Innovate UK is set to overhaul its funding strategy, shifting away from broad-based support for hundreds of thousands of “innovators” each year to concentrate its £1.1 billion budget on a smaller pool of high-potential companies.

The government’s innovation agency said the move is designed to accelerate the growth of early-stage technology firms capable of scaling into globally competitive businesses, with ambitions to create more UK success stories on the scale of chip designer Arm.

The strategic pivot marks a significant departure from Innovate UK’s previous ambition to support “a million innovators” annually. While the agency reached around 450,000 individuals in 2024, only a small proportion received direct financial backing, prompting concerns that resources were being spread too thinly to deliver meaningful economic impact.

Tom Adeyoola, who took over as executive chair last year, said the shift reflects a more targeted approach focused on outcomes rather than volume.

“It is a shift from a focus on quantity and funding projects to supporting companies and ensuring that they realise their potential,” he said. “We want to help businesses move from breakthrough ideas to becoming industry leaders that drive economic growth.”

Under the new strategy, Innovate UK will scale back or eliminate several longstanding grant schemes, including the widely used Smart Grants programme, which Adeyoola described as too broad due to its “stage agnostic” and “sector agnostic” design.

In its place, the agency will introduce more tightly defined funding streams aligned to specific sectors and stages of business growth. Programmes such as Women in Innovation will also be refocused to support female-led firms with high-growth potential rather than providing generalised support.

The agency has identified six priority sectors from the government’s industrial strategy where it believes the UK has a “genuine right to win”. These include advanced manufacturing, life sciences and digital technologies — spanning areas such as artificial intelligence, semiconductors and quantum computing.

At the same time, Innovate UK is launching a new concierge-style support service, “Velocity”, aimed at helping selected companies navigate funding, regulation and commercialisation challenges more effectively.

A key pillar of the revised approach will be the expansion of targeted funding initiatives such as the £100 million Growth Catalyst scheme, which provides grants covering up to 70 per cent of early-stage project costs and up to 45 per cent for larger research and development programmes.

The agency will also refocus its Business Growth advisory service and more closely align its network of Catapult centres, applied innovation hubs, with the needs of specific companies rather than broader sector engagement.

Adeyoola said Innovate UK would play a more active role in identifying market demand and matching it with emerging technologies, effectively acting as a bridge between research, entrepreneurship and commercial opportunity.

“We will spend more time identifying where demand exists and then supporting the entrepreneurs and academics best placed to meet that demand,” he said.

Central to the strategy is a renewed emphasis on leveraging private investment. Innovate UK believes that its technical validation and endorsement can act as a signal to investors, reducing risk and unlocking additional capital for high-growth firms.

“A key measure of success over my four-year period will be the amount of private capital flowing into companies coming through our system,” Adeyoola said.

To support this, the agency plans to strengthen links with major public finance institutions including the British Business Bank and the National Wealth Fund, while continuing to deliver approximately £1 billion of innovation programmes on behalf of other government departments.

While the new approach is designed to create globally competitive businesses, it raises questions about access to support for smaller or earlier-stage innovators who may fall outside the new criteria.

Innovate UK argues that concentrating resources will ultimately deliver greater economic returns, helping the UK compete more effectively in critical technologies and strengthen its position in an increasingly competitive global innovation landscape.

The strategy signals a clear shift in government thinking, from fostering widespread participation in innovation to backing fewer, more scalable companies capable of delivering outsized growth and long-term economic impact.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

The retailer produced half year profit of £30m despite recording lower shop footfall

Furniture retailer DFS nearly doubled its half-year profit despite experiencing reduced shop footfall as wet weather dampened sales throughout the retail sector. The London-listed business posted a £30m profit during the first half of this year, nearly double the £16m achieved the previous year, whilst revenue increased by 9% to £548m.

The adverse weather has been impacting sales across retail and hospitality businesses nationwide, as footfall to shopping centres declined by more than five per cent in February owing to exceptionally heavy rainfall. DFS achieved £735m in gross sales, up nine per cent from the previous year.

This half-year profit represents a remarkable recovery for the 57 year old business after it tumbled to a loss in 2024, highlighting an “extremely challenging” consumer environment as it struggled with disruption to Red Sea shipping, as reported by City AM. The business is rewarding shareholders with a 1p dividend, having not proposed one in its full-year results last September.

DFS stated it is reducing supply costs and adopting AI to enhance the customer experience and streamline its internal operations. The business revealed it is relying on exclusive partnerships with prominent brands, having unveiled a new collection with Britain’s Got Talent’s Amanda Holden in December.

The furniture seller intends to continue its recovery by investing in new Sofology stores – the sofa brand it operates – and growing in the home decoration sector. DFS thrives in ‘market stress’ Analysts at Panmure Liberum stated: “Despite a more uncertain macro backdrop, DFS now has more levers to drive share gains.

