Influence of Entrepreneurship Eco-System on Innovation of Selected Restaurants at Ilorin Metropolis

Abstract

Building an entrepreneurial eco-system is considered an organized attempt to establish friendly environment capable of increasing the success rate of established ventures in the business environment. This research examined the relationship between entrepreneurship eco-system and Innovation of selected restaurants in Ilorin, Kwara State. This research determined whether finance and policy making influences process innovation and new product development of selected restaurants in Ilorin, Kwara State. Survey research design was utilized to perform this research. Simple random sampling techniques were utilized to select50restaurants out of the sixty (60) registered restaurants in Ilorin through a self-administered questionnaire. Two hypotheses were formulated and analyzed through Statistical Packages for Social Sciences (SPSS) software application version 23 and SmartPLS 3.3 (PLS-SEM) software applications. The outcomes from findings revealed that the present entrepreneurship eco-system in Nigeria and particularly in Kwara State is not at its peak due to absence or poor policy making that can promote sustainable business solution. The findings also showed that entrepreneurial activities in Nigeria is low due to poor funding and inability to access loan for restaurants operators in Ilorin ,Kwara State, Nigeria. Thus, this research recommends that entrepreneurship eco-system in Nigeria and most especially in Kwara State should be promoted through policy making to enhance Business Innovation among SME’s in Kwara State and Nigeria in general.