Report and Opinion 2015;7(5) http://www.sciencepub.net/report 40 Product Research And Development Projects For Entrepreneurship Development In Nigeria Ubani Emmanuel, Ononuju, Charles, Echeme, Ibeawuchi Department of Project Management Technology, Federal University of Technology, Owerri – Nigeria drecubani@yahoo.co.uk , ononujucn@gmail.com , ibeecheme@yahoo.com Abstract: This paper explores the necessity of product Research and Development (R&D) projects in the quest for entrepreneurial development so as to contribute significantly to production, venturesomeness, employment generation and economic transformation of Nigeria. Products (R&D) create jobs and prosper nations, as the results usually motivate and assist prospective and potential entrepreneurs to set up small scale business units of their own. The survey research and multistage sampling techniques were used. Based on identified factors, the data used for the study were obtained from industrial research centres and institutes. The data were subjected to analysis using Relative Importance Index (RII) model. The identified factors and their respective RII were ranked in their order of influence of products R&D projects in stimulating entrepreneurship development. The result infers that business viability and marketability of products; X 6 with RII of 4.78, quality and reliability; X 16 with RII of 4.77 and availability of raw materials and technology; X 5 with RII of 4.73 top the list. These are to be given prime consideration in the formulation of policy and strategy for entrepreneurship development through product R&D products. The adoption and institution of products R&D initiatives will help indigenous entrepreneurs to continuously add value to products resulting from the project and broaden the scope of self development and self directed motivational changes. [Ubani Emmanuel, Ononuju, Charles, Echeme, Ibeawuchi. Product Research And Development Projects For Entrepreneurship Development In Nigeria. Rep Opinion 2015;7(5):40-46]. (ISSN: 1553-9873). http://www.sciencepub.net/report . 7 Key words: product research, development projects, entrepreneurship, research and development, consumers, demand. 1. Introduction To be successful in entrepreneurship ventures and economic transformation, products research and Development (R&D) need to be considered in the formulation of economic policy and commercial objectives for the manufacturing sector of the economy. R&D projects refer to organized efforts that are directed towards increasing scientific knowledge of products and process innovation within budgeted cost and scheduled completion time and, performance and quality specifications. Most of the advances in communications, semiconductors, medicine and space technology can be attributed to R&D efforts. Product research provides a source of idea for new or improved products, which can be developed for new investment potentials and patented for the benefits of interested entrepreneurs and manufacturing firms. Lock (1996) asserts development projects for consumer goods must produce articles that satisfy the market requirements. The design concept, engineering and quality have to result in a reliable entrepreneurship driven products from production process. The main objective of the entrepreneurial development scheme in Nigeria is to motivate and assist prospective and potential entrepreneurs to set up small scale business units of their own and thereby become self-employed and continue to contribute significantly to production and employment generation in the country. Entrepreneurial development programmes increase the entrepreneurial spirit and provide scope for self development by focusing attention on the self directed motivational changes. Quadir and Jahur (2014) are of the view that entrepreneurs and entrepreneurship are significantly correlated with the economic development of a country. Nigeria is faced with problems of unemployment with adverse and negative consequences such as crime, hard drug addiction, prostitution and other social vices. The entrepreneurial development will help to stimulate and boost business units for individuals and cooperative ventures which will in turn, contribute to Nigeria economic transformation and growth. The realization of the entrepreneurial development objectives will depend to a great extent on the formulation of formidable business strategy. According to Emmanuel (2008), business strategy may take any of the following forms; increase in the market share, new product development, new market development, diversification, merger and acquisition. Some of the cardinal entrepreneurial philosophies are to promote new inventions and innovations so that new ideas for products and businesses could be generated and developed, coordination of different factors of production, arrangement of raw materials, machinery and finance, employment of labourers,