In the Industry 5.0 era, millennial entrepreneurs must navigate unpredictable markets by leveraging inclusive digital transformation, digital green economic culture, empowerment, and co-innovation. This study examines their effects on competitive advantage, including empowerment as a mediator and co-innovation as a moderator. Data were collected through questionnaires, interviews, and focus group discussions with millennial business owners in Jakarta, Bogor, Depok, Tangerang, and Bekasi (Jabodetabek), Indonesia, using purposive sampling for businesses operating over two years. The sample size followed the Lemeshow formula, and data analysis employed Structural Equation Modeling (SEM) with Smart PLS 3.0. Findings are expected to inform policymakers and millennial MSMEs in enhancing technological infrastructure, advancing green digitalization, and empowering entrepreneurs to strengthen competitiveness. The study contributes to academic discourse on digital transformation, green economic culture, and co-innovation in achieving Sustainable Development Goals, supporting Indonesia’s economic resilience amid political shifts, recession risks, and the accelerating transition toward a green economy.
Wiyatno et al. (Tue,) studied this question.