The UK government has a newly appointed tech entrepreneur, Tom Adeyool, as Executive Chair of Innovate UK
While currently waiting for parliamentary approval, once granted, Adeyoola will lead Innovate UK, the country’s primary public research funding agency, overseeing investments in transformative technologies and supporting businesses in translating research into market-ready products.
Innovate UK’s role in national development
Innovate UK was an early backer of Oxford Nanopore and played an important role in strengthening the UK’s innovation landscape.
Oxford Nanopore DNA sequencing technology is now used worldwide to accelerate disease diagnosis and track viruses like COVID-19. While helping the healthcare sector, the company was also able to contribute to economic growth, with a market valuation of £1.49 billion and revenues of around £183 million.
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” GOV.UK reported.
It funds ambitious companies, drives transformative technologies, and manages the Catapult Network, which connects businesses with world-class research and development expertise. The agency’s £100 million Innovation Accelerator programme has been key in creating high-skilled jobs and establishing global research hubs in regions like Glasgow, Manchester, and the West Midlands.
In 2023/24, Innovate UK supported over 450,000 innovators, helping businesses across various sectors develop breakthrough solutions.
Tom Adeyoola’s future vision for Innovative UK
With over 25 years of experience in technology, investment, and entrepreneurship, Adeyoola brings a lot of expertise to Innovate UK. As the founder of Metail, a virtual fitting room technology company, and co-founder of Extend Ventures, he has shown a strong commitment to innovation and diversity in the tech sector. His leadership is expected to take British innovation to the next level, turning cutting-edge research into real-world solutions that improve global competitiveness
Focus areas under new leadership
Under Adeyoola’s guidance, Innovate UK is set to focus on several key areas:
- Advanced Technologies:
- Investing in emerging fields such as artificial intelligence and zero-emission transport to position the UK at the forefront of technological advancement.
- Regional Development:
- Expanding the reach of innovation past traditional hubs by supporting regional centres of excellence, therefore promoting balanced economic growth across the country.
- Diversity and Inclusion:
- Enhancing support for underrepresented entrepreneurs and creating an inclusive innovation ecosystem that shows the UK’s diverse talent.
The future of UK innovation
Adeyoola’s prior roles, including his position on the Board of Channel 4, show his dedication to digital transformation and innovation within creative industries.
His involvement in exploring the impact of generative AI across various sectors also shows his forward-thinking approach.
As he prepares to start his role as Executive Chair, Adeyoola shows a strong commitment to working collaboratively with industry partners and government bodies to ensure that Innovate UK’s investments drive economic growth and reinforce the UK’s status as a global leader in science and technology.
