Matthew Fell, CBI UK chief policy director, said the UK had "a unique opportunity to play to its strength" with the new agency, to help create jobs, raise productivity and tackle the biggest challenges facing the country.
"Key to Aria's success will be strong business engagement to make sure the brilliant ideas developed can make it through to market," he added.
Sir Jim McDonald, president of the Royal Academy of Engineering, said: "Engineering is central to an ambitious innovation agency of this kind, forming the bridge between research and innovation to enable technological and commercial breakthroughs."
But Labour shadow business secretary Ed Miliband said the agency needed to have a clear mandate and to be subject to Freedom of Information laws, to ensure transparency of funding.
"Labour has long called for investment in high ambition, high risk science," he said. "But government must urgently clarify the mission and mandate of this new organisation, following strong engagement with the UK's science base - those closest to the work."