Pensions: people on lower incomes can be confused and disadvantaged by defined contribution pensions

New research released finds defined contribution (DC) pension schemes, which do not automatically offer a secure, guaranteed income for life, can lead to poor outcomes for those on lower incomes.

Since the introduction of ‘pension freedoms’ in 2015, the vast majority of consumers are opting against a guaranteed income, resulting in them facing significant threats to their retirement security.

Researchers from the University of Birmingham, supported by abrdn Financial Fairness Trust, conducted in-depth interviews with DC pension consumers and gained insights from industry stakeholders to shed light on the experiences, risks and challenges of pension decision-making in the new retirement landscape.  

They concluded that the existing system disadvantages people who are already vulnerable to poor pension outcomes.

Those from more disadvantaged backgrounds are less likely to have access to networks of friends and family who can help them with their decision-making. In addition, the support available for those without access to regulated financial advice (typically those with smaller pension pots and/or low-to-middle incomes) remains largely limited to written information and checklist-based guidance.

This means many people do not have access to the kind of support they need – i.e. a personal recommendation on the best course of action.

Researchers found:

1. Consumers feel confused and overwhelmed by the DC withdrawal decision. Many people feel ill-prepared for making the ‘right’ decision about accessing their DC pension savings. They are often overwhelmed by its complexity and feel they need more help in the form of personalised advice, however, the cost of this advice is unaffordable for those on lower incomes.

2. Consumers (particularly non-advised consumers) do not know who to trust when they need support with their decision. This leads to poorer outcomes for those from less affluent backgrounds, who do not have social networks of people who can recommend trustworthy advisers.

3. Consumers have to manage high levels of confusion and uncertainty about the future when making a decumulation decision. Consumers are aware they have to manage multiple risks when deciding what to do with their DC pension pot. This includes several highly unpredictable aspects of the future, such as their health and longevity, the need for care, and stock market performance. This ‘individualisation’ of risk creates a sense of insecurity and adds to the discomfort and difficulty of the decision-making process.

Researchers have called for government, regulators and employers to do more to protect low-income DC scheme holders.

They make the following recommendations:

  • Better value products – Government and regulators must ensure industry works harder to meet the needs of people on low-to-middle incomes by creating more flexible, better value products. For example, by introducing a charge cap for DC investment pathways and drawdown arrangements to prevent consumers paying unnecessarily high charges, and help rebalance some of the responsibility for achieving good consumer outcomes
  • Price-capping – There should be Government-funded, price-capped, financial advice services so that lower income people can access regulated financial advice to support their pension decisions.  
  • Reducing risk – Access to affordable, trustworthy regulated financial advice should be expanded as an option for all DC pension consumers. Through the introduction of pension freedoms, Government has created a situation where individuals are taking on too much responsibility and risk for securing an adequate retirement income. Government therefore needs to redress this balance by taking responsibility for providing appropriate protection and support. More regulation is needed of DC pensions to ensure value for customers.

Dr Louise Overton, Assistant Professor in Social Policy and Director of CHASM from the University of Birmingham, said: “Seven years on from the introduction of pension freedoms, too many people are facing poor retirement outcomes because industry and government aren’t doing enough to protect them.

“Our research shows that Pension Wise (set up as ‘a first port of call for DC consumers, offering free and impartial information and guidance) does not offer adequate support, and those without access to good quality regulated financial advice (those with smaller pension pots and lower incomes) are particularly at risk of adverse outcomes.

“We call on government, industry and the regulator to expand the scope of money guidance, widen access to regulated advice, and prioritise product innovation.”

Karen Barker, Head of Policy at abrdn Financial Fairness Trust, said: ““The current ‘one size fits all’ system is not suitable for those on lower incomes. Whilst the new pension freedoms introduced by the government have benefitted many, this research shows they cause a great deal of confusion.

“It’s not practical to expect those with smaller pension pots to pay a lot of money for advice on how to manage those pots.

