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Innovate UK is the operating name of the Technology Strategy Board, the United Kingdom's innovation agency. It is a non-departmental public body operating at arm's length from the Government as part of the United Kingdom Research and Innovation organisation.
|Formation||1 July 2007 (as the Technology Strategy Board)|
|Type||The UK's innovation agency|
|Legal status||Non-departmental public body|
|Purpose||To accelerate UK economic growth by stimulating and supporting business-led innovation|
|Headquarters||Polaris House, North Star Avenue, Swindon, SN2 1FL|
interim Executive Chair
|Dr Ian Campbell|
|Governing Board (Chairman - Phil Smith)|
|Affiliations||European Network of Innovation Agencies|
Innovate UK has its roots as an advisory body – the Technology Strategy Board – established in 2004 within the Department of Trade and Industry (DTI), before becoming an independent body in July 2007 after the reorganisation of the DTI into the Department for Innovation, Universities and Skills (DIUS) and the Department for Business, Enterprise and Regulatory Reform (BERR) under Brown's government.
The original Technology Strategy Board had its roots in the Innovation Review published by the DTI in December 2003, and the Lambert Review. This reconfigured the major funding mechanism as the Collaborative Research and Development Technology Programme, transformed the pre-existing Faraday Partnerships into Knowledge Transfer Networks, renamed the Teaching Company Scheme as Knowledge Transfer Partnerships and set up an Advisory Board made up of 12 people from business, venture capital and regional government. These changes all took place in 2004, with the Advisory Board being appointed in October of that year.
In the 2006 Budget, Gordon Brown announced the intention to set up the Technology Strategy Board as a "non-departmental public body" operating at "arm's length" from the UK Government. It was decided to locate the new organisation in Swindon, and to recruit a team primarily with business experience.
In August 2014 the organisation adopted the name Innovate UK, and began a transition to use the new name in all its communications. However, the legal name of the organisation remains as the Technology Strategy Board.
In accordance with the Higher Education and Research Act 2017, effective April 2018, Innovate UK ceased to report to the Department for Business, Energy and Industrial Strategy and became a council of the newly established United Kingdom Research and Innovation organisation.