Technopreneurship as a Pathway to Sustainable Business Performance: Empirical Evidence from SMES in Nigeria
Keywords:
Intellectual Property; Research; Development; Innovation; Business PerformanceAbstract
The overall objective of the study was to examine empirical
evidences on how technopreneurship impacts business sustainability carried
out in some selected areas in Abeokuta, Nigeria. A sample of 126
respondents were selected using Yaro Yamane random sampling method. A
primary method of data collection was used, a well-structured questionnaire
was administered, and responses were analysed using linear regression. The
frequency of responses to each of the explanatory variables in the
questionnaire are shown using frequency tables. The study findings which
were based on the test of two (2) hypotheses in the study, show that
intellectual property rights have significant impact (R 2 = 0.294 and P =
0.000) on business profitability, research and development and innovation
(R&D&I) has a direct positive (R 2 = 0.292 and P = 0.000) effect on business
earned revenue. The study recommends that businesses should possess or
sell and commercialise intellectual property rights (IPRs) and engage in
research, development and innovation as this boosts business turnover or
sales revenue earned. Finally, technopreneurship should be a central concern
for government and policymakers.
References
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Engineering Research Volume 9, Issue 1
Adegbite S A (2012). An Evaluation of Technology Innovation on the Performance of Indigenous
Textile Weaving Firms in Southwestern Nigeria. Journal of Business & Management
Volume 1, Issue 1, 01-14
Aderemi, H.O., Ilori, M.O., Siyanbola, W.O., Adegbite, S.A. & Abereijo, I.O. (2008). “An
Assessment of the Choice and Performance of Women Entrepreneurs in Technological and
Non-Technological Enterprise in Southwestern Nigeria”. African Journal of Business
Management, 2(10), Pp. 165-176.
Aderemi, H.O., Siyanbola W. O., Egbetokun A. A., & Sanni S. (2011). “Framework for
Technological Entrepreneurship Development: Key Issues and Policy Directions”.
American Journal of Industrial and Business Management, 1, 10-19,
doi:10.4236/ajibm.2011.11002 published on (http://www.SciRP.org/journal/ajibm).
Akande O O, Oladejo M O (2013). An appraisal of technological entrepreneurship development
programmes on the performance of selected SMES in Lagos- Nigeria. Issues in Business
Management and Economics 1(8):208-217.
Al-Ansari, Y (2014). 'Innovation practices as a path to business growth performance: a study of
small and medium sized firms in the emerging UAE market'. PhD thesis. Southern Cross
University, Lismore, NSW.
Aribaba F O, Asaolu T O, Olaopa O R (2011). An evaluation of the impact of technological
innovative entrepreneurial development programmes on the performance of small scale
business in Nigeria. Global Journal Business Management 1(1); 001-009.
Artz, K.E., Norman, P.M., Hatfield, D.E. and Cardinal, L.B. (2010), “A loungitudinal study of the
impact of R&D, patents, and product innovation on firm performance”, Journal of Product
Innovation Management, Vol. 27, pp. 7/25-740.
Ayandibu, A. O., Ngobese, S., Ganiyu, I. O., & Kaseeeram, I. (2019). Constraints that Hinder the
Sustainability of Small Businesses in Durban, South Africa. Journal of Reviews on Global
Economics, 8, 1402-1408.
Avlonitis, G. & Gounaris, S. (1999), ‘Marketing orientation and its determinants: An empirical
analysis’, European Journal of Marketing, vol.33, no.11/12, pp.1003-1037.
Baileti T. (2012), “Technology Entrepreneurship: Overview, Definition, and Distinctive Aspects”,
Technology Innovation Management Review, pp. 5-12. Volume 8 No 1, pp. 77‐94.
Blackburn, R. A. (2003) ‘Intellectual Property and Innovation Management in Small Firms’ London,
Routledge.
Bubou G M & Okrigwe F N (2011). Fostering Technological Entrepreneurship for Socioeconomic
Development: A Case for Technology Incubation in Bayelsa State, Nigeria. Journal
Sustainable Development 4(6):138 – 149.