“However, it’s vital that those on low-to-middle incomes are properly advised if we are to avoid a return to high levels of pensioner poverty.”

Edinburgh woodland regeneration innovators secure £370k investment

A company behind innovation to create healthy forest ecosystems which support successful tree-planting has secured £370,000 in equity investment.   

Edinburgh-headquartered Rhizocore Technologies produces locally adapted mycorrhizal fungi to enhance tree-planting projects, a key measure in addressing carbon sequestration. The company’s specially developed fungal pellets are used when new saplings are planted helping accelerate woodland regeneration, improve forest productivity, and increase natural capital benefits.  

Rhizocore was founded by Toby Parkes, a Biology graduate from the University of Bath who also holds a PhD in Biochemistry; and David Satori, a Master’s degree graduate in Plant and Fungal Taxonomy, Diversity and Conservation from Queen Mary University of London and the Royal Botanic Gardens, Kew.   

The pair developed their business idea with support from the University of Edinburgh’s Roslin Innovation Centre. Rhizocore also participated in the Food & Agriculture Science Transformer (FAST) programme.

A collaboration between Deep Science Ventures and the University of Edinburgh, FAST is supported by the University’s Data-Driven Entrepreneurship programme to work with innovative high growth start-ups operating in the agriculture sector. The initiative draws applications from around the world.   

The seed investment package secured by Rhizocore includes £85K of equity funding via the Edinburgh Technology Fund (ETF) managed by the University of Edinburgh’s Edinburgh Innovations Investment Team, and a further £85K from Deep Sciences Ventures. An additional £70K comes from climate tech investors including David Rowan with £130K investment from Nucleus Capital, specialist investors which provide finance for purpose-driven entrepreneurs tackling planetary health challenges.  

The company has also secured around £180K in additional grants from SMART:SCOTLAND, Scottish Edge, the Forestry Commission, and Graduate Career Advantage Scotland.

The University of Edinburgh assisted Rhizocore providing strategic business advice including internal and external due diligence support on its recent SMART:SCOTLAND grant application.   

Now employing seven staff, Rhizocore will use this additional investment to scale its business across all parts of the UK where local fungi is implemented as part of its production processes. The company will also invest in further strategic partnerships aimed at enhancing woodland ecosystems and increasing carbon sequestration from tree-planting projects.  

Rhizocore is currently involved in several existing pilot projects including one with woodland regeneration charity Trees for Life in the Caledonian rainforest, and another with forestry management company Tilhill in the Scottish Borders. 

  

Rhizocore co-founder and CEO Toby Parkes said: “This latest investment will help us scale production as we aim to support the planting of 40 million new trees across the UK every year.   

“The range of support we’ve had from angel investors and grant funding bodies is a real testimony to our innovative approach in addressing the challenges of successful and sustainable tree-planting by enhancing local forestry ecosystems.”  

Charlotte Waugh, Enterprise and Innovation Programme Lead at Edinburgh Innovations, said: “The University of Edinburgh is proud to support and invest in Rhizocore, a purpose-led business focused on maximising the impact of reforestation projects.

“The company’s participation in the FAST programme and further support through the Roslin Innovation Centre has helped Rhizocore develop its proposition where it’s now ready to scale for significant growth. We look forward to working with them and supporting the exciting journey that lies ahead.” 

Edinburgh Local Community Grants

There are only SIX DAYS LEFT to apply for a University of Edinburgh Community Grant of up to £5,000.

Community Grants support charities and other groups to make a difference to people across the region, and increase engagement between the University and local communities.

Apply here: https://www.ed.ac.uk/local/community-grants

Who can apply?

Applications are welcome for projects which could benefit people living in the City of Edinburgh, the Lothians and Fife, and should show how they could grow relationships between local communities and the University.

If you’re thinking of applying and don’t currently have a relationship with the University, the University’s Community Team is happy to try and put you in touch with members of the University who might be interested in your work. We have some specific drop-in sessions, or just email us to arrange a discussion.

