Since the dawn of civilization, family businesses have been the foundation of the global economy. Currently, eighty five percent of start-up companies worldwide, are established with family money. These companies have proven to be more sensitive to the employment and social needs of the local communities they serve, in comparison to their larger counterparts. Family businesses are less likely to fire people during challenging economic times -than shareholder driven companies- therefore making them extremely important for economic and social well-being.
To increase the support of these worldwide family businesses, Dr. Dale G. Caldwell founded Family Business Week. Dr. Caldwell, executive director of Fairleigh Dickinson University's (FDU) Rothman Institute of Innovation and Entrepreneurship, has envisioned that this week would inspire people to identify family businesses in their area and purchase products or services from them.
Susan Slavin and Maura Pniewski, also part of the FDU Rothman Institute, are working with Dr. Caldwell on Family Business Week, encouraging global participation from individuals and organizations. Running a business is extremely difficult; the FDU Rothman team hopes to shed light on public policies needed for family businesses to continue to create jobs and succeed.