Bubou G M & Siyanbola W O (2010). ‘Science and Technology Entrepreneurship for Socio-
Economic Development in Africa (SEEDA)’, In proceedings of the Third Annual
International Conference on Entrepreneurship organised by WITS Business School,
University of Witwatersrand, Johannesburg, South Africa, October 20 - 21, 2010
Daqi X U (2013) Research on Improving the Technological Innovation Capability of SMEs by
University-Industry Collaboration. Journal of Engineering Science and Technology Review
6 (2) 100-104
Del Monte, A., & Papagni, E. (2003). “R&D and the Growth of Firms: Empirical Analysis of a Panel
of Italian Firms”. Research Policy, Vol. 32, 1003-1014.
Dorf, R.C., & Byers, T. H. (2005). Technology ventures: From idea to enterprise. New York:
McGraw-Hill.
Don Hofstrand (2009). “Understanding Profitability”. IOWA State University Outreach.
agdm@iastate.edu
Foray, D., Hall, B. H., & Mairesse, J. (2007). Pitfalls in Estimating the Returns to Corporate R&D
Using Accounting Data. Paper presented at the First European Conference on Knowledge
for Growth.
Fowosire R. A, Idris O.Y & Opoola E. (2017). Technopreneurship: A view of technology,
innovations and entrepreneurship. Global Journal of Researches in Engineering: Electrical
and Electronics Engineering, 17(7), 41-46.
Ganotakis, P., & Love, J. H. (2011). R&D, product innovation, and exporting: evidence from UK new
technology based firms. Oxford Economic Papers, 63(2), 279-306.
Griffith, R., et al. (2003). R&D and Absorptive Capacity: Theory and Empirical Evidence’,
Scandinavian Journal of Economics, 105(1), 99-118.
Harris R and Moffatt J (2011). R&D, Innovation and Exporting’, SERC Discussion Paper 73, Spatial
Economics Research Centre.
James H Love and Stephen Roper (2013). SME innovation, exporting and Growth: A review of
existing evidence. Enterprise Research Centre White Paper No.5
www.enterpriseresearch.ac.uk
John K. N., Maurice O. M., & Joseph M. M. (2013). The Influence of Innovativeness on the Growth
of SMEs in Kenya”, International Journal of Business and Social Research (IJBSR), 3(1),
25-31.
Juma C (2006). Reinventing growth: science, technology and innovation in Africa. International
Journal of Technology Globalisation. 2 (3-4): 323-339.
Kraaijenbrink, J., Spender, J. C., & Groen, A. J. (2010). The resource-based view: a review and
assessment of its critiques. Journal of management, 36(1), 349-372.
Kwon, H. J., & Lee, H. C. (2004). An empirical study of the venture business' R&D expenditure on
the enterprise value-compare high-technology firms to low-technology firms. Journal of
Korea Tax Accounting Research, 15(1), 85-101.
Lin (2007). Does Innovation lead to Performance? - An Empirical Study of Small and Medium
Enterprises in Taiwan. Management Research News, 30(2), 115-32.
Love, J. H., Roper, S., & Du, J. (2009). Innovation, ownership and profitability. International Journal
of Industrial Organization, 27(3), 424-434.
Matejun, M. (2016). Role of technology entrepreneurship in the development of innovativeness of
small and medium-sized enterprises. Management, 20(1), 167-183.
Martínez-Román, J. A., Gamero, J., & Tamayo, J. A. (2011). Analysis of innovation in SMEs using
an innovative capability-based non-linear model: A study in the province of Seville (Spain).
Technovation, 31(9), 459-475.
Minseo Kim, Ji-eung Kim, Yeong-wha Sawng, Kwang-sun Lim, (2018). Impacts of innovation type
SME’s R&D capability on patent and new product development. Asia Pacific Journal of
Innovation and Entrepreneurship, 12(1), 45-61.
MohdNoo, N. A. (2011). Intellectual Property Rights and Agro-based Natural Product: Malaysian
Legal Perspective. Journal of Politics and Law, 4(1), 138-145.
Normann, R., & Ramirez, R. (1993). From value chain to value constellation: Designing interactive
strategy. Harvard business review, 71(4), 65-77.
Ngungi. (2013). Effect of the type of innovation on the growth of small of small and medium
enterprises in Kenya: a case of garment enterprises in Jericho, Nairobi. European Journal of
Management sciences and Economics, 1(2), 49 - 57.
