NewzIntel.com

Category: Science

  • MIL-OSI Global: How Trump promotes a radical, unscientific theory about sex and gender in the name of opposing ‘gender ideology extremism’

    Source: The Conversation – USA – By Ina Seethaler, Associate Professor and Director of Women’s and Gender Studies, Coastal Carolina University

    Sexual diversity has been documented in every species in the animal kingdom, including among humans. smartboy10/DigitalVision Vectors via Getty Images

    The Trump administration claims to be rooting out “gender ideology extremism” and “restoring biological truth” in the United States.

    In a January 2025 executive order, President Donald Trump decreed that there are only two genders – male and female – and that anyone who believes differently denies “the biological reality of sex.”

    Yet as a gender studies scholar, I know what the science really says about gender and sex.

    Most researchers in my field, as well as those in other disciplines such as sociology and biology, agree that biological sex is vastly more complicated than solely the two variants of male and female. Sexual diversity has been documented among all animals, including humans.

    Trump’s claim otherwise is itself a gender “ideology” – that is, a set of beliefs and values about gender.

    Sex and gender are not the same thing

    Experts in many disciplines have shown how gender is different from sex. Sex refers to bodily attributes such as genitals, hormones and chromosomes; gender is made up of the norms, roles, behaviors and expectations people are supposed to comply with based on the culture and society they live in.

    As such, gender is socially constructed – that is, defined by a community’s beliefs and rituals. In other words, gender does not follow biology. Instead, people have what’s called a “gender identity” – an internal sense of themselves as masculine, feminine or somewhere in-between.

    There are many ways in which gender and sex don’t necessarily line up.

    Among humans, a conservative estimate by the United Nations suggests that up to 1.7% of the world’s population are intersex, meaning their bodies vary from what has been labeled typical combinations of chromosomes, hormones and genitals.

    Intersex rights advocates have long pushed for medical treatment that reflects this fact, rather than common expectations of the human body. Recognition of gender and sex diversity can significantly reduce the stigma and trauma of being an intersex person.

    In the animal kingdom, female spotted hyenas have a penis. Male seahorses get pregnant.

    It took biologists a long time to figure out that some male animals do things that defy socially determined understandings of masculinity. But once they did, groundbreaking insights into the complexity of evolutionary processes have emerged.

    By labeling the concept of gender identity as an “ideology,” the Trump administration has reduced all people – but especially transgender and nonbinary people – to a belief system, ignoring their complex human identities.

    Don’t tell this dad he can’t give birth. A seahorse couple at the New England Acquarium’s 2009 Pregnant Male Seahorse exhibit.
    Matt Stone/MediaNewsGroup/Boston Herald via Getty Images

    What is gender ideology, really?

    Trump’s executive order on gender is itself based on a gender ideology called “biological determinism” – the belief that there are only two genders and that the sex assigned at birth permanently determines one’s role in society.

    This ideology dismisses research and data that document the complexity of human life. This can have serious social consequences.

    Because adherents of biological determinism see sex and gender as one and the same, they generally want to ban puberty blockers, hormone therapy and other gender-affirming health care for trans youth. These are important and sometimes lifesaving treatments; the Trump administration and other adherents of their ideology dismiss them as medical malpractice.

    The executive order also claims that enforcing a rigid male-female divide will keep women and girls safe because bathrooms and domestic violence shelters become dangerous for women when transgender people are allowed to use them.

    Research has consistently debunked this notion. Privacy and safety problems have not increased due to the legal recognition of transgender individuals. There is no evidence that cisgender women – that is, those assigned female at birth – should fear violence committed against them by transgender women.

    Biology is not destiny

    Much of my academic work has focused on how societies rooted in biological determinism tend to be patriarchal. They are designed by men for the benefit of men, and men hold most positions of authority.

    Patriarchal countries, including the U.S., tend to value masculinity over femininity. Political and religious leaders, the media and social norms suggest women are weaker than men, more emotional and better suited for care work. As a result, they portray women as less effective leaders than men.

    Historically, these societies have limited women’s sphere of influence to the household. That, in turn, prevented them from widespread access to, and success in, economic, religious and political leadership positions, just to name a few.

    U.S. feminists in the 1960s and 1970s protested the idea that a person’s body should dictate what they can and cannot do with their life. Back then, patriarchal beliefs restricted women’s participation in sports – they weren’t allowed to run marathons – and jobs, with fields such as practicing law and surgery essentially off-limits.

