Industrial Parks: Analysing the Extent to Which Competitiveness Amongst Operating Firms Impact Industrial Revolution of Nascent Economies

Small and medium-sized businesses (SMEs) are found in various sectors, including manufacturing, services, hospitality, agriculture, and trade and commerce. They have exceptional potential flexibility and adaptation in reaction to changing market conditions, despite their size, scope, and lack of resources compared to large firms. Due to their capacity to create jobs, boost economic growth, and thwart youth restlessness and poverty, these industries have become pivotal to nascent economies. As such, this study analyses the extent to which competitiveness amongst operating firms, impacts the industrial revolution of nascent economies. Data was collected through a questionnaire from 1342 staff across five SME categories, namely Manufacturing; Engineering, Automobile, Construction; Pharmaceuticals & Medicals; Agriculture & Allied Products; and Trade, Commerce & Tourism. Using the regression analysis, the study indicated that competitiveness among operating firms in a nascent economy had a statistically significant impact on industrial revolution. Therefore, the study concluded that competitiveness amongst operating firms impact the industrial revolution of nascent economies. The operating firms exhibited resilience and creativity that fostered idea generation and development strategically amid intense rivalry for market leadership.