Edifying the Culture of Innovation in Entrepreneurship Development in Nigeria

Document Type: Research Paper

Authors

1 Department of Business Administration, College of Management and Social Sciences, Fountain University, Osogbo, Osun State, Nigeria

2 Future Business School, Kolkata, West Bengal, India; Graduate Alumnus, University of Guelph, Ontario, Canada

Abstract

Innovation is the key to growth, without it, most organization would forever be stuck doing the same old things the same old way. New products, new services and new ways of doing business would never emerge. Entrepreneurship activities brings about business innovation with resultant development in enterprises which also serves as a panacea to economic growth in developing countries. Entrepreneurship development in Nigeria came up early in the 70s immediately after independence. The promulgation of Nigeria Enterprises Promotion Decree of 1972 provides stimulus for entrepreneurship development via Small and Medium Scale Enterprises (SMEs) promotion. This paper attempts to examine the culture of innovation in entrepreneurship development using Osun State in Southwest Nigeria as a case study. Personal interview combined with analysis of primary and secondary data were applied to reach to this understanding. It was discovered that entrepreneurship development still remains the strong policy option for developing Nigeria’s manufacturing, service and industrial sectors. The finding shows that dedicated people achieve innovation with a shared passion for problem solving and for turning ideas into realities. Companies that continuously innovate will create new markets, products, services and business models that lead to undeniable growth.

Keywords


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