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The Role of Angel Investment in Scaling Innovative Startups in North-Central Nigeria: Moderating Effect of Entrepreneurial Resilience

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  • Ogundare Nathaniel Jide

    (Department of Business Administration, Faculty of Management Sciences, University of Jos, Nigeria)

  • Yilshian Noel Nkup

    (Department of Business Administration, Faculty of Management Sciences, University of Jos, Nigeria)

  • Roseline Bentu

    (Department of Business Administration, Faculty of Management Sciences, University of Jos, Nigeria)

  • Imawa Elizabeth Ekoja

    (Department of Business Administration, Faculty of Management Sciences, University of Jos, Nigeria)

  • Abba Tijjani Maryam

    (School of Management Sciences, Department of Marketing, Federal Polytechnic Bauchi, Nigeria)

  • Jaafar Aliyu Liman

    (School of Management Study, Department of Business Administration and Management, Abubarkar TatariAli Polytechinic, Bauchi, Nigeria)

Abstract

In an increasingly competitive business landscape, the role of angel investment in fostering the growth of innovative start-ups has emerged as a focal point for economic development, particularly in regions like North-Central Nigeria. This study aims to investigate the impact of angel investment on the scalability of start-ups, emphasizing the moderating effect of entrepreneurial resilience. Utilizing a mixed-methods approach, the research involved a population of 52,854 SMEs, with a sample size of 400 derived through Taro Yamane’s formula. Data collection was conducted via structured questionnaires and interviews, ensuring a comprehensive understanding of the phenomena under study. The analysis employed Partial Least Squares Structural Equation Modeling (PLS-SEM) and NVivo software to examine the relationships between constructs. The findings reveal significant positive correlations, demonstrating that angel investment substantially enhances the scalability of innovative start-ups, with entrepreneurial resilience playing a critical moderating role. Notably, all four null hypotheses were rejected, confirming that both financial support and personal attributes are essential for entrepreneurial success. In conclusion, this study underscores the interconnectedness of angel investment and entrepreneurial resilience in promoting business growth in North-Central Nigeria. It is recommended that stakeholders, including policymakers and investors, develop frameworks that not only facilitate access to angel funding but also foster resilience among entrepreneurs. Specific initiatives could include resilience training programs and the establishment of robust networks between investors and entrepreneurs. By addressing both financial and personal dimensions, a more conducive environment for entrepreneurial success can be achieved, ultimately contributing to sustainable economic development in the region.

Suggested Citation

  • Ogundare Nathaniel Jide & Yilshian Noel Nkup & Roseline Bentu & Imawa Elizabeth Ekoja & Abba Tijjani Maryam & Jaafar Aliyu Liman, 2025. "The Role of Angel Investment in Scaling Innovative Startups in North-Central Nigeria: Moderating Effect of Entrepreneurial Resilience," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 12(1), pages 98-111, January.
    • Handle: RePEc:bjc:journl:v:12:y:2025:i:1:p:98-111
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    References listed on IDEAS

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    1. Birger Wernerfelt, 1984. "A resource‐based view of the firm," Strategic Management Journal, Wiley Blackwell, vol. 5(2), pages 171-180, April.
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