    Women in the U.S. also lacked full bodily autonomy for much of the 20th century. Access to contraception was limited, and terminating a pregnancy was illegal.

    By the 1980s, women had succeeded in convincing much of U.S. society that they had the same abilities and should enjoy the same rights as men. By the early 2000s, they had made great strides toward attaining equality in education, career choice and reproductive freedom, among others.

    Trans people began making similar progress in the 2010s.

    Moving backward

    As the Trump administration reverts to a simplistic interpretation of sex and gender, public debate on these basic social and political rights is reemerging.

    There is legislation at the state and federal level banning transgender women athletes from participating in sports, bills that would make it a crime to identify as transgender and challenges to women serving in combat roles in the U.S. military.

    Abortion, established as a constitutional right in 1973, had that constitutional protection reversed in 2022. Abortion is now outlawed in 12 states; others severely limit the ability to get the procedure.

    Trump signs the ‘No Men in Women’s Sports’ executive order barring transgender women from women’s sports on Feb. 5, 2025. It was his third order targeting transgender people.
    Andrew Harnik/Getty Images

    To enforce Trump’s “gender ideology” executive order, the Department of Veterans Affairs is phasing out gender-affirming health care. The Centers for Disease Control and Prevention temporarily scrubbed data about women’s health that has been vital in raising public awareness and fueling ongoing research into aspects of women’s health, such as safe forms of contraception.

    The administration’s policies and ideas are ingrained in a gender ideology that predates the feminist movement of the mid-20th century.

    When asked in court during proceedings in lawsuits challenging the constitutionality of Trump’s executive order, lawyers representing the Trump administration have repeatedly failed to define what exactly the administration is referring to with the term “radical gender ideology.”

    One lawyer, when prompted by a judge, replied that he was “loathe to speculate” what the president means by the phrase.

    In my assessment, the administation’s inability to define “gender ideology” is a meaningful signal. The Trump administration is pursuing, in essence, its own gender ideology masked as anti-gender ideology.

    Ina Seethaler serves on the boards of the Palmetto State Abortion Fund and the Family Justice Center of Horry and Georgetown Counties.

    – ref. How Trump promotes a radical, unscientific theory about sex and gender in the name of opposing ‘gender ideology extremism’ – https://theconversation.com/how-trump-promotes-a-radical-unscientific-theory-about-sex-and-gender-in-the-name-of-opposing-gender-ideology-extremism-250552

    MIL OSI – Global Reports –

  • MIL-OSI Global: From cats and dogs to penguins and llamas, treating animals with acupuncture has become mainstream in veterinary medicine

    Source: The Conversation – USA – By Joe Smith, Assistant Professor of Veterinary Medicine, University of Tennessee

    Kevin, a King Charles spaniel, receives acupuncture treatment at a Washington, D.C. animal hospital. Alastair Pike/AFP via Getty Images

    A perentie lizard in Dallas, an African penguin in Boston and an Oberhasli goat in Chicago are just a few recent examples of animals at zoos and aquariums benefiting recently from acupuncture therapy. As acupuncture has gained wide use in human medicine in the U.S., it also has become increasingly common in veterinary practice, especially for pain management.

    The Conversation U.S. interviewed University of Tennessee Assistant Professor of Veterinary Medicine Joe Smith, a specialist in farm animal medicine and veterinary clinical pharmacology, about this trend. He describes acupuncture’s current uses for treating many species, from household dogs and cats to large animals like horses, cows and llamas:

    Is veterinary acupuncture modeled on the traditional Chinese version?

    There are two schools of thought about veterinary acupuncture. The original form of acupuncture, which has been practiced for thousands of years, follows principles of traditional Chinese medicine. It views the patient through a lens of five elements: wood, fire, earth, metal and water.

    Each element is associated with a different type of energy. Practitioners work to maintain balance between those energies, which they believe is essential for a healthy body to function.

    Another approach focuses on anatomical effects on the body. Practitioners place needles to achieve specific effects by stimulating muscles or nerves.

    Both versions of acupuncture can help veterinary patients. They use very small, flexible needles, about two-tenths of a millimeter wide – less than one-hundredth of an inch. The needles are placed at various parts of the body to elicit specific responses from connective tissues, muscles and nerves.

