Empirical Analysis of Entrepreneurial Orientation and Growth Performance of Technology Startups in Lagos State

Entrepreneurial orientation is theorised as a core driver of startup growth performance, but its empirical validation among technology startups in Lagos State, the dominant Nigerian tech ecosystem, provides locally calibrated evidence for startup strategy research. This study empirically analysed the relationship between entrepreneurial orientation dimensions (innovativeness, risk-taking, proactiveness, competitive aggressiveness, and autonomy) and growth performance among 150 technology startups founded in Lagos State between 2018 and 2022. Startups were drawn from fintech, edtech, healthtech, e-commerce, and logistics sectors. Entrepreneurial orientation was measured using Miller's EO scale adapted for the Nigerian startup context. Growth performance was measured by revenue growth rate, user acquisition rate, and team growth over 2 years. Structural equation modelling with partial least squares was employed. Results showed that innovativeness was the strongest predictor of revenue growth (path coefficient = 0.48, p < 0.001). Proactiveness significantly predicted user acquisition performance (path coefficient = 0.44, p < 0.001). Risk-taking was a significant predictor of overall growth only when moderated by access to funding (interaction term significant: F = 8.4, p < 0.01). Autonomy had a direct but smaller effect on growth (path coefficient = 0.27, p < 0.05). Fintech startups showed significantly higher EO scores and growth performance than other sectors. The study provides the first PLS-SEM evidence on EO-growth relationships for Lagos tech startups and recommends innovativeness-focused capacity building as the priority investment for startup support programmes in the Lagos tech ecosystem. Keywords: entrepreneurial orientation, startup growth, Lagos technology startups, innovativeness, PLS-SEM