The deadline to submit your application is 5pm onFriday 8 April 2022.

How much funding can I get?

Applications for up to £5,000 are welcome. However, if you require £500 or less, you may also be interested in the University’s Micro-grant scheme.

Since the University launched its Community Grants scheme in 2017, it has awarded almost £500,000 to more than 100 fantastic local organisations.

Apply here: https://www.ed.ac.uk/local/community-grants

Far From Home: The face of Cramond’s medieval wanderer

Isotope analysis of ‘bodies in the bog’ found at Cramond reveals several crossed a politically divided Scotland, meeting their end hundreds of miles from their place of birth.

For decades, the skeletal remains of nine adults and five infants found in the latrine of what was once a Roman bath house in Cramond have fascinated archaeologists and the public alike.

Discovered in 1975 they were originally thought to be victims of the plague or a shipwreck from the 14th century.

Then radiocarbon dating showed them to be some 800 years older, dating to the 6th century, or early medieval period.

New bioarchaeological work led by the University of Aberdeen has brought to light more details of their lives and has revealed that several of the group travelled across Scotland to make Cramond their home.

Their investigations change our understanding not only of this important site but of the mobility and connections of people across Scotland in the early medieval period, when the country was broadly divided between the Scotti in Dál Riata to the west, the Picts in most of northern Scotland and the Britons in the south.

The researchers examined the bones and teeth of the group unearthed from what was once the latrine of a bathhouse in a Roman fort, leading to them being coined ‘the bodies in the bog’.

Using isotope analyses they were able to look at the diet and origins of each of the adults in the group.

Professor Kate Britton, senior author of the study, said they were surprised to discover that despite being buried in close proximity to each other – leading to assumptions that they were one family – some were brought up hundreds of miles apart.

“Food and water consumed during life leave a specific signature in the body which can be traced back to their input source, evidencing diet and mobility patterns,” she added.

“Tooth enamel, particularly from teeth which form between around three and six years of age, act like little time capsules containing chemical information about where a person grew up.“When we examined the remains, we found six of them to bear chemical signatures consistent with what we would expect from individuals growing up in the area local to Cramond but two – those of a man and a woman – were very different.

“This suggests that they spent their childhoods somewhere else, with the analysis of the female placing her origins on the West coast.”

“The male instead had an isotopic signature more typical of the Southern Uplands, Southern Highlands or Loch Lomond area so it is likely he came to Cramond from an inland area.”

The findings, published in the Archaeological and Anthropological Sciences journal, provide one of the first insights into early medieval population mobility in Scotland.

Dr Orsolya Czére, post-doctoral researcher and lead author of the study, added: “This is a historically elusive time period, where little may be gleaned about the lives of individuals from primary literary sources. What we do know is that it was a politically and socially tumultuous time.

“In Scotland particularly, evidence is scarce and little is known about individual movement patterns and life histories. Bioarchaeological studies like this are key to providing information about personal movement in early medieval Scotland and beyond.

“It is often assumed that travel in this period would have been limited without roads like we have today and given the political divides of the time. The analysis of the burials from Cramond, along with other early medieval burial sites in Scotland, are revealing that it was not unusual to be buried far from where you had originally grown up.

“Previous studies have suggested that those buried here were of high social status, even nobility. What we can say from our new analyses was that these were well-connected individuals, with lives that brought them across the country”

“This is an important step in unravelling how these different populations of early medieval Scotland and Britain interacted.” 

Despite evidence for geographical mobility, social tensions may still have been high. Several of the skeletons at Cramond indicate that some of the individuals may have met with violent ends.

Osteoarchaeologist and co-author Dr Ange Boyle from the University of Edinburgh said: “Detailed osteological analysis of the human remains has determined that a woman and young child deposited in the Roman latrine suffered violent deaths.

“Blows to the skulls inflicted by a blunt object, possibly the butt end of a spear would have been rapidly fatal. This evidence provides important confirmation that the period in question was characterised by a high level of violence.”