    The needles can be used by themselves, or with low levels of electrical current – a process called electroacupuncture. Both approaches are effective, but research suggests that benefits from electroacupunture last longer.

    Veterinary acupuncturists can treat nearly any animal, from a bear to a porcupine, a dog or a sea turtle.

    What does research show about using acupuncture on animals?

    Acupuncture and electroacupuncture both increase the body’s levels of compounds called endogenous opioids. These are pain-relieving substances that the body produces naturally. They work similarly to pharmaceutical opioids, such as fentanyl and morphine.

    Acupuncture increases these compounds so dramatically that the effect can be reversed with opioid antidotes, such as Narcan.

    Studies in small animal medicine show that using acupuncture can speed up healing from nerve injuries, such as spinal cord damage from herniated disks. This is a condition in which material from the disks in between the vertebra of the spinal cord is damaged, and puts pressure on the spinal cord and other parts of the nervous system.

    Herniated disks can be very painful for animals. A 2023 study found that when dogs with this condition were treated with acupuncture, nearly 80% recovered, compared with 60% of animals whose cases were managed conservatively without acupuncture. Acupuncture can also make other techniques, such as epidural nerve blocks, more effective when both methods are used together.

    Many vets are using acupuncture creatively for other purposes, such as increasing sick animals’ appetites, improving their digestion and accelerating healing from injuries.

    How does your veterinary medicine group use acupuncture?

    Our practice at the University of Tennessee has used acupuncture most extensively to help rehabilitate animals recovering from conditions like radial nerve paralysis and femoral nerve injury. We can use acupuncture to stimulate muscles or to provide pain relief, either by itself or combined with other therapies.

    In our Farm Animal Hospital, we regularly use acupuncture for recumbent or “down” animals. That’s a veterinary term for animals that have been unable to stand for extended periods of time.

    With acupuncture, and occasionally electroacupuncture, we can stimulate muscles and nerves that aren’t functioning normally. This help to prevent atrophy, or wasting and thinning of muscle mass.

    For every day that a large animal is down, its muscles atrophy and fluid builds up around injured limbs or joints. These effects can prolong their recovery, or even make it less likely that they will recover.

    By using acupuncture to stimulate atrophied muscles, veterinarians can start to reverse this process. We have used acupuncture extensively on large animals, including cattle, horses, llamas, alpacas, sheep, goats, pigs and even camels.

    One example is goats that have spinal cord injuries caused by parasite migration – a condition called cerebrospinal nematodiasis, or “meningeal worm.” Worm larvae that normally are parasites of white tail deer infect goats through the animals’ digestive tracts, then migrate to the spinal cord and nervous system. They get lost and die there, causing inflammation that can do significant damage.

    We use acupuncture and electroacupuncture to stimulate the goats’ large and accessory spinal nerves and the muscles in the animals’ legs and backs. This gives the goats more muscle function when the inflammation clears, and we believe it helps reduce their pain.

    We’ve also had good results with acupuncture treatment for llamas and alpacas, which are widely used in Tennessee’s Smokey Mountains to carry tourists’ gear up- and downhill. As large animals like these age, they can develop osteoarthritis, a degenerative joint disease that’s incredibly painful and debilitating for them. Acupuncture and electroacupuncture can help keep them moving.

    Our equine services mainly use acupuncture for rehabilitation, helping horses recover from injuries.

    One advantage of acupuncture and electroacupuncture in large animals is that they don’t have many adverse effects. Drugs can have side effects such as nausea and diarrhea, and may cause potentially serious complications. An acupuncture needle placed by a trained veterinarian has few to no adverse effects when it’s done correctly.

    A crow and an opossum at the Nashville Zoo receive acupuncture treatment for mobility issues.

    Can pet owners be confident if their vet recommends acupuncture?

    If there is a nerve or muscle involved, there is probably a veterinary treatment option using acupuncture or electroacupuncture. New studies regularly add to our understanding of the neurology and biochemistry that underlie these therapies.

    Although we’re still learning, if your vet recommends acupuncture for an aging dog or cat – especially for chronic pain – you can be confident that it’s not a fringe treatment. As long as the person treating your pet is a licensed veterinarian, and is certified by a professional organization like Curacore, Chi University or the American Academy of Veterinary Acupuncture, acupuncture should make your pet more comfortable and improve its quality of life.

    Joe Smith has attended attended Curacore Inc’s Medical Acupuncture for Veterinarians course.

