Tech entrepreneur and business leader Tom Adeyoola will head up Innovate UK, the government body that is part of UKRI, the country’s largest public research funder.

He will be replacing interim chief Stella Peace following a competitive recruitment process.

Adeyoola brings a range of experience from 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.

Once confirmed by parliament, Adeyoola 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 companies, drives 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.

In 2023/2024, over 450,000 innovators across the country were supported by the agency.

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.

“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,” science minister Lord Vallance said.

“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.”

Adeyoola served on the Board at Channel 4, where 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 will hopefully make him well-placed to steer Innovate UK’s investments, helping pioneering companies scale up.

“Tom Adeyoola’s appointment is excellent news for Innovate UK and the whole of UKRI,” UKRI chief executive professor Dame Ottoline Leyser said.

“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.”

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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.

“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,” incoming executive chair of Innovate UK, Tom Adeyoola said.

“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.”

Adeyoola’s recruitment is subject to a pre-appointment scrutiny hearing by the Science, Innovation, and Technology Select Committee.