Proposed research into the long-term funding of innovation has yielded the inaugural Panmure House Prize for Rachelle Sampson, associate professor of Logistics, Business and Public Policy at the University of Maryland’s Robert H. Smith School of Business.
The $75,000 prize is administered by the Edinburgh Business School at Heriot-Watt University in partnership with U.S.-based long-term investment consultancy FCLTGlobal and funded by Baillie Gifford. Considered one of the United Kingdom’s largest academic prizes, it recognizes research identifying potential flows of capital to innovation – in hope of finding the next major technological, retail or pharmaceutical up-and-comer.
Sampson is working with a team of researchers on this project including Maryland Smith’s Brent Goldfarb, Cornell University’s Yuan Shi and Rafael Corredoira of Ohio State University. Through analyzing U.S. patents between 1980 and 2017, the researchers seek to reveal how long-term oriented firms with government R&D, stronger scientific orientation, a more centralized organization and greater investment are more likely to produce breakthrough innovations such as Dupont’s nylon or AT&T Bell Labs’ transistor.
Prize finalists are reviewed by a panel of international business leaders and economists, which includes James Anderson, partner at Baillie Gifford, and includes Sir John Kay, former dean of Oxford’s Said Business School; Nitin Nohria, dean of Harvard Business School; and Dominic Barton, global managing partner emeritus at McKinsey & Co and Canadian ambassador to China.
The prize is named after eighteenth-century Scottish economist Adam Smith’s final Edinburgh home. It will award $375,000 over five years for research projects into the long-term funding of innovation in the spirit of the late economist.