Entrepreneurial Ecosystem and Innovativeness of Technopreneurs in Lagos State Nigeria
Chapter One
Objective of the Study
The primary aim of this study is to explore the relationship between the entrepreneurial ecosystem and the innovativeness of techno-preneurs in Lagos, Nigeria. The specific objectives are as follows:
- To analyze the key components of the entrepreneurial ecosystem in Lagos.
- To assess the level of innovativeness among techno-preneurs in Lagos.
- To determine the impact of the entrepreneurial ecosystem on the innovativeness of techno-preneurs.
CHAPTER TWO
LITERATURE REVIEW
Entrepreneurship, a global force in economic development, is drawing attention due to the growing significance of the entrepreneurial ecosystem (Beckman et al., 2022; Coron & Gilbert, 2020). In the bustling city of Lagos, Nigeria, techno-preneurs are at the forefront, seamlessly merging technology and entrepreneurship to create a vibrant hub (Giwa, 2019). This dynamic ecosystem is pivotal in shaping the innovativeness of techno-preneurs and is crucial for fostering sustainable economic growth (Thérin, 2021).
Lagos recognized as Nigeria’s economic capital, has witnessed a surge in techno-partnership, with startups and technology-driven enterprises contributing substantially to economic vitality (Aderemi et al., 2020). The entrepreneurial landscape is influenced by factors like access to funding, regulatory environment, and government support (Carree & Thurik, 2020). Aderemi et al. (2020) explore the choice and performance of women entrepreneurs in southwestern Nigeria, offering insights into the gender dimension of the entrepreneurial ecosystem. Adeyeye et al. (2021) empirically analyze the impact of technology innovation and R&D on firms’ performance, providing a broader understanding of the technological landscape.
To unravel the intricacies of the entrepreneurial ecosystem in Lagos, it’s imperative to dissect its components and their impact on the innovativeness of techno-preneurs. The availability of funding, a critical aspect, is highlighted by Akinwale et al. (2017) and Audretsch (2019). The study by Adeyeye et al. (2021) adds depth by examining the impact of technology innovation on firms, underscoring the importance of technological advancements in the ecosystem. Afolabi (2023) broadens the perspective by discussing the overall effects of entrepreneurship on economic growth, emphasizing the ecosystem’s holistic impact.
The regulatory environment, another pivotal factor, shapes the entrepreneurial landscape in Lagos. Akinwale et al. (2017) and Daramola (2012) emphasize the regulatory framework’s role in influencing the innovativeness of techno-preneurs. Daramola (2012) specifically focuses on venture capital policy, showcasing the interplay between regulations and the emergence of innovative ventures.
Government support significantly influences the entrepreneurial ecosystem and the innovativeness of techno-preneurs (Afolabi, 2023; Adeyeye et al., 2021). Aderemi et al. (2020) assess the performance of women entrepreneurs, shedding light on how government support may impact gender-specific challenges and opportunities within the entrepreneurial ecosystem.
Considering market opportunities as a significant variable is essential when exploring the relationship between the entrepreneurial ecosystem and the innovativeness of techno-preneurs. The study by Akinwale et al. (2017) examines the impact of technological innovation on SMEs’ profitability, providing insights into how technological advancements create market opportunities for enterprises. Atuahene-Gima and Amuzu (2019) present a case study on Farmcrowdy, a digital business model innovation for farming in Nigeria, highlighting how technological solutions tap into market opportunities.
The acquisition of Jobberman by One Africa Media, as reported by Asegbeloyin and Ndiomewese (2021), illustrates the changing landscape and opportunities within the entrepreneurial ecosystem in Lagos. The acquisition signifies the growth and attractiveness of technology-driven ventures, emphasizing the need to understand the factors contributing to such developments.
In essence, Lagos, Nigeria, stands as a dynamic hub for techno-preneurs, with the entrepreneurial ecosystem playing a pivotal role in shaping their innovativeness. The diverse factors within the ecosystem, including funding, regulatory environment, government support, and market opportunities, collectively influence the success and growth of techno-preneurs. Insights from various studies contribute to a nuanced understanding of the entrepreneurial dynamics in Lagos, underscoring the need for continued research and strategic policymaking to foster sustainable economic growth.
References
- Aderemi, H. O., Ilori, M. O., Siyanbola, W. O., & Adegbite, S. A. A. (2020). An assessment of the choice and performance of women entrepreneurs in technological and non-technological enterprises in southwestern Nigeria. African Journal of Business Management, 2(10), 165.
- Adeyeye, A. D., Jegede, O. O., & Akinwale, Y. O. (2021). The impact of technology innovation and R&D on firms‟ performance: an empirical analysis of Nigeria’s service sector. International Journal of Technological Learning, Innovation and Development, 6(4), 374–395.
- Afolabi, A. (2023). The Effect of Entrepreneurship on Economic Growth and Development in Nigeria. International Journal of Development and Economic Sustainability, 3(2), 49–65.
- Akinwale, Y. O., Adepoju, A. O., & Olomu, M. O. (2017). The impact of technological innovation on SME‟s profitability in Nigeria. International Journal of Research, Innovation and Commercialisation, 1(1), 74–92.
- Asegbeloyin, B., & Ndiomewese, I. (2021). One Africa Media Acquires 100% Of Jobberman. Techpoint.Africa.
- Atuahene-Gima, K., & Amuzu, J. (2019). Farmcrowdy: digital business model innovation for farming in Nigeria. Emerald Emerging Markets Case Studies, 9(2), 1–22.
- Audretsch, D. B. (2019). Capital emprendedor y crecimiento económico. Investigaciones Regionales-Journal of Regional Research, 15, 27–45.
- Bailetti, T. (2022). Technology entrepreneurship: overview, definition, and distinctive aspects. Technology Innovation Management Review, 2(2).
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