“Historically, the group has accelerated during periods of market stress, reinforcing confidence in its positioning.”

The broker anticipates DFS will generate £46m in pre-tax profit this year, increasing to £57m by 2028. The company maintained its £1.4bn full-year revenue goal despite acknowledging reduced footfall and “delicately balanced” consumer confidence.

These targets hinge on the firm experiencing no supply-term disruption due to the conflict in the Middle East, DFS noted – although it did not evaluate whether this is probable. DFS is listed on the All-Share market with its shares currently priced at 149.5p, representing a nearly 15 per cent decrease so far this year.

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American soccer icon Landon Donovan is set to release his long-awaited memoir, “Landon: A Memoir,” on March 24, 2026, offering an unflinching look at his storied career, personal battles with depression and the search for peace beyond the pitch.

The 344-page hardcover, published by Page Two Books, arrives just days from now after months of buildup from the retired U.S. national team star. Donovan, widely regarded as the greatest player in U.S. soccer history, announced the book on social media with the simple message: “This is my story.” Preorders are available through his official website, landondonovan.com, and major retailers including Amazon and Barnes & Noble.

“You may think you know Landon Donovan—but you don’t,” the book’s description reads. “As one of the most decorated players in US soccer history, he knows many recognize his greatest triumphs, but far fewer understand his deepest struggles. Behind the legendary #10 jersey and a dazzling career, he grappled with finding peace—both on and off the pitch.”

Donovan, 44, has teased the book’s contents in recent posts, emphasizing that it transcends typical sports autobiography. “This is much more than a soccer story,” he wrote on his site. “It’s a story about real life – my experiences with mental health, depression, growing up with a single mother and repairing my relationship with my father.”

The memoir promises 40 full-color photos and candid reflections on competition, failure and belonging. Donovan has described it as a blend of his rise through American soccer and the human challenges that followed, including mental health issues he kept private during his playing days.

Born in Ontario, California, Donovan burst onto the scene as a teenage prodigy. He joined Bayer Leverkusen in Germany at 16 before returning to the U.S. to star for the San Jose Earthquakes in Major League Soccer’s early years. He became the face of the league, winning six MLS Cups (three with the Earthquakes, three with the LA Galaxy) and earning MLS MVP honors twice.

Internationally, Donovan captained the U.S. men’s national team and holds records for most goals (57) and assists (58) in USMNT history. He played in three World Cups, scoring in each, including a dramatic last-gasp equalizer against Algeria in 2010 that sent the Americans to the knockout stage. His club stints included loan spells at Everton in the English Premier League, where he won fans with his flair and work rate.

Yet Donovan has long hinted at darker chapters. In interviews over the years, he spoke vaguely about burnout, the pressures of being “the American face of soccer” and moments of doubt. The memoir appears to delve deeply into those, including his well-documented struggles with depression that intensified after retirement in 2014.

Donovan stepped away from the game multiple times, including a brief sabbatical in 2012 and a final retirement after a short stint with the LA Galaxy in 2016. Post-playing career, he coached the San Diego Loyal in the USL Championship until the team’s 2023 fold and has remained a prominent voice in U.S. soccer through broadcasting and commentary.

Recent promotions for the book have included Donovan sharing first copies arriving and countdown posts. “First copies are here! I’m excited to see my book after all of the years of hard work,” he posted on Instagram and Facebook in early 2026. He has also appeared on the U.S. Soccer Podcast’s first live show, previewing the release and discussing his journey.

The book launch includes public events. Donovan is scheduled for an exclusive conversation and signing in Southern California, with one event set for April 2 and another discussion at the Coronado Public Library on April 11 at 5:30 p.m. at the Coronado Performing Arts Center. Fans can expect meet-and-greets and autographed editions available through select retailers.

The timing aligns with a renewed focus on mental health in sports. Donovan’s openness could resonate widely, following similar candid accounts from athletes like Simone Biles and Kevin Love. “The soccer side of it is a very unique story but the human side of it is very common,” Donovan said in a promotional video. “I think I’m in a place in the public eye where by sharing this, it might help others.”

Reviews and early reactions remain limited ahead of the on-sale date, but the memoir has already generated buzz among soccer fans and mental health advocates. Amazon lists it as a “must-read” for those interested in U.S. soccer’s evolution from niche sport to mainstream presence.

Donovan’s career helped elevate MLS and the USMNT during pivotal growth periods. He played a key role in the 2002 World Cup quarterfinal run and mentored younger generations. Off the field, his story of overcoming personal adversity adds depth to his legacy.

As March 24 approaches, anticipation builds for what Donovan has called his full, unfiltered account. “After a lifetime of playing this beautiful game, I’m finally ready to share my story,” he wrote. “The highs, the lows, and everything in between.”

With the release imminent, “Landon: A Memoir” stands poised to offer not just soccer insights but a raw examination of resilience, vulnerability and redemption—topics that extend far beyond the boundaries of the field.

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