The House of Lords Science and Technology Select Committee has carried out an investigation into the future of Innovate UK, the UK's official innovation agency.
The government’s recent White Paper, Success as a Knowledge Economy: Teaching Excellence, Social Mobility and Student Choice, announced that a new umbrella body UK Research and Innovation will be created, incorporating the Research Councils, Innovate UK and Research England.
The government also plans to broaden the type of financial support available for innovation and to change Innovate UK’s existing funding model, possibly moving from a grant-based system to loans.
A brief consultation held by the Department for Business, Innovation and Skills in February 2016 raised concerns about the proposal.
The Committee is examining the “rationale for, and implications of, the incorporation of Innovate UK into UK Research and Innovation following the government's White Paper”. The Committee is also investigating other potential changes including new funding models.
Witnesses due to give evidence to the inquiry included:
The inquiry evidence sessions took place on June 7 and 14.