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Invest Edinburgh Blog...blogging about development, business and topical economic issues.


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  • Malcolm Bateman, the chair of Edinburgh Science Triangle reflects on his role and vision for Edinburgh's science base, Wednesday June 23 2010

    Malcolm Bateman Chair ESTWhat is Edinburgh Science Triangle?

    EST is a partnership project that was originally initiated by the seven science parks based in Edinburgh City Region. It also involves Heriot-Watt and Edinburgh universities; the research institutes of Moredun, Roslin and NHS Lothian and the four local authorities. Scottish Enterprise has provided considerable support. The principle goals are to promote Edinburgh City Region to technology companies as an attractive place to live and work; to encourage collaboration amongst companies and the scientists based here and to promote awareness of the science parks as outstanding places to grow business – especially early stage, science-based companies.

    What has impressed you most so far?

    There's a tremendous amount of scientific talent, know-how and capability here in the life sciences, electronics, software and energy sectors. That's the starting point - we have the basic raw material here. The other thing is the variety and diversity of offering available from the different science parks. There is support here for any business, regardless of its size. There's a lot of negativity in the UK about the recession and government debt, but I think there's a genuinely good buzz here about what's happening and what's possible.

    What did you do before?

    Professionally I am an accountant who has worked in the automotive and pharma sectors, in a variety of financial roles. Latterly I moved into general management and was managing director of Continental Tyres based at Newbridge. When that facility was closed down and the work moved abroad I took early retirement but began working with early stage companies. I am currently chief executive of the Roslin Foundation and in that role I am also CEO of the Roslin BioCentre and hold directorships with our other subsidiary companies, including two in Scotland’s emerging stem cell sector. I am also a director of our development company, which is currently building a new £60m animal bioscience research facility for The Roslin Institute at Easter Bush.

    What is your role and vision?

    My role is to represent the various stakeholders as best I can and to support Barry Shafe (EST Project Director) and his team in delivering EST's aims and objectives. My vision is to help bring on board new emerging technology companies and for them to eventually to become significant players on the international stage. That's a challenge but one I relish coming from a business background. Edinburgh has a fantastic reputation internationally for scientific research and education. With that talent and capacity in place, we have a great opportunity  to develop and grow Scotland’s economy on the back new technology based companies.

    Learn more about the science and technology sector around Edinburgh and the science parks at the Edinburgh Science Triangle website

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  • Edinburgh one of the UK's best locations for investing in commercial property according to James Thomson, DTZ Director., Tuesday June 15 2010

    DTZ JamesEdinburgh is one of the UK's best locations for investing in commercial property, according to the 36th annual 'Money into Property' report from global consultancy DTZ. James Thomson, Director of DTZ in Edinburgh, explains more...

    What is this report and what does it say about Edinburgh?

    Money into Property is a very long-running piece of research that maps the movement of money through the top 25 global office markets. The primary intention is to establish who has invested and where, so we can help advise our clients where they should invest their money. Edinburgh is one of a handful of UK centres identified as a place to invest in property this year. We have ranked it as a 'warm' proposition for prospective investors, meaning property values are on average below what would be considered fair value, so presenting a buying opportunity. London is the only UK city with a 'hot' rating.

    What are the drivers?

    There is a shortage of premium city centre space in Edinburgh and very little development going on. You simply can't borrow the money to develop and it's very hard to make the equations stack up. That means the supply of property will drop. Occupier demand for property is currently low, but tends to recover more quickly where there is a shortage of supply.  Investment values prosper in high demand locations.

    What does this mean for investors?

    The message for investors is that there is strength coming back into the market across the UK. Last year's report was very gloomy. The property market was in reverse everywhere. This year there are still a lot of question marks about issues such as bank lending. However there are hotspots, and Edinburgh is one of those. At the end of last year and beginning of this year investor confidence in Edinburgh climbed and we've seen some very aggressive deals done. Those already investing in Edinburgh are doing the right thing if they are buying at the right level.

