Lead: Laura Costanzo.
Societies and businesses are increasingly affected by unpredictable and rapid changes. Transition to new business models, approaches and methods is imperative. Family firms, the dominant form of businesses in most advanced and developing economies, have a responsibility and an opportunity to be agents of this transition. Our researchers in the Family Business Lab form an active community of scholars to tackle fundamental questions such as - what does this transition mean for family businesses, particularly small and medium-sized family businesses? How can family businesses stay in tuned with societal and technological innovations and benefit from them, as part of wider entrepreneurial and innovation ecosystems? How can they both accommodate family and business interests to remain in sync with the evolving external environment? What role do tradition and history play in their innovative and entrepreneurial trajectory?
As family business scholars, we are cognisant with the importance of effective goal-setting and succession planning for family firms, considering the longevity and the emotional nature of family owners’ relationship with the business. Therefore, we are keen to tackle critical questions surrounding successions such as - how can family businesses manage inter-generational change for value-creation and renewal of the business? How can they protect their socio-emotional wealth which is key to their longevity? Through our Lab, we help family businesses formulate effective strategies and implement them, especially in the context of rapid transitions and transformations. We also inform policy domains in this field by making our research knowledge useable and accessible for policy-makers.