STRATEGIC PARTNERSHIP AND INNOVATION OF SMALL AND MEDIUM SCALE ENTERPRISES IN RIVERS STATE
- Strategic Partnership,
- Product Innovation,
- Process Innovation,
- Market Innovation
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Copyright (c) 2023 Open Access Journal of Management Sciences Research
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
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This study investigated the relationship between strategic partnership and innovation of small and medium scale enterprises in Rivers State. Descriptive research design research design was used for the study. A total of one hundred and seventy-nine (179) laundry and dry-cleaning service owners, managers and supervisors, constituted the sample elements. Three hypotheses were tested using Partial Least Square-Structural Equation Modelling (PLS-SEM). The results from the test of hypotheses revealed that there is a significant relationship between strategic partnership and innovation of small and medium scale enterprises in Rivers State. Consequently, it was concluded strategic partnership improves innovation of small and medium scale enterprises. In line with this, it is recommended that the management of small and medium scale enterprises should: actively seek and nurture strategic partnerships with complementary firms, research institutions, and industry associations., and customer segments, fostering a culture of innovation within the organization; prioritize human capital development by equipping employees with the skills, knowledge, and capabilities necessary to engage effectively in collaborative efforts and innovation activities; and proactively monitor market trends and customer preferences, adapting strategies accordingly to stay competitive and innovative in the ever-evolving business landscape of Rivers State.