Impact of Technology on New Business Ventures in Nigeria’s Emerging and Competitive Economic Environment

Adoption of technology improves market expansion, profitability, operational effectiveness and new business venture competitiveness. However, inadequate funding, subpar infrastructure and a lack of digital skills impede adoption in Nigeria and there is a significant research gap in Enugu State.  This study therefore examined the impact of technology adoption on the performance of new business ventures in Enugu State, Nigeria. A quantitative descriptive survey research design was adopted. The study population comprised 1,260 registered new business ventures, from which a sample of 303 respondents was selected using a multistage sampling technique. Data were collected using a validated structured questionnaire. The reliability of the instrument was established using the Kuder–Richardson Formula 20 (KR-20), which produced a coefficient of 0.87, indicating high internal consistency. Descriptive statistics (mean) and a one-sample t-test were used to analyze the data at the 0.05 level of significance with SPSS version 28. The findings revealed that technology adoption had a significant positive effect on the overall performance of new business ventures (t(6) = 13.640, p < 0.05), while challenges associated with technology adoption also had a significant effect on technology adoption and business performance (t(6) = 15.187, p < 0.05). Governments should provide affordable digital financing through targeted intervention programmes and strengthen digital infrastructure through public-private partnerships to improve reliable internet connectivity and electricity supply for emerging businesses. The study contributes to knowledge by providing empirical evidence that technology adoption and technology adoption challenges jointly influence the performance of new business ventures in Enugu State, Nigeria.

Keywords: Technology Adoption, Business Performance, Digital Transformation Entrepreneurial Competitiveness, Innovation Diffusion.