How to Accelerate Entrepreneurship Using Innovation: The Osun Experience through Opolo’s Stakeholder Buy-In Dialogue

During the maiden edition of the Innovation Stakeholders’ Dialogue held at the Opolo Global Innovation Hub, UNIOSUN Campus, Osogbo, on Wednesday, May 31, 2023, stakeholders charged the Osun State Government to collaborate with the private sector in order to achieve its innovation plans for the state.

Speaking at the event, the Permanent Secretary, Ministry of Innovation, Science and Technology, Mr. Kayode Jimoh noted the state government’s belief in innovation and entrepreneurship as key tools in tackling the problems of unemployment, climate change, health, education and social inclusiveness. Jimoh further highlighted the different efforts of the state government to support innovation in the state. These include creating supportive policy and legal framework such as the domestication of the Start-up Act, Osun State Science, Technology and Innovation Policy (OSSTIP); Osun State Information and Communication Technology and Digital Economy Policy as well as the Osun State Startup Bill (a domestication of the Start Up Act). He also averred that the government is working towards improving internet penetration, establish local hubs and stimulate networking and collaboration among innovators and entrepreneurs in the state.

In his opening speech, Dr. Rasheed Adebiyi, Head of Branding and Strategic Communication stated that the essence of the Innovation Stakeholders’ Dialogue is to create a platform for meaningful conversation between critical stakeholders for the advancement of issues on innovation, entrepreneurship and   youth development. He noted that the first edition was to x-ray the innovation plans of the government with the aim of exposing collaboration, partnership and other opportunities in the innovation sector in the state. He said it is a monthly session that will focus on issues that matter in innovation, enterprise, and youth development.

Starting from the definitions of innovation and entrepreneurship, the Permanent Secretary walked established entrepreneurs, potential ones, and other stakeholders who are playing key roles in the state entrepreneurship ecosystem. His views, which suggest policy directions of the state government, are reproduced below.

What is Innovation?

This is a new idea, method, strategy, or an act of introducing something new. This can be a new business models, products, services, any form of a new idea or process. For example, introducing a new technology that can reduce the rate of electricity consumption is an innovation. However, it does not have to mean the creation of something totally new. Improvements upon existing products, services, or ideas are also regarded as innovations. Innovation disrupts the status quo. In fact, it creates change but does not automatically translate to new business or entrepreneurship.

Innovations need new thinking and creativity. However, innovation does not mean invention. It can create change and add value to existing products or services. The sources of innovation are new markets, new knowledge, technological changes, economic changes, etc. These factors make a person think of new business processes, services, and products. Innovation help organizations to remain relevant and stay competitive in the industry. There is no risk involved in innovation.

What is Entrepreneurship?

This is the willingness of an individual, group of people or organisation to take risks and organise or develop business opportunities from ideas in an ever-evolving market. Business Entrepreneurs are leaders, innovators, pioneers, and inventors. They are at the forefront of economic, technological, and social movements in their field. Entrepreneurship involves turning great ideas into business opportunities by taking risks. So, a business entrepreneur understands the business opportunity for the great ideas innovated and adds value and creativity to the innovation. Entrepreneurs always search for innovation sources and do not limit themselves to just one type of innovation. They set up business on the opportunity identified and run it profitably. Entrepreneurs need to be risk-takers, motivators, leaders, managers, decision-makers, and planners. Successful entrepreneurship is always a result of risk-taking, commitment, and hard work.

Relationships between Innovation and Entrepreneurship

These are two different concepts having entirely different meanings. However, there is a striking relationship between innovation and entrepreneurship which sometimes causes confusion. The main difference between innovation and entrepreneurship is that innovation involves introducing something new. This can be a new business model, product, idea, or service. On the other hand, entrepreneurship involves turning a great idea into a business opportunity. Therefore, entrepreneurship begins with innovation. Moreover, there is a risk component in entrepreneurship that is not there in innovation.

The Osun State Government knows that Innovation and entrepreneurship are the heart of economic growth and job creation which can transform productivity and efficiency and address many of the State’s longstanding and emerging challenges, such as employment opportunities, climate change, health, education and social inclusiveness, etc. In view of this, the State Government has a solid plan for the accelerated growth of Innovation and Entrepreneurship using the following methods:

Creation of Supportive Legal Framework

It is quite impressive to inform this gathering that the Osun State Government under the visionary leadership of His Excellency, Senator Ademola Jackson Nurudeen Adeleke on assumption of office place a premium priority on the issues of youths and social development by making use of technology as a tool for the execution of the innovative ideas of the youths and the Osun State citizens in general. The Osun State Government knowing fully well that supportive legal framework is essential for innovation and entrepreneurship to flourish. The State Government has set machinery in motion for the creation of a favourable legal environment for innovators and entrepreneurs by simplifying the business registration process, protecting intellectual property rights, reduction of charges and taxes on Startups and enforcing contracts. On assumption of office, the Osun State Governor, His Excellency, Senator Ademola Jackson Nurudeen Adeleke has successfully laid a solid legal framework for the accelerated development of Innovative and Technological ideas by development of three major legal documents for the State viz:

1. Osun State Science, Technology and Innovation Policy (OSSTIP);
2. Osun State Information and Communications Technology and Digital Economy Policy (OSICT & DE); and
3. Osun State Startup Bill.

