It's not just the obvious tech companies who innovate.
Family businesses act both as custodians and innovators, protecting and enhancing both their brand and their long-term business prospects. This can add real brand value, allowing innovation and new ideas to be developed and nurtured alongside the existing stable, core business. The core business can be used to fund investment in R&D - taking a longer term view, as well as looking after all the stakeholders.
The Family Business Survey 2016 has some great insight into how businesses think and what's generally on the agenda.
“My father has always encouraged technology - he has always been prepared to invest in it, and takes risks to be a front runner in the field of technological advancement. ” Nishant Arya Executive Director, JBM Group, India Unshackled from the quarter-to-quarter pressures of their listed peers, family firms can invest for the long term, and allow good ideas the time they need to prove themselves. It’s a classic example of ‘patient capital’ and an invaluable counterbalance to the short-termism of many public companies. And family firms are proud of it: 77% of the respondents to this year’s survey believe they offer stability to the wider economy, 74% say they look after their staff better, and 72% believe they see success in broader terms than simply profit and growth.