Influence of Technological Innovation and ICT Utilization on Startup Success

In the modernized and more digitally advanced economy, new businesses face a dualistic challenge of applying technological innovation and information and communication technology (ICT) to gain sustainable success. The paper is a conceptual one that explores the degree and combined effect of technological innovation and use of ICTs on the growth, competitiveness and survival of startups particularly those in emerging markets such as Nigeria. The research is a product of the issue of high mortality rate in startup due to low innovation capacity, low adoption of ICT and inadequate digital infrastructure. The overall objective is to explore the role of innovation capabilities and ICT tools as facilitators of performance and sustainability of startups. Therefore, the conceptual research approach ensures that through secondary data relied upon in the research by other scholars, books, industry reports, and the policy documents are used only. It has been shown during the analysis that technological innovation, the use of ICTs impact on the efficiency of the operations, market growth, and long-term growth in their own, whereas their complementarity determines the overall success outcomes. These effects are however mediated by a number of contextual factors including infrastructure, digital literacy and policy environment. In the paper, it is suggested that start-ups should embrace innovative strategies as they work toward adopting ICT tools and systems. It also advises policymakers to support entrepreneurs by ensuring a more enabling digital environment that encourages growth and helps emerging businesses scale successfully.