These documents were launched on the 6th March, 2023 by the State Governor His Excellency, Senator Ademola Jackson Nurudeen Adeleke. These documents have provided the needed roadmap for the would-be investors in the State. With the existence of this documents, Innovation and Entrepreneurship activities will be boosted because the investors will leverage on these documents for the establishment and expansion of their businesses which will in-turn impact positively on the State’s economic development.

Organise and Facilitate Local Hubs

The State Government has made it as a matter of policy to establish at least one Techno-Innovation hub per Local Governments Areas across the State. It also encourages the would-be private investors to do same in any location of their choice in the State of which the Government is ready to implement some waivers that will make it easier for them to operate in the State without hindrances. Also encouraged by the State Government in this direction is the Private Public Participation (PPP) for the establish of new hubs and supporting the existing ones in their operations by creating an enabling environment for them to thrive.

Stimulate Networking and Collaboration

Entrepreneurs and Innovators often need to network and collaborate with other entrepreneurs, innovators, investors and experts to succeed. Governments has foster networking and collaboration by creating opportunities for entrepreneurs to meet and exchange ideas through the Ministry of Innovation, Science and Technology (MIST) who has as one of its core mandates to advise the State Government on Innovation and Technological matters. The Osun State Government is in collaboration with the existing accelerators and incubators in the State on the programmes that provide mentorship, training and resources to early-stage start-ups. This also provide a network of entrepreneurs, innovators, investors and experts that can help start-ups grow and succeed.

Provision of Access to Funding

One of the biggest challenges facing entrepreneurs and innovators is access to capital. Many entrepreneurs and innovators have great ideas but lack the financial resources to turn them into reality. Realising this predicament, the State Government is in talks with International and Local bodies/Donors who can partner with the State Government by providing funding through grants, loans and other financial incentives for the entrepreneurs and innovators that are already existing or willing to establish in the State. Ladies and Gentlemen, it is at this juncture I want to salute the efforts of the Executive Governor of Osun State, His Excellency, Senator Ademola Jackson Nurudeen Adeleke for his magnanimity within his short period in office for establishing talks with the African Development Bank (AfDB) on the means by which the Startups in the State can benefit from the numerous grants and loans that are in the AfDB. I wish to inform you that this talk has paid-off as the AfDB has yielded to the request of the Osun State Government and processes has reached an advanced stage on the deployment of this fund through the Central Bank of Nigeria and Osun State Government to the qualified Startups beneficiaries in Osun State.

Deployment of ICT Infrastructure

Another giant stride recorded by the administration of His Excellency, Senator Ademola Jackson Nurudeen Adeleke within his 100 days in office, is the plan to improve the internet penetration to all the urban and rural areas in the State through massive deployment of fiber optics. This was achieved by signing of Easement Agreement between Osun State Government and O’odua Infraco Resources Limited. The State Government also waived the right of way for the company for the deployment of optic fiber across the nook and crannies of Osun State. With this singular act, there will be tremendous improvement in the internet penetration especially 5G broadband that is in vogue and reduce the cost of internet bandwidth subscription in the State upon completion of this giant project. The State Government recognises that robust ICT infrastructure is essential tools for fostering innovation and entrepreneurship. This made the State Government to be in partnership with the company as part of the plan to expand broadband connectivity and improving network infrastructure. By creating a conducive environment for ICT development, the State Government seeks to attract technology-driven businesses and entrepreneurs to Osun State.

STAKEHOLDER BUY-IN FOR SUCCESSFUL IMPLEMENTATION

Collaboration with Educational Institutions

Engaging educational institutions, such as Universities, Polytechnics, Colleges of Education and technical schools, is crucial for the success of the ICT innovation plan. The State Government will collaborate with these institutions to develop relevant ICT curriculum, establish technology research centers, and promote entrepreneurship programs. This collaboration ensures that students are equipped with the necessary skills and knowledge to contribute to this sector.

Engaging the Private Sector

Involving the private sector is essential for the successful implementation of the innovative and entrepreneurship plan in the State. The State Government is ready to engage technology companies, ICT startups, and industry associations to gain insights, access funding opportunities, and leverage on existing networks. Collaboration with the private sector can facilitate the development of innovative solutions, promote entrepreneurship, and stimulate job creation.

Fostering Collaboration and Networking

Creating platforms for collaboration and networking is vital for the growth of the entrepreneurship and innovation ecosystem. The State Government as part of her plan wish to organize innovation challenges, summits, conferences and industry events to bring together stakeholders from academia, industry, and Government. These platforms will facilitate knowledge sharing, promote partnerships, and encourage the exchange of ideas among entrepreneurs and innovators professionals.

Ensuring Continuous Evaluation and Adaptation

Regular evaluation and feedback mechanisms are essential to assess the effectiveness of the entrepreneurship and innovation plans. The Osun State Government will also establish channels for stakeholders to provide input, share concerns, and suggest improvements through Radio and Television programmes and various social media platforms. By actively seeking feedback and adapting the plan accordingly, the State Government will ensure its relevance and address the evolving needs of the entrepreneurship and innovation ecosystem.

Conclusion

The Chairman of the Occasion, Ladies and Gentlemen, I am of the opinion that with all I am able to explain to this gathering we shall all belief and support  Osun State Government’s visionary plans for the entrepreneurs and innovators development in the State under the visionary leadership of  His Excellency, Senator Ademola Jackson Nurudeen Adeleke’s robust plans for the accelerating innovation and entrepreneurship in Osun State as well as successful implementation and stakeholder buy in. Together we shall succeed.