Technology entrepreneur Tom Adeyoola has been named as the government’s preferred candidate to head Innovate UK, the country’s £1.1 billion-a-year innovation agency, at a pivotal moment for the organisation.
The Department for Science, Innovation and Technology confirmed that Adeyoola, 47, is in line to replace Indro Mukerjee in the £195,000-a-year role. The appointment comes as Innovate UK faces renewed scrutiny over its spending and future direction amid a broader government spending review.
The agency plays a key role in supporting the UK’s research and development ecosystem, working with 450,000 organisations annually and helping to unlock hundreds of millions in private-sector investment. However, pressure on public finances has already led to the suspension of its £25 million-a-year Smart Grants scheme pending a review of its effectiveness.
Adeyoola founded virtual fitting room startup Metail in 2008, growing it into a leading digital fashion tech player before selling it in 2019 to TAL Apparel. Since then, he has held advisory and non-executive roles — including his current position on the board of Channel 4, where he advises on technology and innovation.
Lord Vallance, science minister, 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.”
His appointment comes as debate continues over Innovate UK’s future funding model. Critics, including Cambridge entrepreneur and BAE Systems board member Ewan Kirk, have argued the agency should move from a grant-focused model to a more investment-led approach.
“Innovate UK is a good idea, but badly executed,” Kirk said last year. “The incoming chair should transform it into more of an investment-led organisation.”
Innovate UK’s Business Group programme supported 10,600 businesses last year, helping them to secure £674 million in private funding and sustain more than 6,700 jobs. Around a third of the agency’s annual budget is spent on maintaining nine sector-specific “catapult” centres — R&D hubs for fields ranging from gene therapy and medicine discovery to advanced manufacturing and energy systems.
Acting chair Stella Peace will continue to oversee Innovate UK’s strategic initiatives in health and agriculture until Adeyoola’s appointment is confirmed.
Adeyoola’s leadership will be closely watched as the agency seeks to maintain momentum in supporting British innovation while adapting to shifting fiscal priorities and increasing calls for reform.
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Tech entrepreneur Tom Adeyoola to lead £1.1bn Innovate UK amid funding review