This report investigates the depth and nature of entrepreneurship and innovation in family firms. It sets out the findings and recommendations from new research into the entrepreneurial orientation of private family firms in the UK, the drivers of this orientation, and the impact this has on innovation activity and financial performance. The project has been funded by the Institute for Family Business Research Foundation and conducted by researchers from three UK business schools – Imperial College Business School, Durham University Business School and Lancaster University Management School.
The project findings draw upon the first large-scale survey of UK family companies to examine their entrepreneurial orientation, innovation and performance. We complement survey data with brief case studies and highlight good practices that will help family firms to continue to innovate and to ensure their business constantly adapts to changing market needs.