Demola Aderibigbe, the Chief Executive Officer and Lead Innovator at Lalaa Consulting, has issued a stark warning to Nigeria’s small and medium-sized enterprises (SMEs): embrace creativity and innovation or face extinction. In a dynamic and competitive market, SMEs cannot afford to remain stagnant, clinging to outdated practices. They must actively seek out novel approaches to differentiate themselves and capture the attention of consumers, ensuring their survival and fostering growth beyond the critical first five years. This call to action comes amidst a concerning statistic from the National Bureau of Statistics, revealing that a staggering 80% of small businesses in Nigeria fail to survive past this crucial milestone. Aderibigbe argues that this high mortality rate is largely attributable to a fundamental misunderstanding of what innovation truly entails.
Aderibigbe’s assertion centers around the pervasive misconception that innovation is synonymous with expensive technological advancements. This erroneous belief, he contends, deters many SME owners from pursuing innovative strategies, as they perceive them to be beyond their financial reach. He emphasizes that true innovation originates not from deep pockets, but from the wellspring of imagination, a resource readily available to every entrepreneur. The challenge lies not in acquiring expensive technology, but in harnessing the power of imagination and applying it strategically to address market needs and differentiate one’s business. This involves a shift in mindset, recognizing that innovation is not solely about adopting the latest gadgets, but about cultivating a culture of creative problem-solving and identifying opportunities for improvement within existing resources.
To address this critical knowledge gap and empower SMEs with the tools for innovative thinking, Aderibigbe’s firm, Lalaa Consulting, has launched the Academy of Creativity, Innovation & Disruption (ACID). This initiative aims to provide SME operators with the much-needed education and training in creativity and innovation, fostering a deeper understanding of its importance for sustained growth. Aderibigbe stresses that this knowledge is even more critical for SMEs than for established corporations, as smaller businesses often lack the resources and established market presence to weather periods of stagnation. By equipping SMEs with the skills to generate novel ideas and implement them effectively, ACID aims to bridge the knowledge gap and empower these businesses to navigate the challenges of a competitive market.
Lalaa Consulting’s own success serves as a testament to the power of creative thinking. The firm has distinguished itself in the consulting landscape by introducing a Humour-based Gamified Consulting Practice (HGCP). This innovative approach, which incorporates elements of humor and gamification, has resonated with clients and earned Lalaa Consulting a roster of top corporate brands in Nigeria. This demonstrates that embracing creativity can not only enhance client engagement but also differentiate a business from its competitors, ultimately leading to greater success. The HGCP model highlights the potential for even traditional service-based businesses to innovate and stand out in a crowded market.
Aderibigbe further emphasizes the importance of reimagining existing business models. He encourages SMEs to look critically at their products, services, processes, and overall business models, seeking opportunities to meet unmet or underserved market needs. These often overlooked areas, he argues, represent fertile ground for innovation and can provide smaller businesses with a competitive edge. By focusing on niches ignored by larger competitors, SMEs can carve out sustainable market positions and thrive even in the face of dominant industry players. This targeted approach allows smaller businesses to leverage their agility and responsiveness to cater to specific customer segments, fostering loyalty and building a strong market presence.
In today’s rapidly evolving business environment, creativity is no longer a luxury but a necessity for survival. Aderibigbe underscores this point, stating that the ability to think differently is the defining characteristic that will separate the winners from the also-rans. He urges SME owners to actively seek out platforms like ACID and other avenues that offer practical innovation education. Investing in such learning opportunities can unlock new pathways to business growth and resilience, particularly in challenging economic times. By embracing a culture of continuous learning and adaptation, SMEs can position themselves for long-term success and navigate the complexities of a constantly changing market. The message is clear: innovate or be left behind.