John Lawson, the City of Edinburgh Council archaeologist, co-author and lead archaeologist on the investigations at Cramond, says the new findings further underline the importance of the Cramond site.

“This paper has been the result of fantastic collaboration between ourselves and our co-authors from Aberdeen and Edinburgh Universities. The final results from the isotopic research have confirmed the initial 2015 results giving us archaeological evidence and a window into the movement of elite society in the 6th century.

“In particular it is helping us to support our belief that Cramond during this time was one of Scotland’s key political centres during this important period of turmoil and origins for the state of Scotland.

“Whilst it has helped us answer some questions about the individuals buried in the former Roman Fort’s Bathhouse, it has also raised more.  We hope to continue to work together to bring more findings to publication as these have a significant impact on what is known about the history of Scotland and Northern Britain during the Dark Ages.”

The study was funded by Edinburgh City Council and the University of Aberdeen and research by Professor Britton and Dr Czere is supported by the Leverhulme Trust and AHRC respectively.

University-supported entrepreneurs to pitch at live showcase events

Two events taking place this month will enable University of Edinburgh-supported start-ups to pitch their companies to an audience of investors, grant funding bodies and fellow entrepreneurs.

The AI Accelerator Showcase and Venture Builder Incubator Demo Day take place in Edinburgh on 17 and 25 March respectively marking two of the first major face to face eco-system events to be held since the outbreak of Covid-19 two years ago.

These events are part of the Data Driven Entrepreneurship (DDE) programme and are delivered by The University of Edinburgh’s world-leading innovation hub for Data Science and Artificial Intelligence, the Bayes Centre, on behalf of the DDI hubs,  and Edinburgh Innovations, University of Edinburgh’s commercialisation service. 

Both events will also offer a virtual facility for those wishing to attend online. 

The events will provide participants with a platform to pitch their businesses to an audience of investors and grant funding bodies including Scottish Enterprise and Innovate UK. Individuals from the wider Scottish entrepreneurial community will also be attending alongside representatives from commercially-focused organisations including Fintech Scotland and Barclays Eagle Labs.

The AI Accelerator Showcase features 12 disruptive and transformative AI-driven companies which were accepted into the six-month programme last September. Throughout that period the companies have benefitted from links to investors, partners, and mentors as well as space to scale their business.

The participants, which have all received a £9K grant through the programme, have had access to the programme’s partnership with London-based community Scale Space as well as strategic design support from Edinburgh Innovation’s partner NileHQ. The company founders have further benefitted from access to commercial expertise and collaboration opportunities with University of Edinburgh’s community of like-minded entrepreneurs. 

Those taking part in the AI Accelerator include Edinburgh cancer research and treatment business Carcinotech; Indigo.AI, a Milan-based conversational AI platform being supported by the University as it aims to set up a new premises in Scotland; and Glasgow-based GIGGED.AI, a platform which transforms the sourcing and on-boarding of tech talent in the gig economy.

Katy Guthrie, Programme Leader of AI Accelerator said: “We’re delighted to provide this opportunity for our 12 AI Accelerator programme companies which operate across a broad range of industry sectors.

“Staging this face-to-face platform with investors, funding bodies, advisors and potential collaborative partners is a key aspect of our programme and one that is designed to help these businesses scale up to reach their full potential.”

Meanwhile, the Venture Builder Incubator will showcase 20 IP-focused, early-stage companies. As part of the partnership with Cancer Research UK, eight of these ventures are specifically looking at innovative forms of cancer research and treatment focusing on early diagnoses, therapeutics and drug discovery.  

Venture Builder Incubator cohorts also include companies focused on addressing some of the world’s major challenges including the climate emergency, well-being, children’s mental health, and financial security.

The programme, which includes PhD students and post doctorates from University of Edinburgh or Heriot-Watt University, is designed to help fledgling entrepreneurs build their skills and take their businesses to the next level.

