Technopreneurship and Business Performance of Ride-Hailing Firms in Lagos State

Abstract

The objective of this study is to examine the effects of Technopreneurship on Business Performance of Ride-hailing firms in Lagos State. A descriptive survey research design was used for this study. The study population covers 5,662 vendors and staff of Uber Technologies Inc., and Bolt Technology Company in Lagos State, while the sample size stood at 374, which were determined through Taro Yamane’s formula. A designed questionnaire was developed to gather data for the research. Content validity was used to validate the questionnaires developed for the study. The Cronbach’s alpha coefficient was used to examine the reliability of the scales of measurement. Three research hypotheses were formulated and tested using Pearson moment product of correlation and multiple regression analysis. Hypothesis 1 showed that the coefficient of determination (R2) is 0.625. Hypothesis 2 revealed that there is a significant strong positive relationship between technology and operational efficiency of Ride-hailing firms in Lagos State. Similarly, hypothesis 3 depicted that there is a significant strong positive relationship between innovation and market share of Ride-hailing firms in Lagos State. The study concluded that the concept of technopreneurship is an intriguing proposition for businesses looking to boost their level of performance by leveraging interactions between internal innovation capabilities, competencies, and resources, as well as favorable external factors such as technology. The study recommended among others that SMEs should be encouraged to innovate through supportive measures that allow them to develop products and manufacturing processes so that Nigerian products and services meet global quality standards.