    – ref. From cats and dogs to penguins and llamas, treating animals with acupuncture has become mainstream in veterinary medicine – https://theconversation.com/from-cats-and-dogs-to-penguins-and-llamas-treating-animals-with-acupuncture-has-become-mainstream-in-veterinary-medicine-226451

    MIL OSI – Global Reports –

  • MIL-OSI: QuestionPro and PerformancePoint LLC Partner to Drive Business Transformation with Data-Driven Cultures, Leadership, and Engagement

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 29, 2025 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services, is joining forces with PerformancePoint LLC, a premier consulting firm specializing in culture, leadership and engagement, to revolutionize the way organizations turn insights into action.

    This partnership goes beyond traditional employee engagement surveys and culture assessments—it provides real-time, actionable intelligence that fuels meaningful transformation. By integrating QuestionPro’s advanced employee experience and data management platform with PerformancePoint’s deep expertise in leadership and culture consulting, businesses gain a powerful, end-to-end solution to drive long-term success.

    What makes this partnership different?

    • Beyond Data, Towards Action: Most engagement surveys stop at data collection. This collaboration ensures that insights are not just gathered but translated into sustainable cultural change.
    • Real-Time Decision-Making: Organizations can access live dashboards and predictive analytics to make proactive decisions that improve employee and customer experiences.
    • A Science-Backed, Human-Centered Approach: Combining novel technology with hands-on consulting means companies don’t just react to problems—they prevent them.
    • True Culture Transformation: Instead of surface-level fixes, businesses get a proven methodology to build resilient, high-performing teams.

    “For companies committed to creating and sustaining high–performance cultures, our collaboration with PerformancePoint provides new tools,” said Arti Bedi Pullins, President at QuestionPro. “This partnership ensures organizations don’t just track engagement—they create workplaces where employees thrive and customers stay loyal.”

    “At PerformancePoint, we know that culture isn’t just a buzzword—it’s the backbone of successful businesses,” said Brad Federman, CEO of PerformancePoint LLC. “With QuestionPro’s technology and our consulting expertise, we help companies unlock the full potential of their people, transforming engagement into a competitive advantage.”

    This partnership is designed for organizations that want to maximize ROI on employee engagement and leadership development, reduce costly turnover, and build cultures that sustain business success in an ever-changing world.

    About QuestionPro
    Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at https://www.questionpro.com/us/

    About PerformancePoint LLC
    PerformancePoint LLC is a top-tier consulting firm specializing in employee and customer experience. With expertise in culture transformation, leadership development, and engagement strategies, PerformancePoint helps organizations create environments where employees and businesses thrive.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/06a2f5fe-b0f1-4e33-a5e3-5965a4690110

    The MIL Network –

  • MIL-OSI: Northstrive Biosciences Strengthens IP Portfolio with New US Patent Filings for EL-22 and EL-32 Programs Covering Obesity and Animal Health

    Source: GlobeNewswire (MIL-OSI)

    NEWPORT BEACH, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Northstrive Biosciences Inc. (“Northstrive”), a subsidiary of PMGC Holdings Inc. (NASDAQ: ELAB) (the “Company,” “PMGC,” “we,” or “our”), today announced the filing of four novel patent applications for its two candidates EL-22 and EL-32. These patent applications cover the animal market, as well as treating muscle loss in obese patients, both as standalone and combination therapies alongside GLP-1 receptor agonists.

    The Company filed the following four patents today:

    • EL-22 in Animals: Fusion Protein of Myo-2 for Use in Encouraging Muscle Growth in Animals (Patent Application No. 19/191,246).
    • EL-32 in Obesity as Monotherapy and Combination with GLP-1: Updated patent filings for Pharmaceutical Composition for Treatment of Muscle Loss Due to Obesity Treatments (Patent Application No. 19/191,209), and Combination Therapy for Treatment of Muscle Loss Due to Obesity Treatments utilizing GLP-1 receptor agonists (Patent Application No. 19/191,226).
    • EL-32 in Animals: Animal Feed Additive to Encourage Muscle Growth (Patent Application No. 19/191,258).

    The Company believes these newly filed patent applications support the development of Northstrive’s engineered probiotic platform, designed to advance human obesity care by preserving muscle mass while reducing fat mass, with additional potential applications in animal health.

