$75,000 prize inspired by 18th century Scots economist attracts global entries

Heriot-Watt University

 

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Panmure House in Edinburgh, the former home of 18th century Scots economist and philosopher Adam Smith.

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Credit: Panmure House

A Scottish $75,000 prize for “radical innovation” has shortlisted four academics from around the world.

Named after Panmure House, the former Edinburgh home of 18th century Scots economist and philosopher Adam Smith, the Panmure House Prize rewards groundbreaking research that contributes to advancing long-term thinking and innovation.

After a record number of entries for the 2024 prize, its fourth year, the judges have drawn up a shortlist of four submissions from the United States, Spain and Israel.

“This year has been particularly exciting because we've seen a notable increase in applications,” said Professor Adam Dixon, Adam Smith Chair in Sustainable Capitalism at Panmure House. “The reason the Panmure House Prize is so special is that it looks at real interdisciplinary thinking. It's about crossing the borders, not sticking exclusively to one discipline, like economics. Thinking across intellectual domains and schools of thought was a hallmark of Adam Smith’s approach. And through our prize, we’re looking for research that mirrors this approach and that could deliver real benefit to governments, businesses, academic institutions and economies.”

The four shortlisted academics for the Panmure House Prize, which is one of the largest academic prizes offered in the UK, are Professor Kirk Doran, Professor Michela Giorcelli, Dr Moran Lazar and Dr Ivanka Visnjic.

Kirk Doran is an Associate Professor of Economics at the University of Notre Dame in Indiana in the United States.

His research shows that deep collaboration between rival innovators is the only way to grow economies.

“It is not enough to better educate our workforce or even produce more entrepreneurs, scientists, and inventors,” he said. “Such efforts could not possibly produce long run economic growth unless these individuals enter periods of deep collaboration with each other in the joint production of knowledge.”

Professor Doran said his research exemplifies the interdisciplinary approach Adam Smith used to understand growth.

“I feel honoured and privileged to be shortlisted for the Panmure House Prize,” he said. “Adam Smith has been an inspiration to me since the first time I began studying social structures and the economy as an undergraduate.”

Michela Giorcelli is an Associate Professor in the Department of Economics at the University of California, Los Angeles (UCLA).

Her research compares how ‘hard’ technologies – like new machinery and equipment – and ‘soft’ technologies – management practices, systems and people – impact innovation and productivity in a company.

World War II is an example she explores in published research, where an increasing number of war-related orders led to more investment in research and development, and the training of huge numbers of new workers to replace those who had gone to war.

“World War II spurred the adoption of managerial practices by US companies, which, in turn, improved their productivity and innovation for at least a decade,” Professor Giorcelli said. “Management also had positive spillovers on related firms and other countries, especially Europe, where such practices were exported in the war aftermath. By contrast, the diffusion of new machinery and equipment had a more limited and short-lived impact on firm outcomes.”

Professor Giorcelli said she felt “incredibly honoured” to be shortlisted for the Panmure House Prize.

Dr Moran Lazar is a Senior Lecturer (Assistant Professor) at the Coller School of Management in Tel Aviv University in Israel.

Her research explores on a ‘micro’ level how new ideas and entrepreneurial teams are created and what makes them successful. Dr Lazar’s research involves collaborating with companies, innovation hubs and entrepreneurial programs to gather insights from real-world settings.

“I focus on key questions related to how, when, and why creative ideas are generated, as well as how, when, and why creators, entrepreneurs, employees, and managers implement them successfully,” she explained. “The application of my research lies in its potential to directly impact real-world entrepreneurial endeavours and address pressing challenges in early-stage innovation processes.”

Dr Lazar added: “It is incredibly validating to have my research recognized by such a prestigious award, especially one that embodies interdisciplinary spirit.”

Dr Ivanka Visnjic is a Professor of Innovation at Esade Business School in Barcelona, Spain, where she leads the Operations, Innovation, and Data Sciences Department.

Her research focuses on helping large industrial companies successfully transition to more sustainable and innovative business models.

“As the world faces mounting environmental challenges, it's imperative that industry plays a leading role in developing sustainable solutions,” she said. “For instance, my collaboration with Enel, an Italian energy firm, demonstrated how green tech, digital tools and innovative practices can drive sustainability in the energy sector.”

Dr Visnjic’s research includes studying how crises can drive green inventions and how effective startups and corporations are in scaling sustainable innovations. She also explores business model changes that help corporations to pursue sustainability.

“Being shortlisted for the Panmure House Prize is an immense honour and a deeply gratifying recognition of my work in innovation and business model transformation,” Dr Visnjic said.

Entrants to the Panmure House Prize undergo a rigorous selection process, overseen by a distinguished panel of judges comprising leading scholars and practitioners in the field of economics, business and policy.

Each is evaluated based on their originality, scholarly rigour, potential impact, and relevance to contemporary economic and societal discourse.

Administered in partnership with FCLTGlobal, a non-profit organisation that promotes long-term investing, and supported by investment manager Baillie Gifford, the Panmure House Prize was first opened in 2021.

Prize winners use the award to conduct research from their home institution, working to publicise and publish their findings widely within peer-reviewed journals, national and international press, as well as curating first-look updates and interactive sessions on the Panmure House website.

This year’s Prize Winner will be announced in Autumn of 2024.

For more information about the Panmure House Prize, including submission guidelines and key dates, please visit the website.

About Panmure House

Panmure House was originally built in 1691 and was the home of Scottish Enlightenment economist Adam Smith from 1778 to his death in 1790. It is now part of Edinburgh Business School, the business school of Heriot-Watt University in Edinburgh.

Edinburgh Business School and Heriot-Watt University rescued Panmure House from dereliction in 2008 and invested £5.6 million over 10 years restoring it.

Panmure House now hosts a year-round programme of events, debates, research projects and education focused on urgent economic, political and philosophical questions in the 21st century.