Okorie N. et al. (2014), “Technopreneurship: an urgent need in the material world for sustainability in
Nigeria”, European Scientific Journal October 2014 edition vol.10, No.30 ISSN: 1857 –
7881 (Print) e - ISSN 1857- 7431. Page 59-73.
Pathak S, Xavier-Oliveira E & Laplume A. (2013). Influence of intellectual property, foreign
investment, and technological adoption on technology entrepreneurship. Journal of
Business Research 66, 2090–2101.
Petti, C., & Zhang, S. (2011). Factors influencing technological entrepreneurship capabilities:
Towards an integrated research framework for Chinese enterprises. Journal of Technology
Management in China, 6(1), 7-25.
Petti, C. (Ed.) (2012). Technological Entrepreneurship in China: How Does it Work? Northampton,
MA: Edward Elgar Publishing.
Piergiovanni, R., Santarelli, E., & Vivarelli, M. (1997). From which source do small firms derive their
innovative inputs? Some evidence from Italian industry. Review of Industrial Organization,
12(2), 243-258.
Roper, S., Du, J., & Love, J. H. (2008). Modelling the innovation value chain. Research policy, 37(6-
7), 961-977.
Selvarani, A., & Venusamy, K. (2015). A study of technopreneurship in small and medium industry.
Technopreneurship as a firm strategy: links to innovation, creation and performance.
Journal Impact Factor, 6(1), 401-408.
Sukarmijan, S. S., & Sapong, O. D. V. (2014). The importance of intellectual property for SMEs;
Challenges and moving forward. UMK Procedia, 1, 74-81.
Teece, D. J. (2010). Technological innovation and the theory of the firm: the role of enterprise-level
knowledge, complementarities, and (dynamic) capabilities. In Handbook of the Economics
of Innovation (Vol. 1, pp. 679-730). North-Holland.
Venkataraman, S. (2004). Regional transformation through technological entrepreneurship. Journal of
Business venturing, 19(1), 153-167.
Wiengarten, F., Humphreys, P., Cao, G., & McHugh, M. (2013). Exploring the important role of
organizational factors in IT business value: Taking a contingency perspective on the
resource‐based view. International Journal of Management Reviews, 15(1), 30-46.
Wood, M. S. (2011). A process model of academic entrepreneurship. Business Horizons, 54(2), 153-
161.
Engineering Research Volume 9, Issue 1
Adegbite S A (2012). An Evaluation of Technology Innovation on the Performance of Indigenous
Textile Weaving Firms in Southwestern Nigeria. Journal of Business & Management
Volume 1, Issue 1, 01-14
Aderemi, H.O., Ilori, M.O., Siyanbola, W.O., Adegbite, S.A. & Abereijo, I.O. (2008). “An
Assessment of the Choice and Performance of Women Entrepreneurs in Technological and
Non-Technological Enterprise in Southwestern Nigeria”. African Journal of Business
Management, 2(10), Pp. 165-176.
Aderemi, H.O., Siyanbola W. O., Egbetokun A. A., & Sanni S. (2011). “Framework for
Technological Entrepreneurship Development: Key Issues and Policy Directions”.
American Journal of Industrial and Business Management, 1, 10-19,
doi:10.4236/ajibm.2011.11002 published on (http://www.SciRP.org/journal/ajibm).
Akande O O, Oladejo M O (2013). An appraisal of technological entrepreneurship development
programmes on the performance of selected SMES in Lagos- Nigeria. Issues in Business
Management and Economics 1(8):208-217.
Al-Ansari, Y (2014). 'Innovation practices as a path to business growth performance: a study of
small and medium sized firms in the emerging UAE market'. PhD thesis. Southern Cross
University, Lismore, NSW.
Aribaba F O, Asaolu T O, Olaopa O R (2011). An evaluation of the impact of technological
innovative entrepreneurial development programmes on the performance of small scale
business in Nigeria. Global Journal Business Management 1(1); 001-009.
