May 6, 2019
We're fascinated with the family firm model (remembering, this is the origin of modern business), because many development economists support the notion that SME’s and family firms are key drivers of an economy – a theory we also subscribe to.
Family firms aren’t typically thought of as particularly innovative. More often, they’re viewed as risk averse, traditional, and stagnant.
However, many family-owned businesses are among the most innovative in their industries. The findings, published in the Academy of Management Journal, show that family firms invest less in innovation than other firms (both public and private) that aren’t family-owned.
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