PANMURE HOUSE PERSPECTIVES Developing tomorrow’s business leaders for tomorrow’s markets ISSUE 1 AUTUMN 2017 [ OUR WORLD IN A WHIRL ] RADICAL INNOVATIONis the only way to bring the joy of life to billions more on our planet. Professor Richard Williams explores. DWELLING ON THE MATERNITY SELAMAT HONG KONG’S SPIRIT OF SMITH: MATTERS: PAGI: VETERAN BANKER The regeneration of an iconic address Improving health care in Afghanistan A Malayasian campus welcome Exclusive interview with Sir David Li THE BUSINESS JOURNAL OF EDINBURGH BUSINESS SCHOOL, HERIOT-WATT UNIVERSITY Welcome Why Panmure House contents ___________ Autumn 2017 MASTER OF HIS DESTINY Entrepreneur Gordon McKie talks about Cashmaster, Perspectives? his global business based in Fife. ____ p4 AN INTRODUCTION FROM PROFESSOR HEATHER MCGREGOR DWELLING ON THE SPIRIT OF SMITH Kenny Kemp takes a guided tour of Panmure House The very foundation of our university in Edinburgh with Martin Sinclair, project director. ____ p6 can be traced back to similarly close relationships ADAM’S MOTHER between academia, industry and innovation. Benny Higgins, the chairman of the National Gallery of Scotland trustees, in praise of mothers. ____ p9 In the year that we have been recognised as ECONOMICS WITH THE TRUTH the Sunday Times International University of the Professor Neil Kay examines the timeless lessons of W Year, there can be no doubt that Panmure House an 18th-century genius. ____ p11 elcome to the first edition of Panmure House will continue to feature as a fiercely international WHAT’S ON MY READING LIST Perspectives, the new international business venue for discourse about the social and economic Dr Lina Fadel describes an eclectic range of material journal of Edinburgh Business School, the dimensions of world trade. to keep her brain ticking. ____ p15 graduate school of business of Heriot-Watt THE PANMURE HOUSE PERSPECTIVES University. This journal will appear twice a year, and will INTERVIEW Veteran Asian banker Dr David Li says Panmure House, a residence in Canongate, showcase the best research undertaken by our constant vigilance is essential to survive in business. Edinburgh, was the final home of Adam Smith, doctoral students, as well as interviews with major He speaks exclusively to Professor where he lived from 1778, undertaking the global business figures, and the viewpoints of Heather McGregor, the Edinburgh Business extensive revisions to his famous work, An Inquiry leading academic figures from our own university School Executive Dean. ____ p16 into the Nature and Causes of The Wealth of Nations. and beyond. MAKING POVERTY HISTORY It is also where he died in 1790. We purchased this Dr Kevin Schneider examines a healthcare project iconic house in 2008, and have been working to I am delighted that this launch edition features in Afghanistan and the prospects of ‘Bottom of restore it ever since. It will open in the autumn a major piece by our Principal and Vice-Chancellor, the Pyramid’ economics. ____ p19 Professor Richard Williams, on the need for radical of 2018 and, now that the project is drawing to THREE DEGREES OF COMMITMENT a conclusion, it seems a highly apposite time to innovation, and an exclusive interview with Sir What higher education and Heriot-Watt in particular launch a journal that bears its name. David Li, the CEO and chairman of the Bank of mean to Dr Abdulkader Mostafa. ____ p22 East Asia, reflecting on the economic miracle that THINK SMALL, ACT BIG By the standards of the time, Adam Smith is China. When Panmure House opens in 2018 you Dr Tiffany Bussey examines the importance of leadership in (1723-1790) was both cosmopolitan and well- will be able to come and look out of its windows small, high-growth technology companies. ____ p26 travelled. His teaching tour of Europe gave him and admire the perspective that Adam Smith A PLACE IN THE TROPICAL SUN an international perspective which informed his himself saw from the same standpoint in his library. Professor Mushtak Al-Atabi, CEO and Provost of thinking about enterprise and competitiveness. We’re sure it will be inspirational for many. In Heriot-Watt University in Malaysia, sends warm He also shied away from the ivory tower image of the meantime, I hope that you enjoy reading this greetings from his campus. ____ p29 an academic: maintaining an open and constructive launch issue. NEVER WALK ALONE dialogue with senior figures from the leading The Panmure House Perspective infographic on how organisations of his day. He was one of the towering fans view clubs on social media. ____ p31 figures of the Enlightenment in Europe who questioned the concepts of human morality and interrogated the truth. It seems natural therefore that Heriot-Watt University should become the PROFESSOR HEATHER MCGREGOR custodian of Panmure House. Executive Dean Panmure House Perspectives is a twice-yearly publication Susanne Macleod - Production Editor reflecting on modern global PANMURE HOUSE Kirsty Hay - Editorial Adviser business and the continuing PERSPECTIVES Professor Neil