Innovative Start-Ups and Economic Development in Nigeria: Entrepreneurial Eco-System in Perspective (Published)
Innovative start-ups have become significant drivers of economic growth, technological advancement, job creation, and social transformation across the world. In developing economies such as Nigeria, innovative start-ups contribute to solving socio-economic challenges through digital solutions, product innovation and service delivery improvements. This study adopted a descriptive survey research design. The population comprised founders, managers, and key personnel of innovative start-ups operating in Nigeria. Using Startup Blink’s ecosystem database, Nigeria has approximately 1,475 active start-ups. The sample size of 315 was determined using the Taro Yamane (1967) formula: A stratified random sampling technique was employed and the population was stratified according to Nigeria’s six geopolitical zones: The sources of data were both Primary and secondary data. The validity of instrument was ascertained by subjecting the questionnaire to face validity and content validity where the experts in entrepreneurship, management and research methodology assessed the instrument and made necessary corrections. The reliability of instrument was established using the Cronbach Alpha method and a reliability coefficient value of 0.75 was obtained and considered acceptable. The study employed both descriptive and inferential statistics. This study examined the concept, characteristics, importance, challenges and prospects of innovative start-ups, with emphasis on the Nigerian entrepreneurial ecosystem. The study also discussed innovation strategies, funding sources, government policies, and factors influencing start-up success. Findings reveal that innovative start-ups stimulate productivity, attract investment, encourage entrepreneurship and enhance competitiveness. However, they face numerous challenges including inadequate funding, infrastructural deficiencies, policy inconsistencies and market uncertainties. The study, therefore, recommended stronger government support, improved access to finance, entrepreneurial education and favorable regulatory frameworks to promote sustainable growth of innovative start-ups in Nigeria.
Keywords: Economic Development, Entrepreneurship, Innovation, innovative start-ups, start-ups, venture capital