    How do you predict Edinburgh will perform over the next year?

    I think that over the next 12 months the occupier market will remain relatively subdued, but the investment market will remain steady, and we will start to see the first signs of selective development activity in specific sectors.

    Read the reports from DTZ:

    Money into Property 2010 Global

    Money into Property 2010 UK

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  • Edinburgh named the UK's most competitive large city - Greg Ward comments..., Tuesday April 27 2010

    Greg Ward

    Edinburgh has just been named the UK's most competitive large city in the 2010 UK Competitiveness Index. Greg Ward, Edinburgh's Head of Economic Development, discusses what competitiveness means for the Inspiring Capital.

    What does this award mean for Edinburgh?

    It's fantastic news for Edinburgh, but it's also good for Scotland, because the Edinburgh City Region can help to drive forward its own economy as well as boosting productivity over a wider area.  Of course, so much of the power of Edinburgh rests in its interdependence with the rest of the region and with other cities including Glasgow.  It is the inter-relationship in terms of supply chains, commuters and the knowledge base across the region that allows Edinburgh to compete at such a high level.  So we see this award as being a reflection of the strength of the whole region from the Borders to Fife and from the Forth Valley to East Lothian.  And, as a region, we possess a number of assets such as the Science Triangle in West and Midlothian, which sits mainly outside the city limits, but which is vital to our ability to hold our own in the world.

    Why is Edinburgh able to compete on such an international scale?

    As I say, it really is about the assets that the city region as a whole possesses - the knowledge base, the talent that Edinburgh attracts and, more importantly, retains. And of course, the sectors; finance, life sciences, creative industries, tourism, science and technology.  These all combine to create a city region which also has a very high quality of life.  We attract a lot of international interest and enjoy a strong international brand. For instance, 80% of the research conducted by the universities in Edinburgh is internationally recognised. These are the qualities, combined with good connectivity in terms of both air and land, that allow us to compete on a par with other city regions in Europe and the rest of the world.

    What does the new award mean for inward investors and existing businesses?

    It recognises that Edinburgh is a great place to locate and grow a business.  Interestingly, more FTSE 100 companies are based in the city than there are anywhere else except London and we owe much to Scottish Development International for their help in making this so.  For indigenous businesses in the city, there is a combination of new and growing support through Scottish Enterprise and the Business Gateway.  The national and city support has been supplemented over the last few months with more assistance for high growth companies which seek new international markets through the Edinburgh Chamber of Commerce.   This last area is really important because companies that export have higher levels of productivity than those that don't. Also, the borders between inward investment and exporting are becoming increasingly blurred. Companies selling and expanding overseas are also bringing investment back home. That process is critical to boosting productivity and growth across the UK and city regions like Edinburgh will play an increasingly important role in that dynamic.

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  • Green shoots of recovery in the Inspiring Capital, as Spring takes root.., Tuesday April 06 2010

    Dave Anderson Dave Anderson, Edinburgh's Director of City Development, sees green shoots of recovery in the Inspiring Capital, as Spring takes root...

    It may be too early to state, definitively, that we are emerging from the recession.  However, the anecdotal evidence in Edinburgh is pretty encouraging.

    The Council’s Planning Service has seen a significant growth in pre-application discussions for a number of large developments.

    The pipeline of future developments includes several publicly funded projects such as the new Royal Sick Children’s Hospital at the Edinburgh BioQuarter - capital value £144m.  The £60m Scottish Centre for Regenerative Medicine at the BioQuarter is now well under construction and proposals for a £24m Biomedical incubator will advance to planning this summer.

    Driving ahead

    On the transport front, the £545m investment in the first phase of the city’s tram network will shortly be supplemented by the £130m proposals for upgrading to Waverley Station, a £30m investment at Haymarket and plans to develop a berth for visiting cruise liners at Leith Harbour.  It’s also good news that passenger growth at Edinburgh airport has stayed strong throughout the recession, with volumes increasing to 9.5m a year, overtaking Birmingham, and hard on the heels of Luton as a  top five UK airport. 

