The Chief Executive Officer and Lead Innovator at Lalaa Consulting, Demola Aderibigbe, have warned that small and medium-sized enterprises in Nigeria must harness creativity and innovation if they are to thrive and compete with dominant industry players.
Aderibigbe made the call during the maiden edition of the Academy of Creativity, Innovation & Disruption, which was held recently in Lagos.
Aderibigbe said, “Most SMEs struggle to grow or survive beyond their formative years because they fail to adopt innovative approaches that could help differentiate their businesses in competitive markets.”
Aderibigbe cited a 2023 report by the National Bureau of Statistics, which showed that 80 per cent of small businesses in Nigeria do not survive beyond five years.
According to Aderibigbe, a key reason for this failure is the widespread misunderstanding of innovation, often equating it 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 said.
He explained that the ACID initiative was launched to address the critical knowledge gap in creativity and innovation among SME operators.
Most of them are unaware of how crucial creativity education is for growth, and they need it even more than established companies,” he added.
Aderibigbe revealed that his firm has redefined traditional consulting models by introducing a Humour-based Gamified Consulting Practice (HGCP), a creative approach that has earned them top clients among Nigeria’s biggest corporate brands.
He added that SMEs must begin to reimagine products, services, processes, and business models that meet unmet or underserved market needs—areas often ignored by bigger competitors.
He also explained that smaller businesses could disrupt markets and carve out sustainable niches.
“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,” he added.
Aderibigbe urged SME owners to embrace platforms like ACID and others that offer practical innovation education.
He added that such efforts could unlock new pathways to business growth and resilience in a challenging economic environment.
