ALBA Graduate Business School at The American College of Greece participated in the 2nd Global STEP Summit for Family Business Entrepreneurship that took place on November 13-16 at ESADE Business School in Barcelona. More than 100 academics and family business members came together to discuss research findings, network and build upon the organizational knowledge of the project. The main theme of the Summit was “Meeting the New Demands for Change, Building on Family Legacy”.
During the 2nd Global STEP Summit in Barcelona four main themes were developed: “New Ideas for a New World”, “Developing Resources and Capabilities”, “Developing Next Generation” and “Entrepreneurial Mindsets around the World”. Families from Asia, North and South America and Europe presented their businesses’ cases . Emerging topics included shareholder competence and encouraging entrepreneurial thinking during childhood.
In his key note speech, Dr Joerg Mittlesten Scheid from the German family business Vorwerk & Co. KG talked about the need to adapt as the economy changes and the elements of successful family business leadership. Vorwerk has a history of 130 years, is currently owned by the 6th generation and had a business volume of €2.8 billion in 2011. It started as a carpet factory in 1883 and has grown into a highly diversified global corporate group with a significant competitive advantage in direct selling.
The STEP Project is a global applied research initiative that explores the entrepreneurial process within business families and generates solutions that have immediate application for family leaders. It was funded in 2005 by Babson College in collaboration with six academic affiliates in Europe. STEP is currently active in 43 countries in 4 regions. ALBA is the Greek representative to the project. In 2012, ALBA hosted the European Summit for academics and family business members in Crete.