    The proposed inter-modal tram-train interchange at Gogar will come forward for planning approval next month and should make travel to Edinburgh Airport by public transport much easier for residents of Scotland’s central belt.  And with the completion of the Edinburgh Glasgow (rail) Improvement programme by 2016, we’ll see 13 trains per hour running between Scotland’s two largest cities, journey times down to 37 minutes on the fastest services.  The imminent roll out of superfast broadband at two of Edinburgh’s Central telephone exchanges will provide a further boost to the city’s connectivity.

    International pull

    Investor confidence in Edinburgh remains high.  It is no surprise that the city retained its position as FDI magazine’s top small European city of the future for inward investment.  Aside from the expansion of new players such as Tesco Bank and Virgin Money, the £850m proposals by Henderson Global Investors for the city’s new St James Quarter will provide a fantastic boost to Edinburgh’s retail offer.  Meanwhile, the New World theme of this year’s Edinburgh International Festival programme looks certain to continue the city’s tradition as a world-leading centre for the arts and culture.

    As we emerge from the coldest winter in almost 40 years to the first buds of fresh spring growth, it is clear that Edinburgh is well poised for recovery, renewal and the next stage of its journey as Scotland’s Inspiring capital.

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  • Are the trams a good thing for Edinburgh? Colin McLean, Managing Director of SVM Asset Management, discusses..., Tuesday March 23 2010

    How will your own business be affected?Colin McLean SVM Asset Management

    My office is in Princes Street, and some colleagues will use the trams.  Also, many of our clients come in from the airport and could use the new facility.  But, the tram, with fewer stops - and just one on Princes Street - will not be quite as convenient as the bus, which is now a good service.  Whether there is an environmental improvement depends very much on whether the electricity to power the trams will be generated from renewable, or nuclear sources.  The tram project might be delayed, but decisions on future energy supply need to be taken soon.

    For or against?

    When the trams are running, Edinburgh will look more like its European counterparts. But, trams are not what will attract visitors or businesses to the city; we need to recognise what is distinctive about Edinburgh and enhance that.  Unfortunately, the opportunity has not been taken so far to redesign road use.  Many other cities have separated out safe cycle lanes at the same time as installing tram rails.  If the ambitious target for cycle journeys is to be met, the city needs to plan for this.

    What is your view of the current dispute?

    Like many in Edinburgh, I am bemused by the dispute.  The delays seem interminable, and with relatively little public information it is hard to know what to make of it.  However, most understand that the city is spending public money and needs to get a high quality facility. I think everyone accepts that big projects can run late, but if utilities are not on schedule the overall timetable is hard to control. Costs may escalate much further.  Fortunately, when the project is completed, memories of delays usually fade quickly. 

    Debate is open at twitter.com/edinburgh_ and on Facebook at facebook.com/WeLoveEdinburgh

    For more information on 'Trams for Edinburgh' please visit - http://www.edinburghtrams.com/

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  • Creative Edinburgh has designs on boosting the scale and strength of the Inspiring Capital's dynamic creative sector, Tuesday March 16 2010

    How important is creative and cultural enterprise to Edinburgh? Increasingly.

    Creative industries employed 21,000 people in the Inspiring Capital in 2007, ranking the sector third by workforce behind financial services and tourism.

    Growth potential

    The potential for growth is enormous, if key challenges can be addressed. These include lack of tailored business support and shrinking public sector funding for the arts. Fragmentation is another hurdle: micro Creative Edinburgh and Balrmoralbusinesses employing fewer than 50 people account for 97% of Scotland's creative industries sector.

    Creative Edinburgh is being reanimated as a new strategic initiative from The City of Edinburgh Council to boost the sector's scale, strength and economic contribution.

