stick around for some mind-bending insights! Connect With Me