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L E A D IN G E D GE


It is a familiar puzzle for multigenerational


family businesses as they contemplate what the fourth industrial revolution means for their businesses in the 21st century. Ferrari, and its fellow old-economy peers, face brave new worlds of artificial intelligence, robotics, virtual reality, 3D printing, biotechnologies, sensor and green energy technology. Should these families, which have already survived wars, revolutions, and depressions, even try?


How can family businesses not just survive, but thrive in an era of big data and automation? James Beech asks futurologists what the world will look like for families by the middle of the 21st century and how families, with their patient capital, can start shaping tomorrow today


THINGS TO COME The answer is a resounding yes, from thought- leaders, academics, and family business principals. Doing nothing is not an option. Investors “must either embrace the revolution that is sweeping through their societies or risk becoming its unwitting victim”, says the 2018 report Alternative investments 3.0 by KPMG International and CREATE-Research. Jamie Arbib is a London-based investor in


F


Above: Can family-


controlled Ferrari


create an e-supercar to match the performance of its new Ferrari 812 Superfast?


technology, second-generation family member, and founder of the independent think tank RethinkX. Arbib says the world is going to see constant and accelerating change with no end point. “A lot of these transformations are about lowering


errari is at a crossroads. The family- controlled supercar maker’s conundrum is laid bare at the end of an exhibition at the Design Museum in London that celebrates the marque’s 70th anniversary.


The Italian car maker is an exotic, world-


renowned brand, with innovation born of the race track—a byword for passion, style, and wealth. But what is Ferrari to do about the advent of functional, yet mundane, driverless cars? How will engineers transform Ferrari’s throaty roar to the anaemic hum of electric power? How to deal with the algorithms that predict human behaviour, those new markets and their different tastes, the changing demographics of its consumers, and an ageing base of owners, collectors, and fans?


PHOTOGRAPHY: ©FERRARI


the cost of goods and services and creating greater access to them,” he says. “The cost of the things we need—energy,


transport, material goods and even food—will largely trend towards zero as we do things ever more efficiently. That is great from a perspective of social outcomes—the ability of people to afford the things they need. But also from the environmental outcome—the ability for people to do much more with much less.” Arbib says the future is “hugely positive” however,


the issue for businesses and investors is there will be a lot of destruction along the way. “That is going to create huge threats, but also


huge opportunities for the companies that do very well out of these disruptions and take over those markets.”


CAMPDENFB.COM 63


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