ACHIEVING SUSTAINABLE ENTREPRENEURSHIP DEVELOPMENT THROUGH INNOVATION STRATEGY IN THE FOOD AND BEVERAGE INDUSTRY

Abstract

This research examined the effects of innovation strategy on sustainable entrepreneurship development of food and beverage firms in Ibadan metropolis, Oyo state, Nigeria. The predictors identified to capture innovation strategy are uality service delivery, branding and technological innovations. The Survey research design was employed. All the registered food and beverage firms in Ibadan metropolis according to NGdirectory, 2020 were considered while the staff of the four (4) firms was purposively selected as respondents for this study because of their large branch network. The study utilized a questionnaire as the instrument of data collection. The collected data were coded and analyzed using regression analysis with the aid of SPSS version 25. The findings revealed that branding innovation is a significant predictor of entrepreneurship development and was statistically significant. Quality service delivery and technological innovations are non-predictors, and not statistically significant to a sustained entrepreneurship development of food and beverage firms in Ibadan metropolis within the period with coefficient and probability value of (β1= 0.181, p>0.05, β2= - 0.259, p<0.05, and β3= - 0.069, p>0.05) at 5% significance level respectively. This study recommended that firms should realize the importance of innovation strategy in their daily operations and improve their existing innovative practices for a sustained entrepreneurship performance.