Defining Innovation as a new way of organizing existing technological knowledge, which is used by entrepreneurs to exploit business opportunities or to improve business value by focusing on technological features, a Partner at Adlevo Capital, Mr Folabi Esan, revealed that while there exist many tech enterprises in the Nigerian and African map, when it comes to the world map, these companies leave no mark.
He asked the question, Why?
Despite the various tech ecosystem in Nigeria which includes EdTech, AgriTech, HealthTech, and the numerous Fintech Startups in Lagos, the Global Tech Innovation Map has Africa absent in it.
Also, the Bloomberg Index of innovative economies sees Nigeria not being among the first 95, while another statistics shows Nigeria as being 114 out of 129 ranked countries.
The Bloomberg Index of innovative nations saw Korea at the number one position for the sixth year running.
Mr Esan read from the report of the research that the countries were tested on Research and Development intensity, value-added manufacturing, high-tech density, tertiary efficiency and researcher concentration.
Korea ranked second in R&D intensity, second in manufacturing value-added, fourth in high-tech density, seventh in tertiary efficiency and seventh, also, in researcher concentration.
The report also read that, “Korea maintained such high score, thanks to the joint effort of the government and organizations to continue expanding R&D investment and pushing forward economic policies for innovation-driven growth despite harsh economic conditions, home and abroad.”
Other pointers, as shared by Mr Folabi, why Nigeria ranks low include
- National Innovation System. Mr Esan showed that our innovation system lacked many necessities without which it cannot function right.
- Contrary to a common belief, the regulators are not there to stifle but promote growth, Mr Folabi shared. They can also promote technology by their manner of doing things, he advised.
- Systematic Approach of Coordination. Everyone needs to be involved if the country would be recognized as an innovative one. Everyone had a role and so, should learn what the role is and play it.
To take Nigeria’s technological innovation to the global stage, everyone must play a role; from the manufacturer producing value, the government creating supporting environments and sponsoring R&D, to the entrepreneurs creating unique solutions to unique challenges in the country.