Artz, K.E., Norman, P.M., Hatfield, D.E. and Cardinal, L.B. (2010), “A loungitudinal study of the
impact of R&D, patents, and product innovation on firm performance”, Journal of Product
Innovation Management, Vol. 27, pp. 7/25-740.
Ayandibu, A. O., Ngobese, S., Ganiyu, I. O., & Kaseeeram, I. (2019). Constraints that Hinder the
Sustainability of Small Businesses in Durban, South Africa. Journal of Reviews on Global
Economics, 8, 1402-1408.
Avlonitis, G. & Gounaris, S. (1999), ‘Marketing orientation and its determinants: An empirical
analysis’, European Journal of Marketing, vol.33, no.11/12, pp.1003-1037.
Baileti T. (2012), “Technology Entrepreneurship: Overview, Definition, and Distinctive Aspects”,
Technology Innovation Management Review, pp. 5-12. Volume 8 No 1, pp. 77‐94.
Blackburn, R. A. (2003) ‘Intellectual Property and Innovation Management in Small Firms’ London,
Routledge.
Bubou G M & Okrigwe F N (2011). Fostering Technological Entrepreneurship for Socioeconomic
Development: A Case for Technology Incubation in Bayelsa State, Nigeria. Journal
Sustainable Development 4(6):138 – 149.
Bubou G M & Siyanbola W O (2010). ‘Science and Technology Entrepreneurship for Socio-
Economic Development in Africa (SEEDA)’, In proceedings of the Third Annual
International Conference on Entrepreneurship organised by WITS Business School,
University of Witwatersrand, Johannesburg, South Africa, October 20 - 21, 2010
Daqi X U (2013) Research on Improving the Technological Innovation Capability of SMEs by
University-Industry Collaboration. Journal of Engineering Science and Technology Review
6 (2) 100-104
Del Monte, A., & Papagni, E. (2003). “R&D and the Growth of Firms: Empirical Analysis of a Panel
of Italian Firms”. Research Policy, Vol. 32, 1003-1014.
Dorf, R.C., & Byers, T. H. (2005). Technology ventures: From idea to enterprise. New York:
McGraw-Hill.
Don Hofstrand (2009). “Understanding Profitability”. IOWA State University Outreach.
agdm@iastate.edu
Foray, D., Hall, B. H., & Mairesse, J. (2007). Pitfalls in Estimating the Returns to Corporate R&D
Using Accounting Data. Paper presented at the First European Conference on Knowledge
for Growth.
Fowosire R. A, Idris O.Y & Opoola E. (2017). Technopreneurship: A view of technology,
innovations and entrepreneurship. Global Journal of Researches in Engineering: Electrical
and Electronics Engineering, 17(7), 41-46.
Ganotakis, P., & Love, J. H. (2011). R&D, product innovation, and exporting: evidence from UK new
technology based firms. Oxford Economic Papers, 63(2), 279-306.
Griffith, R., et al. (2003). R&D and Absorptive Capacity: Theory and Empirical Evidence’,
Scandinavian Journal of Economics, 105(1), 99-118.
Harris R and Moffatt J (2011). R&D, Innovation and Exporting’, SERC Discussion Paper 73, Spatial
Economics Research Centre.
James H Love and Stephen Roper (2013). SME innovation, exporting and Growth: A review of
existing evidence. Enterprise Research Centre White Paper No.5
www.enterpriseresearch.ac.uk
John K. N., Maurice O. M., & Joseph M. M. (2013). The Influence of Innovativeness on the Growth
of SMEs in Kenya”, International Journal of Business and Social Research (IJBSR), 3(1),
25-31.
Juma C (2006). Reinventing growth: science, technology and innovation in Africa. International
Journal of Technology Globalisation. 2 (3-4): 323-339.
Kraaijenbrink, J., Spender, J. C., & Groen, A. J. (2010). The resource-based view: a review and
assessment of its critiques. Journal of management, 36(1), 349-372.
Kwon, H. J., & Lee, H. C. (2004). An empirical study of the venture business' R&D expenditure on
the enterprise value-compare high-technology firms to low-technology firms. Journal of
Korea Tax Accounting Research, 15(1), 85-101.
Lin (2007). Does Innovation lead to Performance? - An Empirical Study of Small and Medium
Enterprises in Taiwan. Management Research News, 30(2), 115-32.
