Celebrating Five Years of Family Entrepreneurship
A MESSAGE FROM LAURI UNION, NULSEN FAMILY EXECUTIVE DIRECTOR OF THE BERTARELLI INSTITUTE FOR FAMILY ENTREPRENEURSHIP
It is hard to believe it has been just five short years since we launched the Institute for Family Entrepreneurship. Built on Roger Babson's founding mission to educate the next generation of business families and Babson's incredible thought leaders over the years, our Institute has flourished. I am particularly proud of BIFE's unique, research-driven approach focused on the family dynamics that cultivate entrepreneurship in families. Our value is in understanding the challenges that lie at the nexus of business-family-personal and fostering the capacity of
e ntrepreneurial families to create value of all kinds from generation to generation. We believe entrepreneurial families are the greatest force for growth and positive change on the planet. Our mission is to amplify the capacity of these families to create better businesses, communities, and societies through stronger family relationships. None of our success would be possible without our numerous supporters who generously give their time and financial support to our mission. Thank you all!
ABOUT THE BERTARELLI INSTITUTE FOR FAMILY ENTREPRENEURSHIP The Bertarelli Institute for Family Entrepreneurship (BIFE) extends Babson’s founding mission, amplifying the capacity of enterprising families around the world to create economic value and social impact, built on a foundation of stronger family functioning.
We focus on the relationship approach of family entrepreneurship rather than the more typical procedural family business approach (i.e. structure, governance, strategy) because research shows that the power and performance of entrepreneurial families comes from the relationships.
What Makes the Bertarelli Institute for Family Entrepreneurship Different? We make an important distinction recognizing that families, not just family businesses, drive entrepreneurial behavior. We help families build their capacity to create value together.
What is Family Entrepreneurship? Family entrepreneurship is about the family, not just their business. It is how families can increase their capacity to function and act entrepreneurially together to create growth and positive impact across generations—not necessarily tied to any one business.
Family Relationships
Family Entrepreneurship Social Value
Economic Value
THE MEAN SIZE OF NEARLY
50%
BABSON STUDENTS COME FROM A FAMILY BUSINESS BACKGROUND
BABSON FAMILY BUSINESSES*:
500 EMPLOYEES *ROUGHLY HALF OF WHICH ARE LOCATED OUTSIDE THE UNITED STATES
Source: M. Allen, 2018
Our Impact The Missing Link: Stronger Relationships Unleash the Power of Entrepreneurial Families
STRONGER FAMILIES
THE MISSING LINK A
FAMILY BUSINESSES 70–90% GLOBAL GDP
LI MP
FIE
STRONGER COMMUNITIES
D
RELATIONSHIPS IMP
ACT
Entrepreneurial Family Opportunity FAMILY ENTREPRENEURSHIP
ECONOMIC VALUE CREATION
SOCIAL IMPACT
Individual
We Are Different! "The way to foster value creation is to give people the opportunity to explore their family’s entrepreneurial legacy and their own intrinsic motivation so they can use that legacy to chart their own path.” - BIFE Executive Director, Lauri Union In most business schools, family business topics are taught like traditional subjects — with a focus on processes such as governance and succession. However, research demonstrates that entrepreneurial families face a unique set of challenges and opportunities as compared to non-family businesses. The most significant challenges facing families are not process-related, but relationship-based. This comes as no surprise to anyone who has worked in a family business context.
The science of family systems theory and the field of neuroscience guide BIFE’s work, with a unique approach to how families can learn to function entrepreneurially together. Once families develop their capacity to work together more effectively, they can better leverage opportunities to drive higher-performing businesses and increase social impact, while creating stronger communities and family ties.
Family Entrepreneurship Powers the Global Economy
81%
>70%
75%
of all established businesses are family businesses
of global GDP comes from family businesses
of all startups are family businesses
Source: Global Entrepreneurship Monitor
Source: Family Firm Institute
Source: Global Entrepreneurship Monitor
OUR IMPACT AT A GLANCE
Collaborated with We engaged
6,200 Babson students, alumni, parents, faculty and friends in our community, including special events and signature programming. Enrolled
250+ undergraduate and grad students in our year-long flagship cocurricular program
20+ faculty including supporting family entrepreneurship research, publication and course delivery Co-created with
20
families to-date, joining our Global Family Entrepreneurship Network with significant philanthropic support of the Institute and the College Hosted
40
signature events serving student and alumni family entrepreneurs
However... Numbers can never measure our
real impact “This program was the most engaging and intriguing executive education course I have ever taken. The peer-learning through shared experiences combined with thoughtful workshops taught by leading professors and thought leaders helped me take actionable change personally and professionally to elevate my performance and the success of my business.” -Rising Executive Leaders, Family Entrepreneurial Leadership Program Participant
“Simply put, through this program I got to collaborate with my family and bring concrete concepts from class into my family’s business – something that brought unique value to my experience as a student at Babson.” - MBA Family Entrepreneurship Amplifier Student
“I would recommend this program to any family who will be passing on their company to a younger generation. This way the upcoming generation will be able to be prepared for the responsibility that is coming their way.” - Parent Participant, Family Entrepreneurship Amplifier
"Joining NextGen FEL was one of the best decisions I made at Babson. It truly showed the entrepreneurial side of the college.” -Student participant, NextGen Family Entrepreneurial Leadership Program
KEY PROGRAMS AND INITIATIVES Family Entrepreneurial Leadership Program - NextGen Program + - Rising Leaders Program ** -Executive Leaders Program ** Family Entrepreneurship Amplifier + ** Family Entrepreneurship Mastermind Program + Live Case Study Series + ** Networking by Industry + ** Transformative Family Business Leadership + Global Family Entrepreneurship Network ** Babson – Camus Global Family Entrepreneurship Award ** Custom Family Learning Programs ** +
For Students
**
For Families & Lifelong Learners
BIFE FOR-CREDIT AND CO-CURRICULAR OFFERINGS Family Entrepreneurship Amplifier (EPS 3551) Family entrepreneurship is special because of the overlap of family and business. A different kind of learning is required to prepare the next-generation to lead. The "Family Entrepreneurship Amplifier," a unique undergraduate 4-credit course grounded in family theory research and neuroscience, addresses these specific needs by developing the knowledge and skills entrepreneurial families require to grow their businesses and entrepreneurial ventures across generations. A special aspect of this course is that students work with their families, allowing critical opportunities for knowledge-sharing and relationship deepening.
