Entrepreneur Tom Adeyoola to head up Innovate UK

Tech entrepreneur Tom Adeyoola has been announced as the government's preferred new executive chair of Innovate UK, the agency which provides funding and support for business innovation.

Adeyoola founded Metail in 2008. It provides a virtual fitting room service for digital fashion retailers. He sold it 2019 to TAL Apparel.

The entrepreneur is also a non-executive director at Channel 4, where he focuses on digital transformation, and co-founder of Extend Ventures, which has worked on improving diversity in grant funding and supporting underrepresented entrepreneurs.

Writing on LinkedIn, Adeyoola said:

"For the last five years, since exiting Metail in 2019, I've followed my interests and built a portfolio career, often acting like a one-man-ninja trying to improve the UK innovation ecosystem.

"Whilst I have enjoyed moving the needle with a portfolio of projects, I have missed solving a big challenge with a great team of people

"Unexpectedly, last April, I got a request out of the blue to apply to run Innovate UK, something I hadn't considered. Today, some 11 months later, I have been selected as the preferred new executive chair (I still have a select committee hearing to get through).

"I'm thrilled, excited, honoured and rightly anxious to do justice to the opportunity and responsibility. I may be a startup guy and this an arms length government bureaucracy, but it's a role I couldn't possibly turn down, as it represents the biggest lever opportunity there is to turbocharge the UK innovation ecosystem."

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."

Over 450,000 businesses and other organisations are supported in their research and development by Innovate UK each year. Schemes include the £100 million Innovation Accelerator programme and the £17.5 million Create Growth Programme.

Another major Innovate UK initiative is Smart Grants. That scheme was paused in January to review its effectiveness for supporting start-ups and small businesses.

Adeyoola's appointment is subject to a scrutiny hearing by the Science, Innovation and Technology Select Committee on 8 April.