    “We believe that EL-22 and EL-32 have the potential to treat obesity in combination with GLP-1 receptor agonists, while also serving as the foundation to a potential range of animal health products”, said Deniel Mero, Co-Founder of Northstrive. “These patent applications strengthen our IP portfolio as we advance on our mission transform the standard of care for obesity and break into the animal health market.”

    Northstrive’s patent portfolio now includes 8 patent applications and 5 issued patents that provide adequate protection in focus markets, including the USA, Japan, China and Korea.

    Licensed Product /
    Nation    		 Patent Application
    Serial No.    		 Title:
    EL-32 USA US 18/627,462 Pharmaceutical composition for alleviation, treatment, and prevention of sarcopenia containing microorganism transformed with cell surface display vector operably linked with gene encoding myostatin and activin A proteins as active ingredient
    EL-32 Korea 10-2022-0136606 A pharmaceutical composition for alleviation, treatment and prevention of sarcopenia containing a microorganism transformed with a vector expressing myostatin and activin A on the cell surface as an active ingredient
    EL-22 USA US 18/895,501 Fusion Protein of Myo-2 for Use in Treating Muscle Loss in Obese Patients
    EL-22 USA US 18/895,519 Combination Therapy of a Fusion Protein of Myo-2 with a GLP-1 Receptor Agonist for Use in Treating Muscle Loss in Obese Patients
    EL-22 (Animals)
    USA    		 US 19/191,246 Fusion Protein of Myo-2 for Use in Encouraging Muscle Growth in Animals
    EL-32 USA US 19/191,209 Pharmaceutical Composition for Treatment of Muscle Loss Due to Obesity Treatments
    EL-32 USA US 19/191,226 Combination Therapy for Treatment of Muscle Loss Due to Obesity Treatments utilizing GLP-1 receptor agonists
    EL-32 (Animals) USA 19/191,258 Animal Feed Additive to Encourage Muscle Growth
         
    Patent No. Registration No. Title:
    EL-22 Korea 10-0857861-0000 Surface Expression Vector for Fusion Protein of Myo-2 Peptide Multimer and Myostatin, and Microorganism Transformed by Thereof
    EL-22 Korea 10-0872042-0000 Cell Surface Expression Vector of Myostatin and Microorganisms Transformed Thereby
    EL-22 USA US 8470551 Surface Expression Vector for Fusion Protein of Myo-2 Peptide Multimer and Myostatin, and Microorganism Transformed by Thereof
    EL-22 Japan US 5634867 Surface Expression Vector for Fusion Protein of Myo-2 Peptide Multimer and Myostatin, and Microorganism Transformed by Thereof
    EL-22 China ZL200780101116.2 Surface Expression Vector for Fusion Protein of Myo-2 Peptide Multimer and Myostatin, and Microorganism Transformed by Thereof


    About Northstrive Biosciences Inc.

    Northstrive Biosciences Inc., a PMGC Holdings Inc. company, is a biopharmaceutical company focusing on the development and acquisition of cutting-edge aesthetic medicines. Northstrive’s lead asset, EL-22, leverages an engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists. For more information, please visit www.northstrivebio.com.

    About PMGC Holdings Inc.

    PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

    Forward-Looking Statements

    Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    IR Contact:
    IR@pmgcholdings.com

    The MIL Network –

  • MIL-OSI Economics: Catch the Replay: 10 U.S. Public Schools. 1 Impactful STEM Competition. 3 National Winners.

    Source: Samsung

    Relive the excitement as Samsung Electronics America hosted the final round of its 15th annual Samsung Solve for Tomorrow competition on April 28, 2025 at Samsung DC in the heart of our nation’s capital. Ten National Finalist teams—each already awarded a $50,000 prize package of Samsung technology and classroom supplies—took the stage to pitch their groundbreaking STEM (Science, Technology, Engineering, and Mathematics) solutions to community challenges. But only three emerged as National Winners, each securing a $100,000 prize package for their schools—part of more than $2 million in prizes up for grabs.
    Revisit the big moments —watch the livestream replay right here:
    National Finalists Pitch Event: Monday, April 28, 2025 |9:00 a.m. – 11:30 a.m. ET
    National Winners Reveal Event: Monday, April 28, 2025 | 5:30 p.m. – 7:00 p.m. ET