"The Amplifier helped me understand how I can have conversations with my family about business and how I might play a role in the future. It helped me understand what our values are and how they relate to my next steps in life." -Undergraduate Student Participant
NextGen Family Entrepreneurial Leadership Program
"I think that sharing experiences in a small group and hearing from peers with similar problems or experiences was one of the most enriching experiences I had in Babson. A lot of learning and very fun too!" “I would consider [NextGen] as one of the best experiences at Babson.”
GLOBAL FAMILY ENTREPRENEURSHIP NETWORK Powered by BABSON COLLEGE
Connecting and Empowering Entrepreneurial Families Worldwide In 2023, BIFE launched The Global Family Entrepreneurship Network (GFEN), a unique community of leading global business families. Through curated learning, curated connectivity, and curated experiences, GFEN amplifies the capacity of our member families to create value together. The vision of the Network is, “Entrepreneurial Families Connected and Empowered Worldwide.” We are incredibly grateful to our Founding Families who have provided early funding and guidance to support the creation of this unique and powerful initiative.
A Unique Network That Only Babson Can Deliver No other organization of family businesses or CEOs focuses on amplifying the capacity of families to create value together through:
Live Case Studies Live Case Studies are among our most popular events. At these events, a family entrepreneur generously shares their real personal, family and business challenges. Through role play and reflection, participants determine what they would do in the face of the presented challenge and apply what they have learned to their own circumstances. "I appreciated the entire concept and intimacy of the event. It is a privilege to have an opportunity to learn from leaders in family entrepreneurship about their challenges and decision making in such an honest, personal way." -Program Participant
Networking By Industry (NBI)
SAMPLE LIST OF INDUSTRIES: Fashion Design and Luxury Goods Investment and Financial Services Agribusiness & Food Construction & Real Estate Retail, Hospitality & Restaurant
Chemical, Pharmaceutical & Health Manufacturing & Mining Franchising*Technology & Media Wholesale, Logistics & Distribution
Transformative Family Business Leadership In this highly impactful program, students learn how to use both business and relationship skills to create value with their family -- including growing and transforming their family business. Through the real-life cases of the speakers, not only are students able to see how these entrepreneurial leaders transformed their own family businesses, but they also get the opportunity to interact directly with the presenters in an intimate group setting.
"Mind-blowing experience! Helped me start thinking about positive changes for my family business from the first minute." -MBA Student Participant
Babson-Camus Global Family Entrepreneurship Award This prestigious global award, made possible through the generous support of Cyril Camus ‘91, fifth-generation leader of CAMUS Cognac, recognizes highly distinguished and uniquely impactful entrepreneurial families, who have created significant economic and social value across generations. Selected recipients are recognized for the embodiment of the spirit of family entrepreneurship, passing down the legacy of business and philanthropy from one generation to the next.
Prior recipients include the Ernesto Bertarelli Family and the Gustavo Cisneros Family.
THOUGHT LEADERSHIP The research conducted by Babson and BIFE represent a deep, ongoing interest in family entrepreneurship, and demonstrate a variety of methodologies and perspectives on how and why families can successfully engage in entrepreneurship. Babson seeks to be on the cutting edge of new knowledge about family entrepreneurship.
Representative research areas include:
Entrepreneurial Legacy Psychological Safety Family Dynamics Family Entrepreneurial Leadership Asian Family Virtues Parenting Styles Family Start-ups How Families Learn to Act Entrepreneurially
FAMILY ENTREPRENEURSHIP IS AN AREA OF EMERGING SCHOLARSHIP. William B. Gartner Bertarelli Foundation Distinguished Professor of Family Entrepreneurship, Director of Research at Bertarelli Institute for Family Entrepreneurship
SPOTLIGHT ON BIFE FACULTY COLLABORATIONS
Thank You to Our Donors! None of this would be possible without our many generous supporters. We would especially like to thank Ernesto Bertarelli '89 for his vision: “Business is taught in schools all over the world, but very, very few programs pay attention to the importance of family dynamics, values, and culture, and how these are transmitted and how they evolve through generations,” Bertarelli said. “This is an area of thinking and teaching where Babson already leads the way."
Thank you JoAnn Kocum Nulsen '81 and Charles K. Nulsen III '79 who endowed the Executive Directorship at Babson's Bertarelli Institute for Family Entrepreneurship.
Thank you Joanna Berwind for your support of BIFE and engagement with our students as our Disruptor in Residence.
BIFE 2022-23 ADVISORY BOARD Our Advisory Board has been an invaluable source of support and guidance. babson.edu/bife
Thank you also to our retired board members. Korakat Alverstation MBA '19 Abdullah Bilal '21 JoAnn Nulsen '81 Pattamon (Ploy ) Pethputong MBA '20 Elizabeth Reed '19 Fazal Sheikh Charles Jacob Shotmeyer MBA '21 Rayhaan Surve '20