Evaluating Innovations in Small and Medium Scale Enterprises in Bayelsa State
Journal Title: Journal of Economics, Finance and Management Studies - Year 2021, Vol 4, Issue 07
Abstract
Innovation in its modern meaning is "a new idea, creative thoughts, new imaginations in form of device or method". Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. Such innovation takes place through the provision of more effective products, processes, services, technologies. The aim of the paper is to give the view on innovation activities in small and medium enterprises (SMEs) sector in Bayelsa state. The paper is divided into two parts. Firstly, the paper is to evaluate situation in innovation activities conducted by small and medium enterprises in Bayelsa state, identifying the main barriers to develop innovation activities, formulate some recommendations on how to overcome these barriers. The second part of the paper is to present the importance of innovativeness, which is viewed as one of the prerequisites for successful innovation activities. Main findings revolve around the facts that product innovations are predominant in SMEs in Bayelsa state and that there is a significant impact of these on growth of firms‟ turnover, profitability and employment generation. And recommended that Prospective entrepreneurs given the resource constraints and weak/unstructured National Innovation Systems (NIS) that characterize developing economies, it makes sense to assume that SMEs therein would focus on incremental innovations and that these would have some positive impact on firm performance and students of entrepreneurship education should be exposed to different innovative schemes, Bayelsa state government should support small and medium enterprises innovation through grants and aid.
Authors and Affiliations
Agada Franklin A, Dumani Markjackson, Duke Ebikela S. , Oguru Foster A.
Keywords
Related Articles
- EP ID EP701605
- DOI 10.47191/jefms/v4-i7-03
- Views 125
- Downloads 1
Employee Retention through Organizational Commitment, Work Engagement, and Job Satisfaction
Commitment can increase organizational ownership, performance, and retention with the ultimate goal of minimizing employees' desire to leave the organization because high turnover costs result in costs that are never con...
Governance of the Digital Transformation in Moroccan Universities: Case Study of Cadi Ayyad University-Marrakech
For the past few years, digital transformation, digital revolution, and technological upheaval have become the main keywords in the management of all types of organizations. The current crisis of the Covid-19 has increas...
Public Governance Mechanisms and Organizational Performance Case Study: Cameroon Military Engineering
Reflecting on governance mechanisms and organizational performance of the Cameroon Military Engineering raised some questions on the role of the Army in society in general, developing countries in particular and in the s...
Bank size and bank earnings volatility. A survey of Kenya banking system
Based on the increased interest on bank size in literature, we sought to investigate the effect of large banks on bank earnings volatility in Kenya banking system. Our data cover the period from 2005 to 2020. Included in...
The Influence of Lifestyle and Financial Planning on Household Financial Behavior in Kenjeran District Surabaya City
This study aims to determine whether lifestyle and financial planning can influence household financial behavior in Kenjeran District, Surabaya City. The research method used in this study is a quantitative method. The p...