In Senegal, startups are never born in a vacuum. Behind every project and every growth ambition lie external influences that impact the trajectory of young companies. International capital, from venture capital funds, pan-African support programs, and foreign incubators, now plays a decisive role in defining strategic choices. The figures speak for themselves: in 2024, Senegal attracted more than 3 trillion CFA francs in foreign direct investment, a growing share of which was directed toward startups based in Dakar, according to the Agency for the Promotion of Investments and Major Works (APIX).

This predominance of international flows influences the sectors in which startups operate. Digital, fintech, and agritech are becoming prime areas, not only for their profitability potential, but also because they meet the eligibility criteria of foreign investors. Startups in less attractive sectors struggle to attract capital and see their governance oriented by imported models, often calibrated to Western standards with supervisory committees and strict reporting. This phenomenon extends beyond Dakar and is beginning to be felt in cities like Thiès, Saint-Louis, and Ziguinchor, even though the ecosystem remains embryonic.

Interactions between investors and startups occur at different points in the life of companies. During the initial fundraising, the influence is subtle, with the contribution of strategic networks and external expertise. As the startup grows, this influence becomes tangible in product, partnership, marketing, and sometimes recruitment choices, in response to the expectations of foreign investors. In some cases, this support accelerates growth, but it can also limit local creativity when entrepreneurs align too closely with imported standards.

The balance between foreign and local capital is becoming crucial for the Senegalese ecosystem. Domestic investment, representing less than 35% of financing, remains essential for startups to structure local value chains, stimulate employment, and transform innovation into a driver of sustainable development. International flows contribute to openness and expertise, but entrepreneurial sovereignty depends on the ability of young companies to adapt these contributions to their national and regional context.