Senegal has arguably the most mature startup ecosystem in Francophone Africa, a hub for the region and emerging regional venture capital industry. This growth has been driven by: i) a strong effort from the private sector to organize through associations, ii) investment from corporate Senegal in accelerators, incubators and innovation programs, iii) funds available for skill development, enterprise development and supplier development of SMEs, iv) investment from government (local and international) in innovation funding and v) a growing community of successful investors, entrepreneurs, and growing track record of exits.
For the fifth consecutive year VC4A has produced annual research and analysis on trends in the African startup ecosystem. For the 2018 research cycle, VC4A has published a pan-African study including 6 country specific deep dives.
VC4A research on 128 ventures registered and/or active in the country shows a clear relationship between venture performance and the support these ventures receive from the Senegal startup ecosystem. Overall, the chances of success in securing funding and creating jobs are better compared to the sample of ventures without support from the startup ecosystem. For example, 61% of companies participating in ecosystem support programs secure investment compared to 40%. These companies are also more likely to create new jobs: 87% versus 65%. Still, keeping into account the small sample sizes and the relatively low number of years after official registration the future will tell if these ventures will have a longstanding impact.
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Tracking the progress of Africa's startup community
For a brighter Africa
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The ‘Start your business’ course is aimed at founders who are in the phase of developing ideas and testing product-market fit.
The first module focuses on how to build a great team, the second module on the environment you operate in and the third module discusses the importance of knowing your target market.
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The course on ‘Grow your business’ is for startup founders who are looking to scale their operations when they are getting traction for their product or service.
One module breaks down the different types of business models to consider, and the other module focuses on ways to build traction and grow the customer base.
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The ‘Finance your business’ course is aimed at entrepreneurs who are looking to raise external capital.
In the first module you will learn how to structure your business’ financials, contracts, and other legalities. The second module unpacks how to fundraise successfully.
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The ‘Your legal business’ course is aimed at founders who want to learn more about the legal implications of setting up their business and getting their operations funded.
The first module focuses on legal basics, the second module on the funding concepts.
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The ‘Mentor-driven capital’ course is dedicated to African business professionals to boost high-powered mentoring abilities to support entrepreneurs while learning to think and act like a savvy business angel.
‘Mentor-driven capital’ is the approach to creating value for startups by sharing the knowledge, experience and network you’ve built during your career, while also maximizing the return on your investments.
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Abdoul Sy
Alina Vinogradova