Tech entrepreneur and business leader Tom Adeyoola is set to head up Innovate UK.
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 companies and oversees the UK’s Catapult Network, which connects businesses with world-class R&D expertise. More than 450,000 innovators across the country were supported by the agency in 2023/2024.
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. The company is now valued at £1.49 billion and generates annual revenues of around £183 million.
As co-founder of Extend Ventures, Tom 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:
“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.”
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.”
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.
