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Innovation Strategy and Sustainability of Micro, Small and Medium Enterprises in South East Nigeria

Onyeizugbe Chinedu Uzochukwu

,

Orogbu Lilian Obiageli

,

Nwankwo Obianuju Uche

,

Onuzulike Nkechi

Onyeizugbe Chinedu Uzochukwu 1 ,

Orogbu Lilian Obiageli 1 Nwankwo Obianuju Uche 1 Onuzulike Nkechi 1 
  1. Department of Business Administration, Nnamdi Azikiwe University, Awka, Nigeria. 1

Pages: 71-80

DOI: 10.18488/journal.62.2020.72.71.80

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Article History:

Received: 18 November, 2019
Revised: 30 December, 2019
Accepted: 06 February, 2020
Published: 24 March, 2020


Abstract:

The current challenges and competition facing micro, small and medium enterprises in Nigeria today which is as a result of innovation has become a threat to the development of Micro, Small and Medium Enterprises. Therefore this study seeks to determine the extent to which innovation strategy can sustain MSMES in South East, Nigeria. The specific objective is to identify the extent of relationship that exists between disruptive innovation and business value contribution of MSMES in South East Nigeria. The study was guided by one research question and one hypothesis. The correlational survey design was adopted. The study was anchored on Schumpeter’s Innovation Theory (1885-1972).The population of the study was 1544 MSMES and 317 were sampled. The data used was primary data collected through structured questionnaire. The data collected was analyzed using Pearson Product Moment Correlation. The findings revealed that there is a positive relationship between disruptive innovation and business value contribution of Micro, Small and Medium Enterprises in South East Nigeria. The study recommends among others that Micro, Small and Medium Enterprises should ensure that their employees are competent so as to measure to the innovative changes in the industry.
Contribution/ Originality
The study contributes in the existing literature by establishing how innovation strategy impacts on the sustainability of MSMEs in South East Nigeria.

Keywords:

Innovation strategy, Sustainability, Business value contribution, Disruptive Innovation , Micro Small, Medium enterprises.

Reference:

Abdalkrim, A. (2016). Disruptive innovation as correlate of business value contribution. Journal of Marketing Research, 34(1), 11-16.

Akinbola, O. A., Abiola, O. O., & Ajonbadi, H. A. (2014). Causes and symptoms of small and medium enterprises (SMEs) business failure in Nigeria. Review of Management & Economic Engineering, 13(1), 263-282.

Banerjee, L. (2015). Marketing innovation and sustainable competitive advantage of manufacturing SME. Journal of Information Technology, 25(2), 189–204.

Baumgartner, D., & Quaas, N. (2009). Improve performance of SME through innovative strategies. International Studies of Management & Organization, 2(1), 8-14.

Buganza, T., & Verganti, R. (2006). Life-cycle flexibility: How to measure and improve the innovative capability in turbulent environments. Journal of Product Innovation Management, 23(5), 393-407. Available at: https://doi.org/10.1111/j.1540-5885.2006.00212.xs.

Cadogan, E., & Story, O. (2014). Disruptive innovation as correlate of business value contribution. Personnel Review, 40(3), 344-363.

Caker, S., & Erturk, K. (2010). Relationships between human resource management practices and organizational learning capability. The mediating role of human capital. Personnel Review, 4(3), 34-36.

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Christensen, M. C. (2013). The innovator’s dilemma. Cambridge: Harvard Business Review Press.

Ersoz, A., & Karaman, S. (2011). Managers’ accounts of innovation processes in small and medium-sized enterprises. Journal of Small Business and Enterprise Development, 7(4), 315-325.

Frank, K. (2012). Effect of marketing innovation on sustainable development of manufacturing micro, small and medium enterprises. International Journal of Organizational Analysis, 2(1), 13-16.

Hemsley, J., & Mason, R. (2013). Knowledge and knowledge management in the social media age innovative capability in turbulent environments. Journal of Management Science, 2(1), 23-24.

Kanter, L. (2011). Innovation as correlate of employee competence. Organization Development Journal, 18(1), 107-117.

Oakey, P., & Ray, E. (2014). Effect of innovation on sustainability of small and small scale business. Journal of Management, 40(4), 78–109.

Schumpeter, J. (2017). The theory of economic development. Cambridge: Harvard University Press.

Small and Medium Enterprise Development Agency of Nigeria (SMEDAN). (2019). NBS – SMEDAN National Survey of Micro, Small & Medium Enterprises (MSMEs).

Tsai, J. (2011). Influence of market changes on the sustainability of micro, small and medium enterprises. Canadian Journal of Administrative Sciences, 3(4), 23–27.

Varis, A., & Littunen, L. (2010). Influence of top management team vision and work team characteristics on innovation: The Spanish case. European Journal of Innovation Management, 9(2), 179-201.

Vijay, I. (2015). Influence of incremental innovation on market expansion. Journal of Management Studies, 3(1), 11–13.

Statistics:

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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