Kay - Editorial Adviser relevance of Adam Smith. Smith’s Developing tomorrow’s business leaders for tomorrow’s markets Adrian Carberry - Editorial Advisor former home – Panmure House, Mary Jane Bennett - Copy Editor near Edinburgh’s Royal Mile – Professor Robert MacIntosh - Chairman of the Editorial Board is being restored by Edinburgh Business School as a place of Professor Heather McGregor - Editor-in-Chief If you would like to know more about forthcoming issues, learning, research, reflection and Kenny Kemp - Chief Writer please contact: Susanne Macleod, Production Editor, Panmure international fellowship. Stuart Martin - Creative Director @ Intrinsic.cc House Perspectives, Edinburgh Business School, Heriot-Watt Stuart Allan - Publication Director University, Edinburgh, EH14 4AS, Scotland, UK. [email protected] ISSUE 1 AUTUMN 2017 2 PANMURE HOUSE PERSPECTIVES ISSUE 1 INTRODUCTION Faced handful with a chronic of multi-campus, shortage of skilled workers multi-cultural universities. for his clock-making business, We still create opportunities for Robert Bryson helped found the world’s those in work to refresh or expand their first mechanics institute in 1821. Initially skills through our online programmes. The running classes in the evening to allow those in work Edinburgh Business School has over 10,000 students to acquire new skills, the ethos of the institution we now studying in over 100 countries. This year, Heriot-Watt call Heriot-Watt University was forged as a place close to welcomed its first ever Graduate Level Apprenticeship industry and where career prospects could be transformed. students, creating a new pathway to higher education for As Heriot-Watt University prepares to celebrate those in work and representing in many ways a two centuries of research and education, it reconnection to our founding mission. seems timely to reflect on the university’s place in the world. We are also reshaping the way in which we deliver our research to address As the first university to win the the challenges facing society. Sunday Times International Few of these challenges can be University of the Year award, it Heriot-Watt’s place addressed by lone researchers is clear that there is something working within the boundaries IN THE distinctive about Heriot-Watt. of traditional disciplines. As Aspects of our mission remain a result, researchers across unchanged. Our desire to both our campuses and our foster close links with industry subject areas are collaborating and to supply skills to the w rld in new ways. From robotics economy is undimmed. Our to energy and from smart belief in the transformative fabrics to financial markets, power of education remains our researchers are delivering unwavering. However, Robert Professor ROBERT MACINTOSH, Head of School of Social solutions that make a difference. Bryson might be surprised at Sciences, Heriot-Watt University, explains why the university has a The excellence of our research other aspects of today’s Heriot- distinctive place as an international place of research and learning. has been recognised in a variety Watt. With campuses in three of ways and we are particularly countries and students in many proud of the impact that our more, the international reach of research has had. the university is striking. Since launching two years ago, the The university sector is changing number of Heriot-Watt students ROB. T BRYSON fast. Pedagogy is moving toward taking up the chance to move between blended forms of collaborative our three campuses via the Go Global EDINBURGH learning, the role of the lecture is programme has grown rapidly. From our being challenged, the nature of our deep Scottish roots, a genuinely international student community is changing and private university is emerging. provision is on the increase. In an increasingly diverse and global higher-education landscape, Heriot- Originally, our student community was restricted to those Watt is well positioned to take advantage of the living in and around Edinburgh. Today, we comprise a opportunities that our status as a multi-campus, vibrant and diverse community of students and multi-cultural, industry-linked university staff. The globalisation of higher education creates. As we approach our 200th birthday, means that many other universities also we are already thinking about the welcome international students. next 200 years. But Heriot-Watt is one Robert Bryson (1778-1852) of only a was a famed Edinburgh clock maker. In 1804, he designed the rolling ball clock. Instead of a pendulum, this clock used a rolling ball to provide the timekeeping mechanism, which is on display in the National Museum of Scotland. ISSUE 1 PANMURE HOUSE PERSPECTIVES 3 ALUMNI INTERVIEW Be a MASTEROF YOUR OWN DESTINY Scottish entrepreneur and Heriot-Watt University graduate GORDON MCKIE has been spending time in Asia winning customers for his count-by-weight cash machines. He speaks to Kenny Kemp. " ash is king” is the familiar adage in every Our technical team in Scotland are spending C business.