Innovation and corporate growth: a study of small and medium scale enterprises in Nigeria

摘要

This research presents the results of a study that investigated the effect of Corporate Innovation (CI) on the growth and success of small and medium scale enterprises (SMEs) in Nigeria. To this end, respondents were randomly selected from 450 companies in Agriculture, Manufacturing, Trading Service and Transportation sectors of the Nigerian economy. The findings particularly show that all firms that successfully carried out CI experienced a significant increase in their turnover, market share, competitive position and profit as well as scope of operation. The ability to successfully innovate depends on the size, resources and managerial competence of the SMEs. Also the findings reveal that the business environment in Nigeria affects the success of CI efforts, although the effectiveness of the innovation process is determined by the adoption of certain basic Innovation strategies.