The impact of business owners' individual characteristics on patenting in the context of digital innovation

Abstract

As digital transformation accelerates, generating demand for new digital products, processes, and technologies, it is necessary to create consensus among all the actors involved on the company's digital innovation strategies. Owners greatly influence a company's objectives and design: they represent a group to which the top management must pay particular attention. Understanding which individual aspects of the owners influence digital innovation processes becomes very important. However, studies on the impact of owners' characteristics on digital innovation are rare. This article analyzes over 550 patent-holder firms engaged in digital innovation to fill this gap. The study evaluates the relationship between owners' characteristics and patenting activity. The results show a significant impact of gender diversity, education, and minority status of the owners on digital innovation. By favoring a deeper understanding of the profile of owners concerning digital innovation, the findings of this study help top management identify more effective engagement strategies for a better performance of the digital transformation process.