Strategies for Entrepreneurship and Market Innovation by KIBS in Developing Economies

Knowledge-Intensive Business Services (KIBS) is the fastest growing sector globally with the focus on market innovation but lacks empirical research in developing economies. Thus, this paper investigates the strategies for entrepreneurship and market innovation by Knowledge-Intensive Business Services in developing economies .A framework is built in which KIBS small and medium sized enterprises (SMEs) employ radical innovation or market pioneering strategy for market innovation through knowledge acquired from theformal and informal institutions. Four hypotheses are developed and tested. Data is collected from 510 SMEs in KIBS sector of Lagos at firm level and analyzed.The results suggest that the main strategy for market innovation is market pioneering and the knowledge is acquired from informal institutions.The findings could assist in formulating policy agendas for promoting market innovation by KIBS SMEs in developing economies. It is recommended that the informal institutionsbe recognized as a significant part of institutional system for innovation in developing economies. Keywords: Institutions, new market innovation, developing economies, SMEs, Knowledge-Intensive Business Services (KIBS)

Financial Empowerment and Entrepreneurial Venture Creation among NGOs’ Beneficiaries in Kwara State, Nigeria: An Empirical Investigation

The NGOs place much emphasis on the provision of diverse relevant training, counseling, mentoring, and financial empowerment in cash and equipment grants, loans, and subsidies that made little or no impact on the lives of beneficiaries and the economy. Hence, this study examined the impact of financial empowerment and entrepreneurial venture creation among NGO beneficiaries in Kwara State, Nigeria. A survey was carried out employing the simple random sampling technique to select 358 respondents from a total of 5,354 sampling frames of NGOs’ beneficiaries in Kwara State. Data analysis was performed using descriptive and inferential statistics. The results indicated that financial empowerment contributes significantly to entrepreneurial venture creation among the NGOs’ beneficiaries. It was further revealed that cash loans and subsidies offered by NGOs have a positive impact on entrepreneurial venture creation, while grants have an inverse impact on entrepreneurial venture creation. The study, therefore, suggests among other things that the management of NGOs should scrutinize business plans properly before giving loans, grants, and subsidies to the beneficiaries so that only viable and innovative ideas will be funded

Strategic entrepreneurship and performance of Nigerian banks: A quantitative approach

Objective: Strategic entrepreneurship provides value that allows companies to compete favourably in the market compared to their competitors, especially in the banking sector, and thus influence their performance. Therefore, this study examined the impact of strategic entrepreneurship on the performance of Nigerian banks. Research Design & Methods: A quantitative approach was adopted for the study, which used a post facto study design. The sample size consists of 10 banks listed before 2009 that were only excluded in 2018 with related data. Secondary data collected from annual reports and financial statements of all sample banks over ten years (2010-2019) were analysed. Panel data analysis was used to measure the relationship between independent and dependent variables at p< 0.05. Findings: The study demonstrates that strategic dimensions of entrepreneurship (strategic renewal, sustainable innovation, and domain renewal) play a key role in joint and significant organizational performance. It has also been confirmed that strategic renewal independently affects business organizational performance, while domain definition has a positive but minor relevance. However, permanent regeneration has the opposite effect on organizational performance. Implications & Recommendations: This finding means that many Nigerian banks have failed to put into practice the knowledge and financial commitment to take advantage of opportunities, which is an important means of strengthening the sector amid the pandemic syndrome and highly turbulent environment. It is therefore imperative that the management of Nigerian banks be financially engaged in formulating innovative strategies and activities. Contribution & Value Added: The study has established that strategic entrepreneurship components jointly and independently influence the performance of Nigerian banks. It was also discovered that strategic renewal, sustainable innovation, and domain renewal are strong predictors of banks’ performance

Strategies for entrepreneurship and market innovation by KIBS in developing economies: inclusive agenda for opportunity creation

Objectives: This paper aims to investigate the strategies for entrepreneurship and market innovation by Knowledge-Intensive Business Services (KIBS) in developing economies as an inclusive agenda for opportunity creation. Theoretical Background: KIBS are specialized services that involve economic activities which are intended to result in the creation, accumulation or dissemination of knowledge. KIBS emergence has turned into a powerful sector with rising importance in many economies since the 1980s. It currently represents over 60% of the Gross National Income (GNI) in most developed countries, though lesser percentage in developing economies but a dynamic factor in manufacturing and human resources industries performance in many countries. This study is based on Schumpeter’s entrepreneurship theory of innovation which considers the entrepreneurial innovation as new combinations. Although, Schumpeter referred to opening of new market as a type of innovation and its importance but limited attention and emphasis was given to it in comparison to product and process innovations. A great percentage of innovation in developing countries is attributable to imitation of innovation from developed economies which make market pioneering the main strategy employed for market innovation in most developing economies. This study is necessary to provide empirical findings and literature to support activities going on and as inclusive agenda for opportunity creation in the developing economies Approach/Methods: A framework is built in which KIBS small and medium sized enterprises (SMEs) employed different strategies like radical innovation or new market pioneering. Knowledge for market innovation can be strategically obtained from two discrete knowledge institutional sources. These sources are the formal institutions such as Universities, research institute, Research and Development, collaborations with firms and so on and the informal institutional sources like the suppliers, clients, network of friends, families and others. The quantitative approach was employed for data collection from 510 SMEs in KIBS sector of Lagos, Nigeria at firm level. Results/Insights: The results suggest that the informal sources seem more strategic in supporting the needs of KIBS SMEs for market innovation. They serve as the major source of acquiring knowledge for opening of new market. Thus, the informal system should be given recognition as a significant part of the institutional system that has impact on innovation in developing economies. Implications: The findings of this study could assist in formulating policy agendas for promoting market innovation, based on the use of knowledge acquired from the formal and informal sources by KIBS SMEs in developing economies. Moreover, practitioners should explore the valuable insight to identify and exploit the strategies of the formal and informal knowledge institutions for new market innovation inside and outside the developing economies. The scope of the study is specifically designed for KIBS sectors; therefore the results may not be completely viable for all service sectors. Further research may examine if the results can be generalised to other service sectors. This paper contributes to the growing body of literature generally in entrepreneurship (new market innovation perspective) and entrepreneurship in developing economies (institutional perspective), by providing a better understanding on the strategies of the formal and informal institutional sources of knowledge that are related with opening of new markets by KIBS SMEs in developing economies

High-performance work system on sustainable organizations performance in SMEs

Managing performance is quite easy, but sustaining that performance is the real challenge for organizations in the 21st century. Hence, the research’s main objective is to examine the impact of high-performance work system on sustainable organizational success in small and medium business (SMEs). Moreover, for global business organizations to succeed innovation must be involved. Therefore, the study is mediated by the Innovative work behaviour. Data were obtained among 820 SME employees in Nigeria. The Analysis used Partial Least Square (PLS) to check the hypothesis. In order to introduce creativity or inspire workers to behave innovatively in the workplace, they need a sense of well-being to actively engage employee organisations. This research will allow managers to agree to invest in workers so that employees work successfully and display creative actions in order to achieve sustainable organisation. This study adds to the scientific management literature by exploring the phenomena sustainable lens innovation and high-performance work by the SMEs in concurrently improve innovation-specific skills, inspiration, and voice habits across employees, resulting in higher innovation efficiency