Tech nothing for granted – How a new kind of scholarship creates an opportunity for industries to deliver on diversity

by Kathryn Pierce – Founder, Somewhere EDI CIC

Within the UK, Scotland is uniquely placed in terms of diversity, as it is a world leader in LGBT+ rights. It is the only country in the world to have LGBTI-inclusive education embedded in the curriculum, and second only to Malta in terms of the legal rights and freedoms afforded to its LGBT+ communities. As a relative newcomer to Scotland – moving from England in 2017 – I believe this celebration of difference is something that Scotland should be very proud of, and while there is still plenty of work to be done for specific marginalised communities such as my own, the momentum of Scotland’s progressive reputation stands it is good stead for future investment and growth.

However, reading about the top 23 LGBTQ+ people in tech last month, and feeling even more inspired by the work of these US LGBT tech groups, I wondered how long it would be until LGBT+ tech becomes more visible in Scotland. Creating LGBT+ visibility in such industries, who struggle with poor gender balance, can be a real uphill battle, and we know that active diversity initiatives are vital for disrupting established norms which either discourage more diverse communities from entering the industry, and/or influence unconscious biases which also serve to keep true diversity out.

So if existing organisations are struggling to deliver on diversity, what does that mean for the minority entrepreneurs? The thinkers, the innovators, the LGBT+ tech and fintech people who want to set up on their own, or who have an idea that needs supporting through partnership, sponsorship or collaboration, through connective organisations like Fintech Scotland? It’s known that only 1% of all enterprise investment goes to women-led enterprises, so how do LGBT+ people fare? And what about intersectional communities, such as lesbian, trans and/or bisexual women in fintech? The continuing global success of Lesbians Who Tech shows there is indeed an overlooked community.

Given how little academic research has been carried out in the UK into LGBT+ entrepreneurship, as part of my recent Master of Enterprise (MEnt) postgraduate degree, I decided to focus on the experiences ofa diverse group of LGBT+ entrepreneurs to understand their challenges and motivations.My research study (which forms the basis for a new book to be published by Emerald), revealed first-hand the tensions and difficulties in reconciling a mainstream business world with an authentic LGBT+ identity. It also revealed a lack of LGBT+ entrepreneurial role models, a lack of community-specific enterprise support for LGBT+ people wanting to start their own businesses, and a stark difference in the career-based experiences for entrepreneurs with career histories in the public sector (positive) versus the private sector (negative).

My findings, while small-scale, were enough to create a case for approaching a project partner to design and deliver a new way of disrupting the inherent homophobia in business and enterprise.Through Louise Arnold at Interface, through my social enterprise, Somewhere EDI Community Interest Company, was introduced to the University of Edinburgh Business School MBA team, and together we devised a way to both support minority entrepreneurship as a viable career choice, but also, and crucially, to acknowledge the barriers LGBT+ business people face every day and to actively disrupt those, especially given 62% of graduates go back into the closet when they leave university and start work.

The result is a first for Scotland, the new ‘Somewhere EDI’ MBA LGBT+ Scholarship, launched by The Princess Royal in February, as part of the University of Edinburgh Business School centenary celebrations and to mark 50 years since the founding of the global LGBT+ rights movement. This flagship programme is a game changer, given that a fifth of all MBA students choose to embark on venture creation. The scholarship is named after my social enterprise in recognition of my research, but also because we are working in partnership with the University, providing recruitment and promotion assistance, and most importantly, mentorship of the chosen candidate. This type of project is the first home-grown initiative of its kind, supporting all UK, EU and international students identifying as lesbian, gay, bisexual, transgender, queer and intersex (LGBT+) or as LGBT+ community allies.

The Somewhere EDI MBA LGBT+ Scholarshippublicly acknowledges the value of collaborating with authentic community organisations, and in facing the reality of ongoing discrimination against LGBT+ people, bold and innovative projects like this mean that little by little, LGBT+ people can begin to bring their whole selves to work, living and working authentically, enjoying the freedom to be themselves and, especially in the case of entrepreneurs, to be the agents of their own destiny.

I sincerely hope that by stepping into a new collaborative space between university, community organisation, business and entrepreneur, that we can open up many new industries to visible inclusion of minority people, who value their difference and understand it as an opportunity, rather than an add-on.

Applications for the scholarships are now open, and candidates have until 10th May to apply.For the Somewhere EDI MBA LGBT+ Scholarship application details, visit the University of Edinburgh Business School.

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Extra notes:

Kathryn Pierce is Founder of Somewhere EDI,a new LGBT+ culture and enterprise hub created in Scotland in 2018, after a successful “Somewhere MCR” Manchester prototype as part of her MEnt degree.

Kathryn also works in higher education in Learning Support, and over seven years has supported nearly 100 students one-to-one across a wide range of academic disciplines, in seven different UK universities, including the Open University. She also volunteers as an Enterprise E-Mentor for The Prince’s Trust.

Social media: @SomewhereEDI, #SomewhereMBA

Actuaries, are you prepared for the future?

Photo by rawpixel.com from Pexels

Barry Shannon, Senior Risk Manager at Standard Life and member of the Scottish Board of the IFoA, asks whether the profession is prepared for the financial future.

