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My essay for this month's Strategic Review is about how the family office is a learning machine. But as soon as I read Joey and Joanne's essays, I realized that I had made a significant oversight… A successful family office is a learning machine. The lessons learned from trial and error about what works in a particular business or investing niche are passed on from one generation to the next. So, instead of starting from scratch in each generation, Old Money families build on the success of the previous generations. However, the family office as a learning machine does not stop with business and investing. It extends to the family identity and family relationships as well. In This Month's Issue Successful Old Money families also have self-knowledge. As Joey addresses in his essay, a family "clan" knows who they are. They know what their family stands for. And in her essay this month, Joanne writes about trust between family members. In order to have real trust between family members, they must know each other on a deep level. Joanne discusses the various levels of trust and how to build it if it is lacking… Eric Marshall, our tax and legal strategic partner, shows you how to structure your family educational plan to take account of the changing thinking toward formal education. And our international real estate investing strategic partner, Ronan McMahon, reveals how to double your money in a year on a beautiful English-speaking Caribbean island. I hope you enjoy this issue of Strategic Review.
Innovation is in many contemporary economies understood as a key driver of desirable longterm economic and social development (Fagerberg, 2005). The Organisation for Economic Cooperation and Development (OECD) and the European Union (EU) have emphasized in their recent strategies that innovation is essential for the recovery from the global financial crisis that began around 2008. In this vein, scholarly debates of innovation in management studies are almost exclusively occupied with attempts to improve, refine and manage innovation in more economically efficient ways (for example, Cohen and Levinthal, 1990; Chesbrough, 2010; Lee et al., 2012). Kimberly (1981) highlighted already over 35 years ago this tendency to view innovation as fundamentally positive and called it the 'pro-innovation bias'. Recently, scholars have returned to this tendency and developed a critique by addressing some of the shortcomings in innovation research. These include neglect of the impact of changing meanings of innovation over time (Godin, 2012), the reproduction of gendered orders (Andersson et al., 2012; Alsos et al., 2013), disempowerment of researchers and scientific knowledge (Leitch et al., 2014), blurring of innovation due to its popularity in policy (Perren and Sapsed, 2013), risks of innovation in public services (Brown and Osborne, 2013) and lack of critical analysis (Sveiby et al., 2012). While agreeing with the above, we suggest taking the critique one step further. By focusing on the taken for granted assumptions of innovation in the academic community we attempt to advance the field of critical innovation studies by formulating transformational research questions. The aim of this chapter is to broaden the scope of management literature by analysing and problematizing the academic management discourse of innovation.
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