Measuring Combined Effect of Firm Strategy, Organizational Culture, Open Innovation, Technological Capability, and the Implication on Growth of SMEs

Abstract

Technology has grown more crucial in business competitiveness, permeating all facets of business life. But less is noticed in Nigerian small and medium-sized enterprises (SMEs) which play a critical part in the majority of the world's economy. This chapter therefore aims to investigate the effect of organizational factors (firm strategy, organizational culture, open innovation, and technological capability) on SME growth (profitability, customer satisfaction, competitive advantage, and product quality) in selected SMEs in Lagos state, Nigeria, the most populous and biggest economy in Africa. The chapter therefore recommends that the management of SMEs including the owners/managers need to increase the need to create a working environment that fosters open innovation models and technology adoption to enhance organizational culture, thereby improving the business growth and profitability. Government policy support is also required to improve the skills and technological mastery.