Business Model Innovation as a Driver of Technologicalinnovation, Organizational Performance, Andcompetitiveness in It Smes: an Empirical Study Based Onit Smes in Africa’s Silicon Valley

The business model stands as a critical determinant in the triumph or downfall of Small Business Enterprises. According to Bola Adigun, a financial expert with PricewaterhouseCoopers (PwC) Nigeria, 80 percent of SMEs that failed in the nation failed owing to cash flow concerns caused by inadequate financial management techniques, which ultimately boils down to the company model (Adebumiti, 2020). A company's business model is a streamlined depiction of its business logic. It outlines what a company provides its consumers, how it reaches and interacts with them, how it accomplishes this through which resources, activities, and partners, and, lastly, how it generates money. The development of a business model constitutes an integral part of an organization's strategic planning and structural design. This model outlines the way a business venture offers value to its customers, attracts them to pay for the generated value, and subsequently translates these payments into profits. It is an expression of management's assumptions regarding customer preferences, manner of consumption, and the optimalmeans by which a business can cater to the demands, generate revenue, and achieve profitability (Muehlhausen, 2012).Research conducted by the United Nations Industrial Development Organization's Investment and Technology Promotion Office in Nigeria indicates that only 20% of Small and Medium Enterprises (SMEs) are able to remain in operation. This research explored business model innovation as a driver of technological innovation, organizational performance, and competitiveness among IT SMEs. This resulted in the development of a solid framework for running successful IT SMEs and achieving sustainable technological and economic growth.