A recent article on the Harvard Business Review has sought to challenge the notion that family owned firms aren't thought of as particularly innovative, often considered to be risk averse, traditional, and stagnant.
The American study, which was published in the Academy of Management Journal, found that though family-owned firms invest less in R&D than other firms (both private and public) due to their smaller budgets, family-owned firms are more efficient in their innovation processes. Coupled with a deeper knowledge of their industries, firms, and stakeholders, family-owned firms also spend considerable time with their organisations and communicate frequently.
As many of the Made in the Midlands members are family-owned businesses, we thought this article would be particularly interesting to the organisation.
The article, along with the original research can be found here.
Swindell & Pearson is a firm of patent and trade mark attorneys based in Derby with offices throughout the Midlands including in Wolverhampton. The firm helps businesses protect and defend their intellectual property rights, not only for Olympic gold medal winning inventions but for innovative ideas, brand and inventions all over the world.
Swindell & Pearson is also a proud patron of Made in the Midlands and is passionate about supporting Midlands manufacturing firms having successfully worked with a number of local firms over the years through its Black Country office.
To find out how Swindell & Pearson can help you with any intellectual property requirements please get in touch with Scott Harrison by email here or by telephone on 01902 271 487.