    People, Place and Pound

    Three workstreams are being designed around the themes of People, Place and Pound to develop skills, facilities and funding from both private and public sector sources. The aim is to provide creative and cultural businesses of all sizes and sub-sectors with a lobbying voice, a networking hub and a high-level board representing key stakeholders.

    What's the inspiration? Edinburgh's profound creative and cultural legacy, not least its international reputation as the world's Festival City, the first UNESCO City of Literature and the UK's sixth most creative city.

    With foundations like these to build upon, the Inspiring Capital's future in this sector is bright indeed.

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  • Programmable logic from the Enlightenment to Silicon Glen, Monday March 08 2010

    Xilinx Scotland managing director Colin Carruthers reflects on the benefits of being located in the Inspiring Capital.

    Xilinx, the world’s leading supplier of ‘programmable logic’, recently announced record revenues. The Colin Carruthers - Xilinx Scotlandcompany is based in Silicon Valley, but its research and development hothouse is here, at Edinburgh Technopole. Edinburgh is a great place to attract thinkers. In that respect, you could argue that little has changed since the Enlightenment, when the city's coffee houses were filled with pioneers breaking new ground.

    For Xilinx Scotland, our thinkers are highly skilled engineers developing solutions for next generation programmable logic devices. These are generic computer chips which can be customised by product manufacturers across a range of industries to perform specific functions.

    From Silicon Valley to Silicon Glen

    Our team at Edinburgh Technopole is part of Xilinx's's Intellectual Property Solutions operation and holds 40 patents. That's roughly one per head.

    Being in Edinburgh is key to our success in attracting and retaining talent. Our developers and engineers come from various renowned academic institutions across Scotland, including Edinburgh. We also have a good track record in attracting international talent from Europe, Russia, Canada, India and Australia.

    Edinburgh's culture, natural environment and access to sport and leisure activities are all big pulls.

    Fuelling the Chinese dragon

    For our parent company, access to world-class talent is what drives performance. Xilinx has just posted record quarterly revenues of $513.3m, up 24% on the last quarter and 12% on a year ago. Mushrooming demand from markets like China is fuelling demand.

    Much of that intellectual property is developed here, in Edinburgh. For our team at Xilinx Scotland, it means a growing pipeline of specialised intellectual property developments that will keep us innovating for many years to come.

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  • Building on Edinburgh's modern proposition and commercial strength, Monday March 01 2010

    Alan Johnston is Chair of both Destination Edinburgh Marketing Alliance (DEMA) and the Alan JohnstonEdinburgh Convention Bureau. A scientist by profession, he spent 30 years with Inveresk Research, now Charles River Laboratories, in Edinburgh.

    I've worked with international businesses really throughout my career, particularly in the latter stages. At Inveresk, 80% of our business came from international clients outside the UK, particularly in Continental Europe, North America and Japan.

    When I was visiting these potential clients, all of them had heard of Edinburgh and all wanted to visit, so there was never any resistance to the idea of getting together. They knew about the festivals and something of the city's history, or they were aware of Edinburgh's professional reputation, perhaps through links with The University of Edinburgh Medical School.

    In that way I found the Edinburgh card quite a valuable one in international marketing. It was a real door opener. I was reminded of this the other week when I attended the tenth Scottish Enterprise Annual Life Sciences Dinner.

    The Edinburgh International Conference Centre was filled to capacity with 750 people, mostly from all over Edinburgh International Conference CentreScotland. There were also a lot of visitors, and they remarked on what a community we have here, compared to London, where the network is more disparate and spread out. In Scotland, everyone in business seems to know each other, whether they're from Glasgow, Dundee, Aberdeen or Edinburgh. Perhaps we get together more often than people in bigger cities. There's something about that close business community and welcoming environment that visitors find hugely dynamic and valuable.

    The purpose of Destination Edinburgh Marketing Alliance is to promote credentials like these in a co-ordinated way, through a unified image and messaging. Destination marketing is a fiercely competitive business and Edinburgh is facing growing competition for visitors, inward investment, students and talent attraction.

