In a recent event in Lagos, Demola Aderibigbe, CEO of Lalaa Consulting, emphasized the crucial role of innovation for small and medium-sized enterprises (SMEs) in Nigeria aiming to thrive in competitive markets. Speaking at the inaugural Academy of Creativity, Innovation & Disruption (ACID), Aderibigbe highlighted that many SMEs struggle to grow or survive beyond their early years due to a lack of innovative approaches.
Citing a 2023 report from the National Bureau of Statistics, Aderibigbe noted that 80% of small businesses in Nigeria fail within their first five years. He attributed this high failure rate partly to a common misconception among entrepreneurs that equates innovation solely with expensive technological solutions. “Many SME founders think innovation is about costly technology. But true innovation starts with imagination—something every business owner has. The real challenge is learning how to apply it strategically,” he explained.
Related: FG to Launch Jewelry Hubs to Boost MSMEs in Mining Sector
To address this knowledge gap, Aderibigbe introduced the ACID initiative, aiming to provide practical education on creativity and innovation tailored for SME operators. He observed that many entrepreneurs are unaware of the importance of creativity education for business growth, emphasizing that it is even more critical for smaller enterprises than for established companies.
Aderibigbe also shared insights into his firm’s innovative consulting model, which incorporates a Humour-based Gamified Consulting Practice (HGCP). This creative approach has attracted top clients among Nigeria’s leading corporate brands. He encouraged SMEs to rethink their products, services, processes, and business models to address unmet or underserved market needs—areas often overlooked by larger competitors. “Creativity is no longer optional; it’s a survival tool. The ability to think differently is what will set apart the winners in today’s fast-changing business world,” Aderibigbe asserted.
He urged SME owners to take advantage of platforms like ACID that offer practical innovation education, suggesting that such efforts could unlock new pathways to business growth and resilience in a challenging economic environment.
