Chief Executive Officer and Lead Innovator at Lalaa Consulting, Demola Aderibigbe, has called on Nigerian small and medium-sized enterprises (SMEs) to embed creativity and innovation into their business models if they hope to survive and thrive in today's competitive landscape.
Speaking at the inaugural edition of the Academy of Creativity, Innovation & Disruption (ACID) held recently in Lagos, Aderibigbe stressed that many SMEs fail to grow or even survive beyond their early years because they overlook the power of strategic innovation.
Citing a 2023 National Bureau of Statistics report, he revealed that 80% of Nigerian small businesses fail within five years, largely due to a lack of adaptive strategies and misperceptions about what innovation really means.
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The ACID initiative was designed to address this knowledge gap, providing SME operators with tools and frameworks to unlock their creative potential.
Aderibigbe noted that many small business owners underestimate the role of creativity education, even though it is often more critical for them than for larger, established firms.
He also unveiled Lalaa Consulting's novel approach—Humour-based Gamified Consulting Practice (HGCP)—which uses engaging, interactive methods to help businesses rethink traditional models. This unique approach has already attracted top-tier corporate clients across Nigeria.
Aderibigbe emphasized that in today's rapidly evolving business climate, creativity is not optional—it's essential.
He encouraged entrepreneurs to leverage platforms like ACID, which offer practical, hands-on innovation education, as a pathway to business resilience and sustainable growth—even in tough economic times.
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