Dr. Raj Mahto

Founding Director, Anderson Small Business Institute, University of New Mexico

United States

Innovation and Family Firms


A dominant ownership group or individual, that influences strategic direction of a firm and desires to preserve the firm for next generation of family members, differentiates a family firm from a non-family firm. Family firms also differ from non-family firms for their emphasis on non-financial goals for firm performance and a long-term orientation in strategic decision making. A conservative approach towards managing the firm makes family firms more risk averse and less likely to engage in high risk endeavors such as innovation. In this presentation, I provide an overview of innovation concept in family firms and offer practical implications for managers of family firms and firms intending to do business with family firms.


Raj V. Mahto, PhD
Creative Enterprise Endowed Professor
Associate Professor of Entrepreneurship
Anderson School of Management
The University of New Mexico
Albuquerque, NM

Associate Editor, Journal of Small Business Management
Associate Editor, Journal of Small Business Strategy


The Small Business Institute® has established an annual $500 award for the best research article published in its journals, the Journal of Small Business Strategyand the Small Business Institute Journal.. The winning research article will have been published in one of the journals in the past academic year, and the award will be announced at the annual conference of the SBI.