Technology offers the most reliable opportunity for innovation and accounts for larger proportion of disruptive innovations, Managing Director/CEO Peugeot Automobile Nigeria (PAN), Ibrahim Boyi has said.
He expressed this when presenting at the Innovention Roundtable Kaduna on Thursday, at the Umaru Musa Yar’Adua Indoor Hall, Murtala Square Kaduna.
He said that knowledge is key and data is king in innovation and entrepreneurship.
“For an activity to be Innovative, it must create a new service or product, a new value and to meet new customer requirement. It must be replicable at low cost.
Innovation is a practice and it can be learnt, taught, planned and managed like any other corporate activity.
“There are 2 types of innovations-evolutionary and revolutionary.
Innovation is not just for startups or new ventures, but for all organizations, new, old, private, public or charity-without innovation, organizations stunt and die,” he stressed.
He expkained that while all start-ups have so many things in common, not all start-ups are entrepreneurial.
“For a start up to be entrepreneurial, it must create new value and satisfy new customer needs, be innovative,” he added.
Boyi said that MSMEs account for over 70% employment and 60% of GDP for most low income economies and their success lies in the condition of the environment and their ability to embrace entrepreneurial management.
“There is strong positive correlation between innovation index rating and GDP. There are 7 opportunities or triggers for Innovation, 4 within the business environment and 3 external,” he added.