Business Innovation, important to Nigerian business

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Owing to the fast changing technology world, companies in Nigeria are becoming extremely aware of the importance of innovation in order to compete effectively. According to the recent results of the GE 2013 Global Innovative Barometer survey (focus on Nigeria), 96 per cent of businesses identified innovation as a strategic priority for Nigerian businesses.

An estimated 3,100 Business executives in 25 countries responded to questions that covered policy expectation in their responses, the executives perceive innovation as a positive force needed to drive the economy. In Nigeria, 27 percent of respondents believe “innovation has a negative impact on their economy,” a result in line with the global average (30%).”

The survey shows that at policy level, business expect renewed support and incentives from decision makers with particularly strong expectations regarding education-related actions. These include, encouraging a stronger entrepreneurial culture in the education system through stronger linkages between students and business savvy individuals. This is a measure recognized as high priority by 60 percent of Nigerian respondents.

Again, financial concerns are underlined as 58 percent of respondents highlight the need for policies to create a financial environment that encourages the development of venture capital.

They also want to see environment that ensures that business confidentiality and trade secrets are adequately protected, as mentioned by 53 percent of respondents. 53 percent of Nigerian respondents would like also to see the creation of more incubators for start-ups to develop .

Among other findings, the survey shows that 87 percent of respondents believe their firm has been changing the way it looks at innovation, by integrating more of the need for collaboration. A further 90 percent is convinced that their firm would be more successful at innovation through partnership than if their company went about it alone.

Businesses in Nigeria would like to partner first-to-enter new markets to improve an existing product or service and speed up time to market.
 
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