Each venture is provided with £2K and support through a series of workshops, networking events, mentoring, peer to peer learnings and access to the University of Edinburgh’s entrepreneurial ecosystem and its data expertise.

Laura Bernal, Venture Builder Incubator Programme Manager, said: “This event is a brilliant platform for these early-stage ventures to present to an audience which can help them further develop their business idea.

“This event is designed to bring our cohort community together and enable them to share their ideas with key commercial contacts, create potential partnerships with like-minded individuals, and build valuable connections.”

Regular paracetamol use ‘linked to raised blood pressure’

Long-term paracetamol use could increase the risk of heart disease and strokes in people with high blood pressure, a study suggests.

Patients who have a long-term prescription for the painkiller, usually used for the treatment of chronic pain, should opt for the lowest effective dose for the shortest possible time, researchers say.

The University of Edinburgh study, published in the scientific journal Circulation, is the first large randomised clinical trial to address this question and complements earlier work in observational studies.

Paracetamol was often suggested as a safer alternative to another class of painkillers called non-steroidal anti-inflammatory drugs (NSAIDs), which are known to increase blood pressure and risk of heart disease.

Professor David Webb, Principal Investigator and Chair of Therapeutics and Clinical Pharmacology at the University of Edinburgh, said: “We would recommend that clinicians start with a low dose of paracetamol, and increase the dose in stages, going no higher than needed to control pain.

“Given the substantial rises in blood pressure seen in some of our patients, there may be a benefit for clinicians to keep a closer eye on blood pressure in people with high blood pressure who newly start paracetamol for chronic pain.”

In the latest study, 110 patients with a history of high blood pressure were prescribed one gram of paracetamol four times a day – a routinely prescribed dose in patients with chronic pain – or a matched placebo for two weeks. All patients received both treatments, with the order randomised and blinded.

Those prescribed paracetamol saw a significant increase in their blood pressure, compared with those taking the placebo.

This rise was similar to that seen with non-steroidal anti-inflammatory drugs , and might be expected to increase the risk of heart disease or stroke by around 20 per cent, experts say.

The research team says the findings should lead to a review of long-term paracetamol prescriptions to patients – particularly those with high blood pressure, or those at particular risk of heart disease or stroke.

Professor James Dear, Chair of Clinical Pharmacology at the University of Edinburgh, said: “This study clearly shows that paracetamol – the world’s most used drug – increases blood pressure, one of the most important risk factors for heart attacks and strokes.

“Doctors and patients together should consider the risks versus the benefits of long-term paracetamol prescription, especially in patients at risk of cardiovascular disease.”

Dr Iain MacIntyre, Lead Investigator and Consultant in Clinical Pharmacology and Nephrology at NHS Lothian, added: “This is not about short-term use of paracetamol for headaches or fever, which is, of course, fine – but it does indicate a newly discovered risk for people who take it regularly over the longer term, usually for chronic pain.”

Research grant for Edinburgh project investigating new drug which could prevent injury to the heart after heart attack

A research project at the University of Edinburgh, led by Professor Gillian Gray, has been awarded £88,000 by Heart Research UK. Prof Gray’s team has discovered that a drug originally developed to treat obesity and diabetes also promotes repair of the heart after a heart attack and reduces the development of heart failure.

Now the team will use ‘mass spectrometry imaging’ (MSI) to look in more detail at the effects of the drug on the heart muscle.

Heart attacks occur when the blood flow to the heart is interrupted, causing damage that can weaken the heart and lead to heart failure. The new drug that has been discovered acts early after heart attack to prevent the spread of injury in the heart muscle and therefore has the potential to benefit many patients.

As obese and diabetic people are at higher risk of heart attack, the combined actions of the drug on the heart, fat and insulin make it particularly appealing.

The drug has already undergone safety tests in volunteers, so could now rapidly progress to human trials. However, the research team will first need to show that this new drug offers benefits over existing drugs used to treat heart failure.

