Tech entrepreneur and business leader Tom Adeyoola will head up Innovate UK to unlock the potential of British business and turbocharge growth through its Plan for Change.
Once confirmed by parliament, Tom will act as Chair of Innovate UK, part of the largest national public research funder, helping businesses turn cutting-edge ideas into real-world products.
The agency funds ambitious companies, drives transformative technologies, and oversees the UK’s Catapult Network, which connects businesses with world-class R&D expertise. Through its £100 million Innovation Accelerator programme, it is already creating high-skilled jobs and new opportunities in Glasgow, Manchester, and the West Midlands, helping these regions become global hubs for research, from advanced manufacturing to life sciences.
Over 450,000 innovators across the country were supported by the agency in 2023/2024, including support for successful scale-ups such as Pragmatic, a world leader in semiconductor innovation that has grown from a dozen to 330 employees in a decade – powering everyday tech from smartphones to medical devices, and Pragmatic’s ultra-thin, low-cost microchips open new possibilities for smart packaging and wearable health tech.
Innovate UK was an early backer of Oxford Nanopore Technologies, whose handheld DNA sequencing technology is now used worldwide – from diagnosing diseases faster to tracking viruses like COVID-19. Their success has not only transformed healthcare but also driven economic growth, with the company now valued at £1.49 billion and generating annual revenues of around £183 million.
People could see faster medical deliveries, air taxis cutting journey times, and greener transport options through Innovate UK’s flagship Future Flight Challenge, which works with businesses and regulators to develop drone technology and zero-emission aircraft.
Tom Adeyoola brings a wealth of experience spanning technology, investment, entrepreneurship, and digital transformation. 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.
Science Minister Lord Vallance said:
Innovation is central to this government’s Plan for Change, helping to unlock new opportunities, boost productivity, and create high-value jobs across the UK.
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.
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.
Whilst on the Board at Channel 4, he focused on digital transformation and championed innovation funding in the creative industries. He has also been a driving force in exploring the impact of generative AI on the economy, from education to public services. His blend of business, technology, and policy expertise makes him well-placed to steer Innovate UK’s investments – helping pioneering companies scale up, from greener aviation to sustainable food production.
UKRI Chief Executive Professor Dame Ottoline Leyser said:
“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.
“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.
“Under Tom Adeyoola’s leadership, Innovate UK will continue backing businesses and driving forward the government’s Plan for Change – supporting pioneering businesses, create high-value jobs, and turn cutting-edge ideas into solutions that improve lives across the UK.”
Incoming Executive Chair of Innovate UK, Tom Adeyoola said:
“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.
“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.”
Tom Adeyoola’s appointment follows a competitive recruitment process and is subject to a pre-appointment scrutiny hearing by the Science, Innovation and Technology Select Committee, which is expected to take place on 8 April.