The call to industrialize and modernize Africa has become popular in recent years, and the African Unions Agenda 2063 and the Common African Position on Agenda 2030 identify science, technology and innovation (STI) as key enablers. Many African countries fail to achieve their development targets partly as a result of underdeveloped and underused science and technology as well as limited invention and innovation by both the private and the public sectors. For most African countries, the major proportion of domestic contribution to research and development (R&D) activities is provided by the government, with little from the private sector. This policy brief is based on The Africa Capacity Report 2017 (ACR 2017). It describes the importance and contribution of the private sector to advancing science, technology and innovation development in Africa. The paper also highlights the capacity imperatives needed to increase private sector participation in STI development and formulates key policy recommendations.