Identification and Prioritization of Factors Explaining the Participation of Business Angels in Rural Tourism Projects Using the Fuzzy Delphi Approach

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Authors

1 Agricultural Extension and Education, Faculty of Agriculture, Bu-Ali Sina University

2 PhD. student of Sustainable Agriculture Extension and education, Bu-Ali Sina University, Hamadan, Iran

3 Seed and Plant Improvement Institute, Agricultural Research, Education and Extension Organization, Karaj, Iran

Abstract

Today, the tourism industry plays a key role in the socio-economic development of countries. The development of this industry requires investment, and business angels can significantly contribute to its financing. The main objective of this study was to identify and prioritize the components explaining the participation of business angels in rural tourism projects using a fuzzy Delphi approach. The statistical population comprised investors and experts in entrepreneurship and rural tourism, with 17 individuals purposively selected as the sample. This mixed-method research utilized literature reviews and interviews for qualitative data collection and questionnaires for the quantitative phase. In the qualitative phase, factors influencing business angels’ participation in rural tourism projects were identified, and in the quantitative phase, the fuzzy Delphi technique was applied for prioritization. Based on the qualitative results, 42 indicators were identified under six components. The quantitative findings revealed that environmental factors, particularly the instability of the national currency value, hyperinflation, and corruption in relevant governmental institutions, play a pivotal role in business angels’ decision-making for participating in rural tourism projects. Additionally, the value of the business idea and its alignment with the region’s natural, cultural, and social environment ranked second in priority. Economic feasibility and profitability of the project, the personality traits of investors, and perceptual biases were ranked in subsequent positions, respectively. These findings can assist policymakers and investors in creating a suitable environment for attracting investments in rural tourism by focusing on improving environmental factors, enhancing the appeal of business ideas, and reducing perceptual barriers.

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Journal of Studies in Entrepreneurship and Sustainable Agricultural Development

Articles in Press, Accepted Manuscript
Available Online from 29 April 2025

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