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Harnessing Technological and Non-technological Innovations for SMEs Profitability in the Nigerian Manufacturing Sector
Current Issue
Volume 4, 2016
Issue 4 (August)
Pages: 75-88   |   Vol. 4, No. 4, August 2016   |   Follow on         
Paper in PDF Downloads: 56   Since Jul. 19, 2016 Views: 1783   Since Jul. 19, 2016
Authors
[1]
Olomu Michael Oluwaseun, Department of Science Policy Research and Innovation Studies (SPIS), National Centre for Technology Management (NACETEM), Obafemi Awolowo University, Ile-Ife, Nigeria.
[2]
Akinwale Yusuf Opeyemi, Department of Technology Management Education and Training (TMET), National Centre for Technology Management (NACETEM), Obafemi Awolowo University, Ile-Ife, Nigeria.
[3]
Adepoju Adeyemi Oluwaseun, Department of Science Policy Research and Innovation Studies (SPIS), National Centre for Technology Management (NACETEM), Obafemi Awolowo University, Ile-Ife, Nigeria.
Abstract
Science, Technology and Innovation (STI) have played a significant role in driving manufacturing sector of the advanced economies. This study examines the impact of technological and non-technological innovations as well as size of firm on the profitability of SMEs. The study was conducted using questionnaire among the manufacturing SMEs in Nigeria with a total of 365 of them correctly filled and analyzed using qualitative and Ordinary Least Squares techniques. The result revealed that process innovation (p-value<0.041) and product innovation (p-value<0.078) which represent technological innovation, marketing innovation (p-value<0.089) which represents non-technological innovation and size of firms (p-value<0.005) were significant in driving the turnover of the SMEs, whereas organisational innovation was not significant at 10% level of significance. The study therefore suggests that the manufacturing SMEs should continuously engage in both technological and non-technological innovations to improve their productivity, which will further increase their contribution to the Nigeria’s GDP.
Keywords
Technological Innovation, Non-technological Innovation, Small and Medium Enterprises, Manufacturing, Nigeria
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