    Using the Edinburgh Inspiring Capital Brand, Edinburgh can differentiate itself in this increasingly crowded market by drawing on the city’s key strengths as a great place to visit, invest, live, work and study.

    Most people know about our historic beauty and unique heritage. But awareness is still low of our modern proposition and commercial strengths, including our status as one of Europe's top ten locations for science and technology.

    As DEMA's new chair, I am hugely excited about this future potential. Edinburgh already has the building blocks and is beginning to see an upward spiral of success. But we cannot be complacent. To promote most effectively the range of benefits our truly inspiring capital city offers, we absolutely have to join-up our marketing messages, and bring out the real synergies. Of course it's a challenge - but it's also a fantastic opportunity.

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  • Edinburgh: leading Europe into the future, Friday February 19 2010

     

    Councillor Tom Buchanan, Edinburgh's Economic Development Convener, launches our new Invest blog, which will feature comment, debate and market intelligence from business people around Edinburgh.

    Tom Buchanan

    Edinburgh has just picked up a host of impressive silverware in what is arguably Europe's premier league of economic performance.

    To be named Europe's Best Small City of the Future by Financial Times Foreign Direct Investment (fDi) magazine is no small achievement.

    It means a panel of powerful judges placed the 'Inspiring Capital' ahead of 50 other small European cities with populations of between 250,000 and 500,000 - including Zurich, Manchester and The Hague.

    It is the second consecutive year that Edinburgh has collected this award in fDi's influential 2010/11 European Cities & Regions of the Future shortlist. Edinburgh was also named Top Small European City for Economic Potential - a positive sign of the city's resilience and diversity despite the ravages of the global banking crisis and recession.

    This category reflects the strength of Edinburgh's knowledge and investment base and was judged on criteria including GDP growth, number of foreign direct investment projects, research and development activity and employment in knowledge industries.

    In addition, Edinburgh was ranked fourth in the Small European Cities category for Foreign Direct Investment Strategy. It is encouraging that our new approach to inward investment is hitting the mark. A strategic review of activity in this area has led to the creation of the Destination Edinburgh Marketing Alliance to raise Edinburgh's international profile; investment in the Edinburgh Inspiring Capital brand; the formation of new Investor Support and Physical Development teams as part of a three-year action plan for our Foreign Direct Investment Magazine LogoEconomic Development Unit, and a new inward investment partnership between The City of Edinburgh Council, Edinburgh Chamber of Commerce, Edinburgh Science Triangle and Scottish Development International.

    Edinburgh was ranked tenth place overall in the fDi competition, which rated a total of 223 cities and 142 regions across Europe. This was the best position of any small city, putting Edinburgh in the same league as major players with populations of more than 1m, including London, Paris and Moscow.

    This is an awesome performance that recognises Edinburgh's ability to punch above its weight as a world-class investment location.

    In international marketing terms, winning these destination 'Oscars' will help us spread the word about the capital's key strengths - including one of the UK's most highly skilled and qualified workforces and globally significant expertise in cutting-edge disciplines such as enabling technologies, informatics and human  and animal life sciences.

    Foreign Direct Investment World LogoAs confidence returns to the world economy, assets like these are helping Edinburgh to drive Scotland’s future economic growth and lead Europe into the future.

    FDi's shortlist carries a great deal of weight in the world of inward investment and relocation and will help give Edinburgh a real edge with decision-makers. These awards are also testament to you - Edinburgh's business community - and the competitive advantage you give us as an international investment location. We already know that Edinburgh is one of the world's best places to visit, invest, live, work or study in - but to have that verified by such a respected source is a huge boost to the city's confidence.

    Edinburgh also won accolades in four other fDi categories:

    • Top 5 Small Cities for Human Resources - second place
    • Top 10 Northern European Cities - fourth place
    • Top 5 Northern European Cities for Foreign Direct Investment Strategy - fourth place
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