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The Significance of Innovation to the Performance of Family Business in Nigeria

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Document pages: 7 pages

Abstract: The purpose of this paper is to examine the significance of innovation to the performance of family business in Nigeria. The study was carried out through exploratory research, thereby providing an outline of innovation in family firms and the implication to the business development. The paper aims to understand the dynamics of innovativeness of family firms’ members towards the business growth. The researchers conducted in depth multiple case study of five family businesses to provide an insight into innovative abilities of family firms’ members and how it affects the general performance of the organisation in terms of productivity, growth, efficiency and effectiveness. The findings indicate that family firms innovate rapidly due to absolute participation, family ties and members’ commitment to the business sustainability.

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