The Witten Institute for Family Businesses has investigated how cooperation between Startups and family-owned businesses can be optimized. Test results show that startups sometimes have a stereotypical understanding of family businesses. As a result, startups sometimes view them as unattractive cooperation partners.
“Family businesses face some prejudices from startups,”
said the head of studies Dr. Anne Heider.
“Better information about the motives and expectations of the cooperation would be very helpful.”
In the startup ecosystem, family businesses are still too little present as partners, says Prof. Dr. Tom Rüsen, co-author of the study. He adds:
“More initiatives for cooperation between established and young companies should be promoted here.”
Study provides recommendations
The study offers a whole series of recommendations for startups and family businesses. Among other things, the authors urge young and established companies to put aside mutual stereotypes and assumptions. Companies should also take more time in their search for cooperation partners and build a larger portfolio of partner companies. The paper recommends conferences, trade fairs, pitches, and online platforms as suitable places to find potential partners. The study authors also advise seeking external support from institutions, incubators, and the startup ecosystem. The cooperation goals of both parties should also be clearly identified and regularly reviewed so that both sides benefit from the collaboration.
