JIBS researchers receive VFT-funding to support the future of family businesses

Kajsa Haag, Joaquin Cestino Castilla, Linnea Lind, Massimo Bau and Josh Wei-Jun Hsueh.

The Challenge for Family Businesses

Many family businesses struggle to attract young employees. Researchers at CeFEO have identified a key reason: there is a lack of knowledge about what a career in a family business really entails. Many young people simply don’t recognise the opportunities. To address this, the researchers developed FEST (Family Entrepreneurship School Tournament), a competition designed to spark interest and gain understanding of family business careers.

– Family businesses account for 75% of companies in Sweden and play a vital role in employment, innovation and the local economy. However, many struggle to attract young talent – a crucial factor for driving renewal and maintaining competitiveness. When family businesses lose their innovative edge, the risk of takeovers and diminished local roots increases. FEST takes on this challenge by building greater awareness among high school students and teachers about family businesses and the opportunities they offer. This is something that makes me particularly happy to support this project, says Louise Andersson, innovation advisor at Science Park.

How the VFT Funding will be used

The funding will be used to complete and evaluate FEST’s pilot phase. The next steps involve refining the concept, conducting the final part of the pilot in April and assessing the interest of both participants and sponsors. If the response is favourable, the goal is to expand FEST into a regional and eventually even a national competition. To celebrate the secured funding, the project team gathered at Jönköping International Business School (JIBS) to celebrate with cake.

FEST is a competition embedded in the business programs of several high schools in Jönköping, delivered through a three-stage process:

FEST and the Sustainable Development Goals

FEST aligns with several global Sustainable Development Goals (SDGs):

• Goal 8 (Decent work and economic growth) – By strengthening family businesses and enhancing their appeal to young talent, the project supports sustainable economic growth.
• Goal 9 (Industry, Innovation and Infrastructure) – FEST highlights the important role of family businesses in an innovative and local economy.
• Goal 11 (Sustainable Cities and Communities) – Strong family businesses help build stable and resilient local communities.