It’s been some time since I wanted to come to the INSEAD Family Enterprise Day at The Wendel International Center for Family Enterprise, and I finally made it ! As I think innovation and creativity are vital, especially with digitalization and internationalization, I was eager to discover from Morten Bennedsen and Randel Carlock some practical examples. As a member of a family firm (Wendel) that completely changed its business model after the economic crisis of the seventies in France, I am convinced that a family business has a lot of potential, but it is not especially easy as the family business expects you to be loyal, which doesn’t really fit with innovation… As Randol Carlock stated, innovators challenge family authority and are hard to control… And « paradoxically » crisis or even conflicts can lead to good innovations. Fortunately, not only, and giving entrepreneurship opportunities and supporting structures inside a family firm is another key.
It was so interesting to learn the story of 3M starting in 1902, thanks to a bookkeeper who insisted for years to innovate and finally bought enough shares to impose his view. cf 3M... I liked the 3M « mentra » « Thy shall not kill an idea » and it’s my favorite take home. It appeared that innovation can be greatly helped by a supporting culture, and can be shaped in a family as well as in a firm as a welcomed behavior.
The presentation of the two professors of Mississippi State University that focused on implementation of innovation in a family business emphasized how important it was to measure how a family is psychologically ready to adopt innovation. This ringed a bell to my personal experience in my family business where, at some time, decisions taken didn’t really fit with family culture and it probably could have been better anticipated. As a consultant-coach in change management and governance co-construction, I am totally convinced that it is a decisive factor.
It was very nice to share ideas with the MBA students from all over the world who spoke about their experiences in « real life », and the relationship with their parents and family appeared again to be very important.
It certainly was an inspiring day ! Emilie Bonamy
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