STEP member, Prof. James Davis, Buelher Endowed Prof. of Management; Chair of Management Dept.; and Director of Executive Education at Utah State University, participated in the 2017 Global STEP Summit hosted by STEP affiliate Università della Svizzera italiana (USI) in Lugano, Switzerland.
Prof. Davis led a stimulating keynote on Saturday, November 11th, 2017 on the topic of “Pivoting” within family business and how business families transform in response to global disorder.
According to Prof. Davis: “Every company must Pivot to regenerate market relevance and advantage. For family business this typically happens with a shock to the business or family. Internally the driver of the pivot could be a change in company leadership from one generation to the next, or a family crisis. Externally the driver could be a market disruption due to changing competition or customers. The STEP data show that high performing family businesses Pivot by responding to customers in new ways, modifying the product or service offered, and/or countering competitors. We found that different regions of the world pivot differently to regain competitive strength.”
The STEP Project data provided by enterprising family firms from around the world, continues to provide STEP researchers rich context to understanding family firms and their transgenerational entrepreneurship potential.