KNOWLEDGE EXCHANGE AND PRODUCT INNOVATION AMONG SMES IN OGUN STATE, NIGERIA
Abstract
Innovation helps to instill a culture of continuous learning, growth and capacity development through constant interaction and collaboration and can also assist small businesses to positively improve their team spirit at work. In spite of the relevance of Small and Medium Scale Enterprises (SMEs) in development and performance of the economy, SMEs in Ogun State still struggle to produce high standard consumer goods that wholly satisfies local consumers, not to even talk about being compared with the imported goods. Knowledge exchange (socialisation, externalisation, combination and internalisation) is needed for generation and redistribution of new ideas through collaboration, improved communication, training and encouragement of staff. Therefore, this study investigates the influence of knowledge exchange on product innovation among SMEs in Ogun State, Nigeria. The study adopted survey research design. The population of the study comprised 415 staff employed by 54 SMEs in the state. A sample size of 204 was determined with the aid of Taro Yamane determinator. A proportionate sampling technique was used to select respondents through the structured and validated questionnaire that was designed for data collection while a return rate of 90% was achieved. Data were analysed with descriptive and inferential (simple linear and multiple regression) statistics. Findings revealed that knowledge exchange had a positive significant influence on product innovation of SMEs in Ogun State. Nigeria (R2=.690, β=.831, t= 21.192, p<0.05).
The study recommends that SMEs should improve on collaboration, communication, staff capacity development in order to surpass their current records in product innovation.
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