Tech entrepreneur and investor Tom Adeyoola has been named the new executive chair of Innovate UK, taking the reins of the government body at an inflection point in its history.
Adeyoola, who previously founded sustainability startup Metail, will oversee the science and technology funding body, which is part of the largest public research funder in the country, UKRI.
Once confirmed by parliament, he will be given significant authority in shaping the future of Britain’s scientific research and technological development.
“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,” 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.”
The efficient direction of funds towards promising technology is a key strategy from the government to achieve economic growth as part of its “Plan for Change”.
It also comes amid declining public funding of scientific research in the US, sparking a race among Europe’s largest economies to lure top talent across the pond.
The government recently laid out plans to support the creation of a British Silicon Valley in the Oxford-Cambridge corridor, as the UK throws its hat into the race.
Science Minister Lord Patrick Vallance said: “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.”
Adeyoola co-founded Metail in 2008, which went on to raise more than $30m in support of its technology improving the sustainability of the fashion industry. The business was acquired in 2019 by Hong Kong-based clothes manufacturer TAL Apparel in 2019.
The new executive chair also founded Extend Ventures, a non-profit group launched to improve access to venture capital funding for ethnic minority founders that has previously worked with Innovate UK.
The 47-year-old also serves on the steering board of the tech advocacy group Startup Coalition and is a non-executive director of the broadcaster Channel 4.
He will replace Stella Peace, who will transition to the role of Innovate UK’s executive director of healthy living and agriculture.
“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,” Vallance added.
Founded in 2007, Innovate UK backs hundreds of thousands of researchers and businesses a year, with 450,000 alone supported in 2023/24 including Pragmatic Semiconductor, one of the country’s most prominent chip companies.
Among the other firms backed by Innovate UK is Oxford Nanopore Technologies, the London-listed biotech unicorn.
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