The technology entrepreneur Tom Adeyoola is set to become Innovate UK¡¯s new executive chair.

The British business leader was ?by the Department of Science, Innovation and Technology (DSIT) on 25 March as its preferred choice to lead the ?1.1 billion innovation funding agency, which is part of UK Research and Innovation (UKRI).

His appointment is likely to be confirmed next month following a scrutiny hearing by the House of Commons¡¯ Science, Innovation and Technology Select Committee.

Adeyoola¡¯s selection as Innovate UK chair follows a lengthy recruitment process after Indro Mukerjee announced he was leaving the role in January 2024, stepping down last September. Mukerjee¡¯s interim replacement Stella Peace will now focus on Innovate UK¡¯s efforts to help innovation in the healthcare and agriculture industries.

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Adeyoola, a University of Cambridge economics graduate, is a former management consultant who founded Metail in 2008 to provide a virtual fitting room service for digital fashion retailers. He sold the business in 2019 to Hong Kong¡¯s TAL Apparel and has recently become a board member at Channel 4 advising on its use of technology.

Science minister Patrick Vallance said Adeyoola¡¯s ¡°experience in technology, entrepreneurship, and digital transformation¡± made him ¡°the right person to ensure Innovate UK delivers real impact ¨C backing pioneering businesses, scaling up breakthrough innovations and ensuring the UK leads in the industries of the future¡±.

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¡°I thank Indro Mukerjee and Stella Peace for all of their contributions up to this point 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,¡± he added.

Innovate UK supports more than 450,000 innovators in both business and academia annually and oversees the UK¡¯s Catapult Network, which connects businesses with research expertise, often based at UK universities. Its support has been crucial to the success of many university spin-outs, such as DNA sequencing pioneers Oxford Nanopore Technologies, which is valued at ?1.5 billion.

However, there are concerns that its budget, which has increased significantly over the past three years, will come under scrutiny as part of the spending review process which is set to conclude in June.

Ottoline Leyser, UKRI¡¯s chief executive, described Adeyoola¡¯s appointment as ¡°excellent news for Innovate UK and the whole of UKRI¡±.

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¡°His experience and insight as a technology entrepreneur and business leader will bring enormous benefits and expertise to the organisation at this critical time.¡±

jack.grove@timeshighereducation.com