Demola Aderibigbe, Chief Executive Officer and Lead Innovator at Lalaa Consulting, has emphasized the importance of creativity and innovation for small and medium-sized enterprises (SMEs) in Nigeria, warning that without embracing these elements, they risk being left behind by dominant industry players.
Aderibigbe made this statement during the inaugural edition of the Academy of Creativity, Innovation & Disruption (ACID) held recently in Lagos. He highlighted that many SMEs struggle to grow or survive past their early years due to their failure to adopt innovative practices that could differentiate them in an increasingly competitive market.
Referring to a 2023 report by the National Bureau of Statistics, Aderibigbe noted that 80% of small businesses in Nigeria fail to survive beyond five years. He identified a key reason for this as the widespread misunderstanding of innovation, with many business owners mistakenly equating it with expensive technological solutions.
“Many SME founders think innovation is about costly technology. But true innovation begins with imagination, and every business owner has that. The real challenge is knowing how to apply it strategically,” Aderibigbe explained.
He further explained that the ACID initiative was designed to bridge the knowledge gap in creativity and innovation, which many SME operators are unaware of. He pointed out that creativity education is essential for growth, especially for SMEs, and is often more critical for them than for established corporations.
Aderibigbe also shared that his firm had redefined traditional consulting models by introducing a Humour-based Gamified Consulting Practice (HGCP), a unique and creative approach that has attracted major clients, including some of Nigeria’s biggest corporate brands. He stressed that SMEs need to rethink their products, services, processes, and business models to cater to unmet or underserved market needs—areas often overlooked by larger competitors.
He further stated that smaller businesses have the potential to disrupt markets and create sustainable niches for themselves. “Creativity is no longer a luxury; it’s a survival tool. The ability to think differently is what will distinguish the winners in today’s fast-paced business world,” Aderibigbe added.
Aderibigbe urged SME owners to engage with platforms like ACID and other innovation-focused programs, which provide practical education and strategies for innovation. He noted that such initiatives could open up new avenues for business growth and help SMEs build resilience in the face of a challenging economic climate.
