Innovation and Organizational Performance in Nigerian Startups: A Study of Selected Entrepreneurial Ventures
The Nigerian startup ecosystem has emerged as a dynamic player in the global entrepreneurial landscape. However, the path to success is fraught with unique challenges, and understanding the drivers of innovation and organizational performance is paramount. This study aims to investigate these critical factors within the Nigerian context. The central objectives of this research are to explore the relationship between access to technology, human capital, and financial resources and innovation; assess the efficacy of context-specific performance metrics in representing organizational performance; examine the impact of government policies and a supportive ecosystem on innovation and organizational performance; and scrutinize sectoral variations in the innovation-performance relationship within Nigerian startups. A quantitative research design was employed, using a stratified random sampling technique to ensure sectoral representation. Survey data, paired with statistical analyses, were used to test hypotheses and generate insights from the findings. The results of the study provide valuable insights into the Nigerian startup ecosystem. The findings highlight the significance of resource allocation, context-specific performance metrics, government support, and sector-specific strategies. Access to technology, human capital, and financial resources positively influences innovation, while context-specific performance metrics enhance organizational performance assessment. Government policies and a supportive ecosystem have a positive impact on innovation and performance. Sectoral variations necessitate tailored strategies. The study recommends strategic resource allocation, adoption of context-specific metrics, collaboration with government initiatives, and sector-specific focus to enhance startup success. These recommendations are instrumental for startups, policymakers, and stakeholders in the Nigerian entrepreneurial ecosystem.
Keywords: ecosystem, entrepreneurship, performance, innovation, startup