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Impact of Artificial Intelligence Adoption on Innovativeness and Growth of Borderless Ventures in Selected Technology Hubs in South-West Nigeria

Akinnusi, Dele Ayodele, Adeleye, Ezekiel O. Ph.D

Abstract

This research assessed the impact of AI adoption on innovativeness and growth of borderless businesses within tech hubs located in South-West Nigeria. The paper anchored on Globalization Theory and Schumpeter’s Innovation Theory. A descriptive survey design was used in the study. The sample population consists of 5,930 of the tech hubs who were registered with the Nigerian Federal Ministry of Science and Technology in the Southwestern Nigeria. A sample size of 375 was obtained using the Taro Yamane formula with a ten percent attrition rate. The reliability of the research instruments was proven with a Cronbach’s alpha of 0.810 for innovativeness and 0.790 for business growth. Data were analyzed using Descriptive Statistics, and Regression. The results show that the adoption of artificial intelligence has a strong positive effect on business growth, a claim backed by a bivariate correlation (0.599) indicating the strongest relationship throughout this study. The asymmetry analyzed at the survey-item level indicates that 81.60 percent of survey respondents reported AI-related cost savings, while 39.88 percent reported AI-related savings in revenue earned through customer interaction. It is therefore concluded that artificial intelligence saves organizations costs but has a weak effect on revenue generation. It is recommended that the firms provide a more aggressive and outwardly oriented customer-related focus in the implementation of artificial intelligence.

Keywords

Artificial IntelligenceInnovativenessBusiness growthBorderless VenturesSouth-West Nigeria

References

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