Social Innovation and Enterprise Survival in Emerging Businesses in Ilorin: A Study of Renewable Energy Solutions

Abstract

In a rapidly evolving and resource-constrained business landscape, social innovation has emerged as a strategic necessity for the survival of renewable energy enterprises. This study explores the impact of social value creation and product/service innovation on enterprise sustainability within the renewable energy sector in Ilorin, Kwara State, Nigeria. Using a quantitative descriptive research design, data were collected from 300 employees across seven selected companies through structured questionnaires. The sample size of 169 was determined using Krejcie and Morgan (1970) formula. The analysis was conducted using SPSS Version 26, employing descriptive statistics and regression analysis to assess relationships between key variables. Findings indicate that social value creation, specifically product quality (β = 0.282, p = 0.003) and waste reduction (β = 0.242, p = 0.000), significantly enhances employee satisfaction. This suggests that sustainable practices and high-quality product offerings improve workforce morale and engagement. Additionally, product/service innovation, measured through new product ratings (β = 0.519, p = 0.000) and research & development (β = 0.671, p = 0.000), significantly influences a company's adaptability to market changes. The slightly higher impact of R&D underscores the necessity of continuous innovation investments for sustained market relevance. The study concludes that integrating social innovation into business strategies strengthens operational sustainability and market positioning. To enhance employee satisfaction, businesses should prioritize product quality and sustainable practices, including waste reduction. Furthermore, investing in R&D is crucial for maintaining a competitive edge and ensuring long-term adaptability in a dynamic market. Policymakers should also consider supportive frameworks to encourage financial accessibility and regulatory incentives for renewable energy enterprises.