Exploring the Perceptions and Experiences of Entrepreneurs regarding Technology Innovation and its Impact on Growth of MSMEs in UK: A Qualitative Study

Abstract

The subject of entrepreneurship, technological innovation, and the need to explore the perceptions and experiences of entrepreneurs continue to attract mounting scholarly and public policy interest. Evidence indicates that entrepreneurship is a driver of economic growth and innovation. But despite this significance, entrepreneurship and its effect on innovation and organizational growth remains a relatively under-researched domain, especially with regard to MSMEs. This study sought to provide an in-depth understanding as well as explore the perceptions and experiences of entrepreneurs regarding technological innovation and its impact on the growth of MSMEs using a qualitative approach. By means of an explorative research design, data collection was done through the instrumentality of in-depth, in-person, semi-structured interviews of a sample of six individuals, two each from three segments: highly enterprising and technologically oriented MSMEs; firms with lesser technological innovation experience; and professional experts to provide balanced insight (a venture capitalist involved with small business and an academician in the field of entrepreneurship). The study also drew insights and conclusions from extant literature and theoretical frameworks to provide a nuanced understanding of the matter. Findings from this research revealed that entrepreneurship improves and promotes organizational growth by positively influencing technological innovation. Also, the lived experience shows that an entrepreneurial mindset, characterized by the ability to identify new opportunities, navigate business challenges, and take risks, equally increases the likelihood of adopting innovative technologies. Similarly, technological innovation, in turn, promotes business growth by enhancing the firm’s competitive advantages in various aspects like financial planning and strategic market access. The findings also uncovered a number of challenges that hinder technological adoption in MSMEs, such as limitations in financing, technical expertise, and information. Given the foregoing, it is therefore recommended that investment in Research and development be entrenched in order to help drive continuous renewal and performance, in addition to the fact that governmental support through favorable policies and infrastructure is very much required.