Innovation as a mechanism for SMEs success in Nigeria

• Main Authors: Salisu, Balarabe, Abu Bakar, Lily Julienti, Abdul Rani, Shamsul Huda
• Format: Conference or Workshop Item
• Language: English
• Published: 2017
• Subjects: HB Economic Theory
• Online Access: http://repo.uum.edu.my/24624/1/SICONSEM%202017%20225%20226.pdf; http://repo.uum.edu.my/24624/
• Institution: Universiti Utara Malaysia

Purpose - The purpose of this paper is to determine the relevance of innovation to the success of SMEs in Nigeria.SMEs are very important to the economic development of a country as a job provider and also for income distribution. SMEs success is the ability of an organization to access the degree of its performance or failure within a specified period of time. SMEs are falling in Nigeria due to their inability to innovate despite the fact that innovation is the key to the success of any firm. Based on this, the paper is focusing on determining the relevance of innovation as a tool for SMEs success in Nigeria. The objective of this paper is to explore the relevance of innovation to the success of SMEs in Nigeria.Findings - The paper also proposes a model of innovation that will enhance the success of SMEs in Nigeria and leads to the enhancement of entrepreneurship in the country.An important way through which business achieve success, competitive advantage and success is to engage in innovation (Ngo and O’ Cassi, 2013). A study conducted by (Bowen et al. 2010) showed that innovation and business success are connected to each other. Businesses that adopt innovations are identified with higher levels of productivity and economic growth than non-innovating firms (Ngo & O’Cass, 2013).