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The Chief Executive Officer and Lead Innovator at Lalaa Consulting, Demola Aderibigbe, has warned that small and medium-sized enterprises (SMEs) in Nigeria must harness creativity and innovation to thrive and compete with dominant industry players. Aderibigbe made this call during the maiden edition of the Academy of Creativity, Innovation & Disruption (ACID), held recently in Lagos.

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According to Aderibigbe, “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.” He cited a 2023 report by the National Bureau of Statistics, which showed that 80% of small businesses in Nigeria do not survive beyond five years

Aderibigbe attributed this failure to the widespread misunderstanding of innovation, often equating it with expensive technological solutions. “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 said.

The ACID initiative was launched to address the critical knowledge gap in creativity and innovation among SME operators. Aderibigbe explained, “Most of them are unaware of how crucial creativity education is for growth, and they need it even more than established companies.”

Aderibigbe revealed that his firm has redefined traditional consulting models by introducing a Humour-based Gamified Consulting Practice (HGCP), a creative approach that has earned them top clients among Nigeria’s biggest corporate brands. He added that SMEs must begin to reimagine products, services, processes, and business models that meet unmet or underserved market needs—areas often ignored by bigger competitors.

“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,” Aderibigbe emphasised. He urged SME owners to embrace platforms like ACID and others that offer practical innovation education, which could unlock new pathways to business growth and resilience in a challenging economic environment

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