To do this, the team will use MSI to further investigate the effects the drug has on the heart. It is anticipated that this will provide unique evidence that the biochemical pathways in the heart muscle affected by the drug are distinct from those affected by drugs already used to treat heart failure.

MSI uses a laser to collect samples from slices of tissues. Levels of substances in the body like cortisol and cholesterol breakdown products, that we expect to change after a heart attack and in response to the drug, can be measured in each spot targeted by the laser. This information can then be used to build a map of where they are found.

The MSI group, led by collaborator Professor Ruth Andrew, have already used this technique to visualise and measure activity of the enzyme targeted by the drug in the brain, liver and kidney.

They will prepare thin sections of heart muscle and use the laser to capture samples from injured areas and compare these to samples from healthy areas. MSI has enormous potential for helping to understand biochemical pathways in the heart but has never been systematically applied to heart tissue before.

Kate Bratt-Farrar, Chief Executive of Heart Research UK, said: “We’re very happy to be able to award one of our Novel and Emerging Technologies Grants to Professor Gray and her team.

“This project will generate novel MSI data from heart tissue which will provide vital information on how the drug affects the heart, and we’re proud to be a part of it.”

You can read more about and apply for Heart Research UK’s Research Grants here.

CityFibre partners with the University of Edinburgh to encourage learners to pursue careers in data science

CityFibre, the UK’s largest independent full fibre network, has teamed up with the Data Education in Schools project at the University of Edinburgh to create a learning tool that helps school pupils develop skills in data science.

Data Education in Schools is part of the DDI Skills Gateway – a £6.9m investment in data skills and education as part of the Edinburgh and South East Scotland City Region Deal. CityFibre’s support of the project comes as it is investing more than £100m to bring its full fibre network to within reach of almost every home and business across the city.

The project supports the SQA’s Data Science National Progression Award (NPA), a school level qualification in data science, which is the first of its kind. CityFibre provided a data set and problem statement which has been developed into an end-to-end example activity, guiding users through the steps of solving a real-world business problem using data.

This allows students to get practical data science experience and develop an understanding of how data is used in society, whilst highlighting the benefits in applying a data solution to a business problem. It has been designed in such a way that it can be done virtually if required, ensuring the programme is accessible to all. It also includes the flexibility so that the business question can be changed and different outputs developed.

The programme has now been successfully trialled in schools, with one school reporting three senior pupils deciding to study data science at university on the back of completing the NPA. Teaching resources are now being developed with the programme being rolled out across the UK.

Elaine Doherty, Head of Data Insights at CityFibre, said: “As soon as we heard about the NPA Data Science award and its potential to encourage the next generation to get involved in data science, we really wanted to support the project.

“Across our world-class full fibre networks, we handle massive amounts of data and can see the value of managing data well, and the massive benefits data can bring to businesses.

“The skills required to handle data effectively are transferrable across a number of different sectors, and these skills are becoming more and more sought after in an increasingly digital workforce. We are thrilled to see how our partnership has developed into such an engaging tool and hope it helps to encourage the next generation of data scientists.”

Kate Farrell, Director of Development and Professional Learning, Data Education in Schools at the University of Edinburgh, added: “Schools have found it so valuable having access to a local dataset.

“Educators have appreciated seeing how data science can take place in the workplace and learners find it useful to see that the skills they are learning in class can be applied in the workplace.

“The CityFibre resource is particularly welcomed by educators because it gives learners an understanding of the assessment for the National Progression Award in Data Science and a chance to practice their skills.”

CityFibre is currently rolling out full fibre digital infrastructure across Edinburgh, future-proofing the city’s connectivity and enabling residents, businesses and services to benefit from fast, reliable internet services.

Across the UK, CityFibre is already working with Vodafone, TalkTalk, Zen and an ever-increasing number of partners, offering some of the fastest and most competitive broadband packages available.

Residents interested in giving their home broadband a boost can find out more about the build and register their interest at www.cityfibre.com/PR-Register

For more information about the University of Edinburgh’s Data Science National Progression Award, visit https://www.de.ed.ac.uk/project/national-progression-award-data-science.

