Title: The Ignition Model: A Roadmap for High-Tech Product Companies to Achieve Hypergrowth
Authors: Stanley Akpevwe Onobrakpeya
Volume: 8
Issue: 11
Pages: 166-179
Publication Date: 2024/11/28
Abstract:
: The study designed a strategic framework to guide high-tech companies on their journey to hypergrowth. The specific objectives are to examine the effects of innovation acceleration, market penetration, and operational scalability on hypergrowth. The study was based on quantitative research method. The cross-sectional survey research design was selected for the study. The population for this study includes staff from high-tech companies in Nigeria. To ensure the sample size is representative of the larger population, Cochran's formula was employed, resulting in a sample size of 384 participants. The judgmental sampling technique was utilized to select the participants. Data collection was carried out using a structured questionnaire with a five-point Likert scale response format. To ensure the validity and reliability of the research instrument, content validity and test-retest reliability were employed. The data acquired were analyzed using both descriptive and inferential statistical methods. Findings showed that innovation acceleration (? = 0.395, p < 0.05), market penetration (? = 0.105, p < 0.05), and operational scalability (? = 0.340, p < 0.05) positively affect hypergrowth. The study concluded that Ignition Model serves as a valuable roadmap for navigating the complexities of business growth, ensuring that organizations remain focused and resilient on their journey to success. Moreover, the study recommended that high-tech companies should enhance their market penetration strategies by leveraging data analytics to identify and target high-potential customer segments effectively.