The Dynamics of Technological Innovation Capability on New Product Development and Industry’s Performance: A Study of Nigerian Iron and Steel Industry

Cite this:
Ozigbo, N. C. (2015). The Dynamics of Technological Innovation Capability on New Product Development and Industry’s Performance: A Study of Nigerian Iron and Steel Industry. Journal of Business Management and Economics, 3(7), 01–08. https://doi.org/10.15520/jbme.2015.vol3.iss7.116.pp01-08
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Abstract

This study examines the dynamics of technological innovation capability on new product development and industry’s performance, using Nigeria iron and steel industry as the case study. The study defines technological innovation capability as a comprehensive set of characteristics of an organization that facilitates and supports its innovative strategies. Barney (1991) states that technological innovation capabilities represent the ability of the firm to combine a number of resources to engage in productive activity and to attain a certain objectives. Mohanty (1999) posits that technological innovation capability as a competence generic from individuals and the environment in which they are engaged and involves set of competencies such as visioning, ability to generate ideas, internal and external networking relationship. In order to highlight the importance of technological innovation capabilities with respect to iron and steel industry of Nigeria, the researcher proposed a number of hypotheses for verification. The study was complimented with extensive literature search which assisted in the formulation of questionnaire used for the study. The field study was conducted in three stages, the pilot survey, indepth interview and full scale questionnaire. The study used Pearson’s product moment correlation analysis to ascertain the relationship between the variables. The result shows a positive correlation exists between the three variables. The study suggested that building innovative organizations entails not only matching structural forms with technological and market opportunities, but also embedding the capacity for learning, knowledge creation and social relationship. In recommendation, the study raised pertinent policy issues which should be accorded priority attention and that government policy and strategies should support information technology sector development and growth, and that there is need for adequate training program to build-up the base for human resources.

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