Family-owned companies: Between tradition and innovation
A stumbling block or the ticket to success? At family-owned companies, tradition and innovation often come together to form a unique symbiotic relationship.
From local family businesses working in skilled trades to multinational corporations run by a family - family-owned companies play an important role in the global economy. But they have also felt the effects of the pandemic in recent months. So what makes many of these companies so confident in the current situation? The fact that they have existed for several generations and have already navigated many a crisis.
Is the success of these companies due to their innovative strength or the stabilizing effect of tradition? In our series of articles on this topic, our writers get to the bottom of these questions, talk to recognized experts and meet with representatives of family-owned companies.
When a company's tradition inspires innovation
Tradition is often seen as a stumbling block when it comes to the development of a company, but it can also be the other way around. In an interview with Insights, Professor Jaskiewicz of the University of Ottawa (Canada) talks about the positive aspects of tradition for entrepreneurial development.
Family-run companies and their path to greater innovation
Digitalization and new technologies, the struggle to attract young talent, coordinating interests within the owner family - these are some of the challenges that family-owned companies face today. In an interview, Professor Kammerlander of the Otto Beisheim School of Management explains how, with a great deal of creativity and entrepreneurial spirit, families are forging new paths - and in doing so, are developing a unique innovative strength.
The Princely House of Liechtenstein, LGT’s owner, has been using its entrepreneurial skills to create and preserve value for centuries. Learn more about its more than 900-year history and entrepreneurial activities.
