News Feature
McCoy College and SCALEUP Drive Family Business Innovation at Summit
San Marcos, TX — The McCoy College of Business at Texas State University, in collaboration with the university’s SCALEUP program, recently hosted attendees of the Future Ready Family Business Intergenerational Summit. This transformative event, which focused on integrating artificial intelligence (AI) into family businesses, provided insights to international family business leaders who represented an array of industries.
McCoy College of Business: A Hub for Innovation
The McCoy College of Business showcased its commitment to fostering innovation and supporting family-owned enterprises. The college provided a vibrant environment for discussing technological advancements and their application in family businesses. By hosting sessions in its state-of-the-art facilities, McCoy College demonstrated its dedication to equipping business leaders with the tools and knowledge needed to thrive in a rapidly changing business environment.
SCALEUP: Empowering Growth and Sustainability
As a co-sponsor of the summit, SCALEUP — a university program focused on helping small and minority businesses grow — offered resources to support the sustainable growth and long-term success of family businesses. Through its initiatives, SCALEUP aims to bridge the gap between traditional business practices and modern technological solutions. The program’s involvement in the summit reinforced its role in driving the adoption of innovative strategies within family enterprises.
Valuable Insights for Family Business Leaders
The summit offered a wealth of information attendees could apply immediately to their businesses. Key sessions provided practical guidance on leveraging AI while preserving core family business values.
- Decision-Making Under Uncertainty: Dr. Tahir Ekin’s session highlighted how AI can be used to mitigate uncertainty in business decisions. Participants learned about AI-driven decision support systems that offer predictive analytics and risk assessment tools, empowering them to make informed choices in complex environments.
- AI-Powered Marketing: Dr. Masoud Moradi presented innovative approaches to using AI in marketing. Attendees gained insights into optimizing market segmentation and enhancing promotional strategies. The session also explored how AI analytics can be used to revolutionize marketing efforts, driving customer engagement and improving ROI.
- Integrating AI in Family Businesses: Dr. Josh Daspit’s session focused on the unique challenges and opportunities of adopting AI in family enterprises. He facilitated a discussion in which strategies for overcoming resistance to change and successfully implementing AI technologies were highlighted.
Showcasing Real-World Applications
A highlight of the summit was the business visit to McCoy’s Building Supply, where attendees observed firsthand how a successful family business integrates technology. Insights from McCoy’s leadership team illustrated practical applications of the concepts discussed during the summit, providing a tangible example of innovation in action.
A Commitment to Future-Ready Family Businesses
The Future Ready Family Business Intergenerational Summit exemplified the collaborative efforts of the McCoy College of Business and the SCALEUP program in promoting the growth and sustainability of family enterprises. The summit empowered family business leaders to embrace technological advancements and drive their firms toward a prosperous future by providing a platform for learning and networking.