The role of an actuary has often been described as “to make financial sense of the future”. As individuals, we might tend to focus on the “financial sense” aspect of our role.  But how prepared are we for the future?  The rapidly evolving fields of Data Science, Artificial Intelligence and Financial Technology (FinTech) are expanding technological boundaries at a fast pace and offer exciting opportunities for the profession.

Whether we like it or not, we ”“ and anyone with a smartphone ”“ are all part of the recent boom in data gathering that will form the building blocks of future developments.  To take full advantage of the future we should be prepared to embrace these emerging fields.

Preparing the profession for the future

The IFoA has been encouraging members to engage with the future through a number of working parties and initiatives, like the Risk Management in a Digital World working party.  This working party was established to form views and recommendations to assist actuarial practitioners in risk management considerations relating to operating in a digital world and has delivered initial findings at IFoA conferences throughout 2018.

The IFoA has also been addressing the emergent field of Data Science, with the 2017 Autumn Lecture exploring Data Science and its potential for Actuaries.  The IFoA will host its first ever virtual conference exploring Data Science: Opportunities for Actuaries in Spring 2019.

Focus on FinTech

FinTech is an emerging industry that uses new technology to enhance activities in finance and aims to compete with traditional financial methods in the delivery of financial services in the future.  The FinTech sector is growing fast and there are now more than 80 FinTech focused small and medium-sized enterprises (SMEs) based in Scotland alone, according to FinTech Scotland (a joint initiative by a number of financial services firms, the University of Edinburgh and the Scottish Government).

Why ”˜adopt’ a MSc Data Lab Student?

Article written by Bethany Rodgers-Rintoul, Delivery Lead at the MBN Academy part of MBN Solutions. MBN are one of the UK’s leading Recruitment/Talent Solutions organisations with a focus on the Data space.

If you follow MBN or The Data Lab, you’ve probably heard a lot of noise recently about The Data Lab’s MSc. Placement Programme ”¦but what really is this Programme? Why do companies take part? And most importantly, how will it benefit my organisation?

What is this Programme?

Essentially, The Data Lab’s MSc. Placement Programmeis a 10-12-week paid internship where current MSc. Data students are paired with companies across several industries and locations in Scotland. This year, we are tasked with placing around 100 students who come from 11 Universities from Aberdeen to Glasgow and everywhere in-between. These students are all funded by the Data Lab and are roughly ¾ of the way through their post graduate studies. They have the full support of the Data Lab and their University and can utilise resources from both.

How it’s organised

MBN, the Data Lab’s official delivery partners for the Programme, train all funded students in Employability skills, work with organisations to promote understanding of the Programme, help shape a suitable Project and match the most appropriate students to. MBN have been delivering the Programme for 3 years.

5 reasons to get involved:

1. Address The Data Skills Gap in Scotland

The potential Data opportunity in Scotland is huge and the skills needed to take advantage of this are in great demand, but unfortunately in short supply. This Programme aims to create a steady pipeline of talented data individuals who are perfectly equipped with the relevant skills needed to help them build their professional data capability. The Data Lab MSc Programme differs from most other academic courses as it is focused on building applicable domain and soft skills expertise in addition to theoretical understanding. By developing both technical skills and industry gained “non-technical” skills that are essential to becoming a successful data scientist, we hope that these students obtain the perfect balance of hard and soft skills to ensure success in industry.

2. Inclusion and Diversity

Diversity in approach, background and thought is a key driver within most organisations. A student can bring a world of fresh, diverse, new ideas to your company. They can see things from a different point of view, can help to influence decisions from a different perspective and can add value with a wider technological lens. This, along with the added research and support that they have access to, both from their University and the Data Lab, could massively help the development of your company. Often, a fresh set of eyes is all that is needed to solve problems and add innovate insight to your company.

3. Gain technology knowledge

Upskilling staff through professional development/ refresher courses is often a time consuming as well as an expensive exercise. University students have been exposed to the latest technologies and tend to be very tech savvy and up to date with the latest trends. As these students are completing an MSc, they often have the added advantage of maturity which can be used to benefit an organisation. When you add “exposure to the latest tools and technologies” to “grounded maturity” you have a powerful combination. This shared knowledge can help you stay ahead of the curve and beat the competition.

4. A set of helping hands

We’ve all been in this situation before, 1 million things to do and hardly any time to compete any of them. In brief, these students can help reduce the workplace pressure and “get things done”. Even with minimal commercial expertise, an extra set of hands can make all the difference. Also, with so many things to do and so little time, projects which are not high-priority’ are often put out on the back burner and forgotten about. A student can help with these projects, which in turn lightens the workload for others and can produce very interesting results.

5. A chance to give back

These students are at the start of their data careers, this internship will mark the commencement of their practical’ experience. This is a huge and sometimes daunting step for these students, so helping them to establish themselves in the working world of data is a huge deal! We are all where we are today because of people who have coached and mentored us. Now, is it time to repay the favour? When you create an opportunity for a student, you are helping to prepare the next wave of Scotland’s Data Talent.

If this sounds like something that could interest you – please get in touch by dropping me a line at:

academy@mbnsolutions.com

I’d be happy to talk you through this amazing initiative!