Ventures selected for University entrepreneur incubator programme

20 innovative start-ups have been selected for a University of Edinburgh incubator programme aimed at developing and commercialising academic entrepreneurship.  

The Venture Builder Incubator 2.0, part of the Data-Driven Entrepreneur Programme, is supported by Edinburgh Innovations, the University’s commercialisation service. The incubator is delivered by the Bayes Centre on behalf of the University’s five Data-Driven Innovation Hubs. 

The start-ups selected for the incubator include eight companies operating projects in the field of cancer. This follows a new partnership, announced in September, between the University of Edinburgh and Cancer Research UK to support PhD students and researchers in developing and accelerating commercialisation of ideas aimed at combating cancer.  

The cancer-focused ventures include NanoTara, which is exploring a method for early cancer diagnosis using magnetic nanorobots; 10zyme, a start-up devising a simple method of detecting cancers through urine or saliva samples; and ForceBiology, developers of a versatile, more accurate and cost-effective high throughput drug-screening platform for cancer.  

This year’s programme also includes innovative Edinburgh start-ups in a range of other sectors including Quas, a healthy, plant-based non-alcoholic beverage. Also selected are Zoforia Technologies, developers of an online wellbeing platform for children; Amitabha, an efficient and accurate AI-driven conveyancing solution; and Robocean, a subsea robot that can plant seagrass 30 times faster and significantly cheaper than other methods.  

Other participating ventures are: Amytis Labs, Cexal, EVA Biosystems, FastMedCare, Flimology, Insilico, Janus, Onboard.ID, Outfit of Tomorrow, Oxford Onco-Therapeutics, Sentinal4D, Therapev, and Whimsylabs.  

The Venture Builder Incubator is designed to help fledgling entrepreneurs build their skills and take their businesses to the next level.  

The start-ups in this year’s cohort were chosen after an application process which includes PhD students and post doctorates from University of Edinburgh or Heriot-Watt University, as well as research staff focused on cancer-related projects from across the UK. 

Each venture is provided with £2,000 and business support through a series of workshops, networking events, mentoring, peer to peer learnings and access to the University of Edinburgh’s entrepreneurial ecosystem and its data expertise.  

The Venture Builder Incubator, funded through the Data Driven Innovation programme of the Edinburgh and South East Scotland City Region Deal, forms part of the ambitious Data-Driven Entrepreneurship Beacon Programme at the University of Edinburgh to support post-COVID recovery.  

The delivery of the programme is supported by Edinburgh-based strategic design consultancy Nile, Scale Space and edventure, a pan-European university venture builder and accelerator, launched in 2020 by three Edinburgh students. 

The Incubator has also formed a partnership with FinTech Scotland to leverage its network to support entrepreneurs. 

Charlotte Waugh, Enterprise and Innovation Programme Lead at Edinburgh Innovations, said: “We are delighted to welcome some of the most promising entrepreneurial students in Edinburgh along with leading academic researchers from other parts of the UK to participate in Venture Builder Incubator 2.0.

“The programme features 20 companies that have been engaged in academic research to address some of the world’s major challenges including the climate emergency, health and wellbeing, children’s mental health, and financial security.  

“We look forward to supporting these ventures, helping commercialise their ideas to transform them into world-leading businesses. This programme further builds on our ambition to establish Edinburgh as the Data Capital of Europe.”   

Laura Bernal, Venture Builder Incubator Programme Manager, said: “We’re delighted to welcome all our new cohorts including the eight start-up companies recruited in partnership with Cancer Research UK (CRUK), with ideas to transform the way we treat cancer.  

“These companies are focused on developing early diagnosis tools and less invasive testing to enable better and quicker treatments and improved outcomes for cancer patients.” 

The George unlocks our capital’s hidden histories in partnership with the University of Edinburgh

InterContinental Edinburgh The George has commissioned historians from the University of Edinburgh to explore the hidden stories behind the iconic building and local area.