Love, J. H., Roper, S., & Du, J. (2009). Innovation, ownership and profitability. International Journal
of Industrial Organization, 27(3), 424-434.
Matejun, M. (2016). Role of technology entrepreneurship in the development of innovativeness of
small and medium-sized enterprises. Management, 20(1), 167-183.
Martínez-Román, J. A., Gamero, J., & Tamayo, J. A. (2011). Analysis of innovation in SMEs using
an innovative capability-based non-linear model: A study in the province of Seville (Spain).
Technovation, 31(9), 459-475.
Minseo Kim, Ji-eung Kim, Yeong-wha Sawng, Kwang-sun Lim, (2018). Impacts of innovation type
SME’s R&D capability on patent and new product development. Asia Pacific Journal of
Innovation and Entrepreneurship, 12(1), 45-61.
MohdNoo, N. A. (2011). Intellectual Property Rights and Agro-based Natural Product: Malaysian
Legal Perspective. Journal of Politics and Law, 4(1), 138-145.
Normann, R., & Ramirez, R. (1993). From value chain to value constellation: Designing interactive
strategy. Harvard business review, 71(4), 65-77.
Ngungi. (2013). Effect of the type of innovation on the growth of small of small and medium
enterprises in Kenya: a case of garment enterprises in Jericho, Nairobi. European Journal of
Management sciences and Economics, 1(2), 49 - 57.
Okorie N. et al. (2014), “Technopreneurship: an urgent need in the material world for sustainability in
Nigeria”, European Scientific Journal October 2014 edition vol.10, No.30 ISSN: 1857 –
7881 (Print) e - ISSN 1857- 7431. Page 59-73.
Pathak S, Xavier-Oliveira E & Laplume A. (2013). Influence of intellectual property, foreign
investment, and technological adoption on technology entrepreneurship. Journal of
Business Research 66, 2090–2101.
Petti, C., & Zhang, S. (2011). Factors influencing technological entrepreneurship capabilities:
Towards an integrated research framework for Chinese enterprises. Journal of Technology
Management in China, 6(1), 7-25.
Petti, C. (Ed.) (2012). Technological Entrepreneurship in China: How Does it Work? Northampton,
MA: Edward Elgar Publishing.
Piergiovanni, R., Santarelli, E., & Vivarelli, M. (1997). From which source do small firms derive their
innovative inputs? Some evidence from Italian industry. Review of Industrial Organization,
12(2), 243-258.
Roper, S., Du, J., & Love, J. H. (2008). Modelling the innovation value chain. Research policy, 37(6-
7), 961-977.
Selvarani, A., & Venusamy, K. (2015). A study of technopreneurship in small and medium industry.
Technopreneurship as a firm strategy: links to innovation, creation and performance.
Journal Impact Factor, 6(1), 401-408.
Sukarmijan, S. S., & Sapong, O. D. V. (2014). The importance of intellectual property for SMEs;
Challenges and moving forward. UMK Procedia, 1, 74-81.
Teece, D. J. (2010). Technological innovation and the theory of the firm: the role of enterprise-level
knowledge, complementarities, and (dynamic) capabilities. In Handbook of the Economics
of Innovation (Vol. 1, pp. 679-730). North-Holland.
Venkataraman, S. (2004). Regional transformation through technological entrepreneurship. Journal of
Business venturing, 19(1), 153-167.
Wiengarten, F., Humphreys, P., Cao, G., & McHugh, M. (2013). Exploring the important role of
organizational factors in IT business value: Taking a contingency perspective on the
resource‐based view. International Journal of Management Reviews, 15(1), 30-46.
Wood, M. S. (2011). A process model of academic entrepreneurship. Business Horizons, 54(2), 153-
161.
Published
2020-07-15
How to Cite
Oyedele, O. O. ., Ojeaga, P. I. ., Ganiyu, I. O. ., Derera, E. ., & Oyero, M. A. (2020). Technopreneurship as a Pathway to Sustainable Business Performance: Empirical Evidence from SMES in Nigeria: Array. The Journal of Accounting and Management, 10(2). Retrieved from https://dj.univ-danubius.ro/index.php/JAM/article/view/390
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