THE INFLUENCE OF INNOVATION POLICIES ON BUSINESS PERFORMANCE
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Abstract: THE INFLUENCE OF INNOVATION POLICIES ON BUSINESS PERFORMANCE
The study investigates the influence of innovation policies on business performance. Objectives include identifying effective innovation policies, assessing their impact on product development, and evaluating their contribution to competitive advantage. A survey design is employed to gather broad-based data from various business sectors. The sample size of 360 respondents, determined using Taro Yamane's formula, ensures a representative sample. The research focuses on the technology sector in Lagos, known for its innovative activities. The reliability coefficient score for the survey instrument is 0.88, indicating high reliability. Findings reveal that comprehensive innovation policies significantly enhance business performance by fostering creativity and improving product offerings. The study recommends that businesses should prioritize innovation policies to maintain a competitive edge and drive growth.
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