From its beginnings as the world’s first mechanics institute in the heart of Edinburgh, two centuries of innovation have led to what is today a respected international institution with campuses in the UK, Dubai and Malaysia.
The inaugural Panmure House Prize will award $75,000 to promote and encourage pioneering research and radical innovation.
University chiefs said funds for the research are in the spirit of 18th century Scottish economist and philosopher, Adam Smith, who lived in Panmure House in Edinburgh, now under the stewardship of Heriot-Watt University.
The opportunity is open to academics from around the world.
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Throughout 2021, Heriot-Watt will mark 200 years of its founding in Scotland with a programme of celebrations to recognise the University’s impact of its research on wider society and its plans for the future.
Professor Heather McGregor, Executive Dean of the Edinburgh Business School at Heriot Watt University, said: “The aim of the Prize is central to the mission of Panmure House, the final remaining home of globally renowned economist and philosopher, Adam Smith.
“Adam Smith used to bring the finest minds of the day together in Panmure House to tackle some of the world’s biggest problems. We wish to carry on his legacy through inviting the finest minds today to try and identify how best to develop long term funding, which will enable radical innovation.
“I am delighted that we can recognise the University’s bicentenary in such unique and memorable way.”
The Prize is being administrated in partnership with FCLTGlobal (Focusing Capital on the Long Term), a global non-for-profit organisation that aims to support a long-term, sustainable economy.
Sarah Keohane Williamson, Chief Executive Officer of FCLTGlobal, said: “It is a great privilege to support the inaugural Panmure House Prize and help promote pioneering research in long-term investment.
A panel of esteemed judges including academics and business leaders will award the Prize in July to the best research proposal.
The Panmure House Prize is funded for five consecutive years. Full details and the call for papers will be released in February on the Panmure House website.