The CEO and Lead Innovator at Lalaa Consulting, Demola Aderibigbe, has urged small and medium-sized enterprises in Nigeria to embrace creativity and innovation in order to thrive and stay competitive with larger industry players.
Speaking at the inaugural Academy of Creativity, Innovation & Disruption event in Lagos, he highlighted that SMEs must leverage these qualities to remain competitive against larger industry players.
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 major reason for the failure of small businesses in Nigeria is the widespread misconception of innovation. Many people mistakenly associate innovation solely with expensive technological solutions, overlooking more cost-effective, practical approaches that can drive business growth.
“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 stated.
He noted that the ACID initiative was introduced to bridge the critical knowledge gap in creativity and innovation among SME operators, helping them better understand and apply innovative solutions to enhance their business growth.
“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, a creative approach that has earned them top clients among Nigeria’s biggest corporate brands.
He added that SMEs need to start reimagining their products, services, processes, and business models to address unmet or underserved market needs—areas often overlooked by larger competitors. He further explained that smaller businesses have the potential to disrupt markets and create sustainable niches for themselves.
“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, adding that such efforts could unlock new pathways to business growth and resilience in a challenging economic environment.