    National Finalists Pitch Event
    Celebrating its 15th year, Samsung Solve for Tomorrow empowers public school students in grades 6-12 to apply STEM skills to tackle real-world problems and drive positive change in their communities. Representing the very best from this year’s competition, the 10 student teams—hailing from middle and high schools in Alaska, Arkansas, Colorado, Connecticut, Delaware, Indiana, Louisiana, Minnesota, Nevada, and Wyoming—presented their groundbreaking STEM solutions at a live morning pitch event on April 28. These Gen Z and Gen Alpha student innovators have created game-changing solutions to tackle challenges such as healthcare access, accessibility in sports, gaming, and music, climate-driven heat disparities, youth mental health, and more—demonstrating the power of STEM to drive real-world impact.
    Their projects, developed using cutting-edge technologies like artificial intelligence (AI), machine learning (ML), 3D modeling and printing, the Internet of Things (IoT), and robotics, were evaluated by a panel of esteemed judges, including Charlotte Dungan, Chief Learning Officer at the Mark Cuban Foundation; Enobong Etteh, YouTube Creator; Hope King, Macro Talk News Founder and Axios Contributor; Rameen Rana, Investor at Samsung NEXT; and Renzo Villavicencio, Vice President of Process Innovation & Procurement at Samsung Electronics America. Kicking off the event, Alix Guerrier, CEO of DonorsChoose—the leading education nonprofit for teachers and a long-time Solve for Tomorrow partner—delivered the opening remarks.

    National Winners Reveal Event
    Evening festivities kicked off with an inspiring keynote from Gitanjali Rao, a 19-year-old MIT sophomore, innovator, author, and changemaker. Named TIME’s Kid of the Year and a UNICEF Youth Advocate, Gitanjali has been recognized globally for her groundbreaking work in STEM taking on issues ranging from contaminated drinking water to opioid addiction and cyberbullying. With accolades like Forbes 30 Under 30, America’s Top Young Scientist, Stephen Hawking Medal Junior for Science Communications, and the Muhammad Ali Humanitarian Award, she embodies the next generation of problem-solvers harnessing technology for good.
    Following the keynote, the “AI for Good: Empowering the Next Generation of Problem-Solvers” panel explored how AI can drive positive impact while addressing key challenges like bias, energy consumption, and ethical responsibility. Moderated by Allison Stransky, CMO of Samsung Electronics America, the panel featured Charlotte Dungan from the Mark Cuban Foundation, Paul Kim, Vice President of Corporate Strategy at Samsung Electronics America, and Jordan Harrod, AI Strategist and Ph.D. Candidate in Medical Engineering and Medical Physics at the Harvard-MIT Health Sciences and Technology program.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Awards $300K to National Winners in 15th Annual Solve for Tomorrow STEM Competition

    Source: Samsung

    Today, Samsung Electronics America proudly names the winners of the 15th annual Samsung Solve for Tomorrow STEM competition—a national education program that challenges public middle and high school students to turn science, technology, engineering, and math concepts into real-world solutions for challenges in their local communities. The three National Winners—each awarded a $100,000 prize package for their schools—were announced by Yoonie Joung, President and CEO of Samsung Electronics North America: Bentonville West High School from Centerton, AR; Bloomington High School South from Bloomington, IN; and Charter School of Wilmington from Wilmington, DE.
    Reflecting on the achievement and the promise of student-driven STEM solutions, Yoonie Joung shared, “These students are a profound reminder of why Samsung Solve for Tomorrow exists—to ignite innovation, inspire action, and ensure all young people have access to the tools they need to shape a better future. As they embrace emerging technologies like AI, Samsung is focused on helping close both the knowledge and resource gaps in STEM education—ensuring educators are equipped and students are empowered to apply these tools in transformative ways. Fifteen years in, Solve for Tomorrow continues to demonstrate what’s possible when we invest in youth, education, and bold thinking.”
    At the core of Samsung Solve for Tomorrow is a mission to advance STEM literacy, proficiency, and equity—and this year marks a celebration of its 15-year legacy of student-driven innovation. To date, Samsung has provided more than $29 million in technology and classroom resources to nearly 4,300 public schools across the U.S. This year’s three National Winners rose to the top from thousands of bold, imaginative entries—emerging from a highly competitive journey that began with 300 State Finalists, narrowed to 50 State Winners, and culminated in 10 National Finalists who pitched their visions for a brighter tomorrow.

