UK appoints executive chair for Innovate UK

The UK government has appointed Tom Adeyoola to head up key funding agency Innovate UK as executive chair. He is expected to be confirmed by parliament in early April. The agency funds ambitious companies, drives transformative technologies, and oversees the UK’s Catapult Network but has struggled to find and keep its management.

Over 450,000 innovators across the country were supported by the agency in 2023/2024, including support for successful scale-ups such as plastic chip Pragmatic Semiconductor. Adeyoola was CEO and founder of Metail, which used digital technology for fashion retailers, and has since run a number of investment funds. He will step down as a non-executive director of UK TV station Channel 4.

As co-founder of Extend Ventures, he has worked with Innovate UK to improve diversity in grant funding and support underrepresented entrepreneurs. He also serves on the steering board of The Startup Coalition, advocating for high-growth tech businesses across the UK. He has also been exploring the impact of generative AI on the economy, from education to public services.

“With his experience in technology, entrepreneurship, and digital transformation Tom Adeyoola is the right person to ensure Innovate UK delivers real impact – backing pioneering businesses, scaling up breakthrough innovations and ensuring the UK leads in the industries of the future,” said Science Minister Lord Vallance.

“I thank Stella Peace for her excellent contribution as interim Executive Chair, and Indro Mukerjee as Executive Chair before her, and I look forward to working with Tom as we continue to make the UK the best place in the world to start and grow an innovative business. Mukerjee, formerly chair of the steering group of the UK Electronic Skills Foundation, stepped down in September after chair Ottline Leyser resigned.

“Tom Adeyoola’s appointment is excellent news for Innovate UK and the whole of UKRI. His experience and insight as a technology entrepreneur and business leader will bring enormous benefits and expertise to the organisation at this critical time,” said Professor Dame Ottoline Leyser, CEO of UKRI which includes Innovate UK.

“I’d like to take this opportunity to thank Dr Stella Peace for her superb leadership as interim Executive Chair. Stella will continue to play a major role for UKRI as Innovate UK’s Executive Director of Healthy Living and Agriculture. Innovate UK plays a vital role in catalysing the businesses that will shape the UK’s future economy – whether through cutting-edge technologies, the creative industries, or AI,” said Adeyoola. “I look forward to working with partners across the ecosystem, industry and government to ensure our investments have a multiplier impact, driving innovation that fuels economic growth and strengthens the UK’s position as a global leader in science and technology.”