The tour is part of InterContinental Hotels & Resorts 75th anniversary celebrations, in which the world’s largest luxury hotel brand marks special moments that have taken place within the walls of its’ hotels across the world and looks forward to continuing its journey of innovation in the luxury travel space.

To share these stories, InterContinental Edinburgh The George has partnered with VoiceMap to develop an exclusive audio walking tour guide for guests and visitors to the city. Developed and narrated by Dr Esther Mijers and Professor Ewen Cameron, historians from the University of Edinburgh, the tour unlocks Edinburgh’s hidden history, showcasing the lesser-known stories of city.

Starting at InterContinental Edinburgh The George, the audio tour tells the lesser known stories behind the renowned hotel. During the 19th Century the hotel was a collection of five prestigious townhouses and home to the well-known Ferrier family, who boast a historical connection to Scotland’s literature scene.

Sir Walter Scott and Robert Burns were frequent guests, while their daughter and novelist, Susan Ferrier – commonly referred to as ‘Scotland’s Jane Austen’ – was somewhat of an unsung hero in Scottish literature.

Guests are then guided to seven other locations across the city including:

  • 17 Heriot Row, the home of one of Scotland’s most famous writers, Robert Louis Stevenson – author of Treasure Island.
  • Edinburgh Academy Senior School, a school that exemplified the very best of a structured education for the youth of the ever-growing New Town of Edinburgh and has since produced notable alumni.
  • St Andrew Square, where James Craig’s plans to build a church, dedicated to patron Saint Andrew were foiled by Lawrence Dundas. The church was instead built on George Street itself, right next door to InterContinental Edinburgh The George.
  • St James Quarter, to uncover the origins of the original site – St James Square.
  • Old College, University of Edinburgh, the site where the mysterious murder of Lord Darnley, the unpopular second husband of Mary Queen of Scots, took place in February 1567.
  • The Old Medical School, to reveal the story of The Edinburgh Seven – pioneers of women’s education in the UK whose trailblazing campaign prompted a change in the law that allowed women to study medicine in the UK.
  • George Square, to tell the tale of its’ notable residents including Sir Walter Scott who, whilst living there, was working furiously to pay off the debts acquired from the collapse of his publisher, Ballantynes, of which he was a partner.

Kieran Quinn, Hotel General Manager InterContinental Edinburgh, The George said: “It is hugely exciting to be launching our own unique Hidden Histories walking tour in collaboration with the University of Edinburgh.

“Forming part of our celebration of 75 years of InterContinental Hotels & Resorts, it is a brilliant way to indulge in the nostalgia of the city and the perfect activity for our guests and likeminded explorers while staying here in Edinburgh.

“This walking tour is a celebration of the rich heritage within the city of Edinburgh, our iconic hotel and the exclusive experiences we can offer to our guests both from the UK and across the globe.”

Professor Ewen Cameron, the University of Edinburgh said: “It has been brilliant to have been involved in developing this audio walking tour for the guests of InterContinental Edinburgh The George.

“It is important that we continue to highlight and tell the stories that lie hidden within the walls of the city of Edinburgh, and this walking tour does just that.”

Guests of InterContinental Edinburgh The George will be able to enjoy the walking tour, by booking the Hidden Histories package, inclusive of a luxurious picnic hamper, or by obtaining a voucher code from the hotel concierge team.

As part of the celebration of its’ history and heritage and the brand’s 75th Anniversary InterContinental Edinburgh The George will also be serving up the limited-edition InterContinental75 cocktail.

InterContinental Hotels & Resorts have reimagined the well-loved classic, French 75 to celebrate this milestone year, with partners Piper-Heidsieck Champagne and the artisanal hand-crafted Botanist Islay Dry Gin, distilled on the Scottish Isle of Islay.

For more information about the InterContinental Edinburgh The George visit:

https://edinburgh.intercontinental.com/.