Multi-generational businesses are transforming through innovation to remain relevant in a rapidly changing landscape. 

 

  • Legacy enterprises are modernising by rethinking longstanding practices and embedding innovation across their organisations 

  • Adapting to external market shifts is essential for growth and long-term relevance 

  • Collaboration and ecosystem support, including advisory and technology access, enable SMEs to innovate with confidence 

 

On the third day of TechInnovation 2025, IPI Singapore’s annual flagship technology-matching event, discussions centred on how small and medium enterprises (SMEs) evolve over time. From modernising age-old industries to reinventing traditions, the conversations highlighted how multi-generational businesses are embracing innovation to stay resilient and relevant. 

The “Legacy, lah! Leveraging Innovation for Multi-Generational Businesses” panel brought together business leaders who have carried forward and transformed family-owned enterprises by rethinking traditional practices, entering new markets, and adopting collaborative approaches. Their experiences demonstrated how innovation helps legacy businesses stay competitive, bridge generational expectations, and unlock long-term value by leveraging Singapore’s innovation ecosystem. 

Taking Over a Legacy: The 3Ps of Transformation 

Inheriting a family business involves more than continuing a name. It often means taking on long-established processes, deeply rooted beliefs, and organisational expectations shaped over decades. 

Scanteak, a home-grown brand established in 1974 and now helmed by second-generation leader Jamie Lim, adapted to appeal to modern consumers while balancing its traditional craftsmanship in solid teak furniture with evolving lifestyles. Jamie Lim, CEO of Scanteak, shared that she adopted the 3Ps of Products, Processes, and People to guide her transition into the business, weaving innovation into each area as she modernised the company.  

  • Products: modernising furniture designs to meet the needs of smaller homes, adapting to housing trends while maintaining Scanteak’s quality and durability.  

  • Processes: leveraging data insights to rationalise retail spaces, moving from large retail spaces to smaller, more efficient outlets. This enabled the company to reduce rental and overhead costs while optimising inventory across stores. 

  • People: equipping staff for expanded roles to support a more decentralised management structure, while nurturing cross-generational mentorship to preserve institutional knowledge. 

Resistance was inevitable, especially among the pioneers who valued large, solid teak pieces as a benchmark of beauty and quality. However, by gradually introducing new designs and expanding online, the company successfully connected with younger consumers who prioritise convenience, style, and accessibility, alongside craftsmanship. Jamie reflected that the transition required balancing Scanteak’s heritage with modern living needs, a shift that proved pivotal in modernising the family business. 

Across the panel, the leaders agreed that change management is difficult and must be introduced progressively. The key lies in demonstrating clear, incremental improvements that show tangible benefits, gradually easing resistance and strengthening trust across generations. 

Seng Heng Engineering Pte Ltd, a family-run business dating back to the 1940s and currently led by its third generation, has seen seasoned employees express concerns that automation might replace them, shared Jackie Lau, its Managing Director. To address this, the manufacturer of nuts and bolts serving the oil and gas, shipyard, and construction industries, introduced automation slowly and strategically, focusing on easing manual work and improving efficiency. Over time, this helped employees recognise the advantages of the new systems and adopt them with greater confidence. 

Just as trust grows naturally within families when younger members prove their capabilities, the same applies within family businesses. When new leaders demonstrate positive outcomes, they earn the confidence of the older generation. Together, these examples underscore the internal transformation required when taking over a legacy business, where change centres on people, culture, and organisational mindsets. 

The Necessity of Change and Adaptation 

Beyond internal readiness, businesses must adapt to shifts in the external environment from industry standards to customer preferences and market conditions to remain relevant. 

Jackie noted that adaptability has been crucial for Seng Heng Engineering. The company has evolved from producing commercial fasteners to supplying mission-critical components, shifting its product lines and customer base to focus on sectors where quality and safety are paramount. In these industries, a single malfunction can have serious consequences, and customers are willing to pay more for assured quality. “To meet these expectations, we have strengthened our production processes and invested in quality assurance systems,” he said.  

This need for adaptation resonated with Alvin Choo, Director of Kwong Cheong Thye, a heritage sauce manufacturer established in 1892 and now guided by its fifth generation, continues to tailor its formulations for different markets, a strategy he calls “adapting local globally.” For instance, its chicken rice mix formulated for the Japanese market uses young garlic to suit local taste palate for a milder flavour and a more visually appealing presentation. 

Ultimately, staying relevant means keeping pace with changing customer needs. Companies that cling to old ways risk falling behind. Those that adapt are better positioned to grow, using their heritage as a foundation for innovation rather than a limitation. 

Leveraging the Ecosystem 

Beyond internal and market-driven shifts, the panel also discussed how companies can build their capabilities through external partnerships. Transformation often requires new expertise, resources, or technology that businesses may not have in-house. 

Tan Ting Wei, Transformation Lead at Fire Armour and a second-generation leader of the home-grown business established in 1979, shared a practical framework for capability development, the 3Bs: Build, Buy, and Borrow. “Build what you can internally, buy what you need, and borrow through collaborations,” he explained. 

He cited their partnership with an Institute of Higher Learning (IHL) to upcycle fire extinguisher powder into fertilisers, enabling the company to explore sustainability innovations with the support of external research expertise. Ting Wei emphasised that collaborations like these offer companies a safe and cost-effective space to test ideas and learn from failure without major financial risk. 

However, many SMEs may not know where to begin. This is where IPI Singapore plays a critical role. As shared by Ramachandran Rajamanickam, an Innovation Advisor at IPI Singapore, the organisation helps enterprises connect with the right partners, technologies, and resources needed to accelerate their innovation journey. 

For businesses unsure who to approach for a specific technology or in need of guidance to scale through product development, growth strategy and tactical execution, IPI Singapore works with them to define their needs, assess viable solutions, and identify the right partners to engage. Beyond that, IPI Singapore helps enterprises tap technologies from industry, IHLs, shared R&D facilities, and its global overseas network, enabling SMEs to access solutions that may not be available locally. Through these connections, IPI strengthens collaboration across Singapore’s innovation ecosystem, helping SMEs and start-ups turn ideas into practical solutions that enhance competitiveness and resilience. 

Multi-generational enterprises that embrace innovation are better positioned to grow, adapt, and lead. If your company is ready to explore new technologies or partnerships, connect with us to begin your innovation journey.