    10 National Finalists. 1 Unforgettable Pitch Event. Endless Impact.
    Representing the next generation of changemakers, these 10 standout Gen Z and Gen Alpha student teams tackled issues like healthcare access, accessibility in sports, climate-driven heat disparities, and public safety on frozen lakes—using cutting-edge technologies such as artificial intelligence (AI), Internet of Things (IoT), 3D modeling and printing, machine learning (ML), and robotics to bring their ideas to life.
    Their innovations took center stage at a live Solve for Tomorrow Pitch Event on April 28 at Samsung DC, where a panel of distinguished judges—including Charlotte Dungan from the Mark Cuban Foundation; YouTube creator Enobong Etteh; Hope King, founder of Macro Talk News and Axios contributor; Rameen Rana from Samsung NEXT; and Renzo Villavicencio from Samsung Electronics America—evaluated each team’s project. The event began with opening remarks from Alix Guerrier, CEO of DonorsChoose, a long-time Solve for Tomorrow partner dedicated to expanding access to classroom resources.
    “Every year, I’m inspired by the incredible ingenuity, empathy, and determination these students bring to solving real-world problems in their communities. At Samsung, we believe in the power of technology as a force for good for all—and these young innovators are living proof of that. Watching them harness STEM to build a better future is not only hopeful—it’s a reminder of what’s possible when we invest in the next generation of problem-solvers,” said Allison Stransky, CMO of Samsung Electronics America.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Entries invited for state tech awards

    Source: Hong Kong Information Services

    The Innovation & Technology Commission today invited people in Hong Kong with significant achievements in science and technology to submit entries for the State Technological Invention Award and the State Scientific & Technological Progress Award.

    Both are award categories under the State Science & Technology Awards. The commission is entrusted by the National Office for Science & Technology Awards to co-ordinate nominations from Hong Kong for the two awards.

    The awards, which are highly prestigious in the national science and technology sector, recognise outstanding contributions to science and technology advancement by individuals and organisations, the commission said.

    They also stimulate the enthusiasm and creativity of those working in science and technology, and aim to build an innovative and world-leading scientific and technological country, it added.

    Eligible local scientists and technologists are encouraged to submit entries on or before May 26.

    Call 3855 7641 or email the Innovation & Technology Commission for enquiries.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Engineering Students Excel at UConn Stamford’s First Senior Design Day

    Source: US State of Connecticut

    In between classes, careers, hobbies, and other obligations, coordinating plans with friends can be difficult for many college students and young professionals.

    “We’ve all experienced this planning chaos firsthand,” says Jainil Desai ’25 (ENG), a computer science major. “What if there was a way to make getting together with friends easier, smarter and more fun?”

    Visitors and judges at the Senior Design poster presentation could download a beta version of the STAC-IT app. (Olivia Drake/UConn photo)

    Desai, along with seven other students developed an innovative solution—a mobile app that simplifies social planning into a smooth, personalized experience.

    The team, also including Engineering students Yuzhuo Zhang ’25, Kevin Enrique Hernandez ’25, Amid Qazi ’25, Jan Ulloa, ’25 Toyi Hendrik Shimizu ’25, Mohammad Abujaffar ’25, and Ignacio Efrain Deleon ’25, debuted their app— STAC-IT— during the first-ever Senior Design Day Program held April 25 at UConn Stamford.

    In 2024–2025, UConn Stamford has 31 students engaged in year-long senior design projects as part of its full four-year computer science degree program. To showcase their work and strengthen ties with the broader community, the campus hosted its inaugural Senior Design Day Program — providing students the opportunity to present their projects to fellow students, faculty, and industry partners.

    The program is similar to the Senior Design Demonstration Day held annually at UConn Storrs.

    “Located in a growing industrial and technology hub, with proximity to Stamford and greater New York area companies, UConn Stamford is uniquely positioned to foster strong collaborations between its students and the tech workforce,” says Hasan Baig, director of the computer science program at UConn Stamford and event organizer. “Events like the Senior Design Day Program are critical in preparing graduates for real-world opportunities while helping industry partners discover emerging talent.”

    During the program, six teams made five-minute pitches to multiple UConn alumni and industry leaders who served as judges. Later, the teams spoke to the judges one-on-one during a poster session. The STAC-IT team, sponsored by Stacks IT, took first place.

    Aaron McClure, a judge from GE Appliances and CoCREATE in Stamford, found all six projects to be “good ideas that solve common problems.” STAC-IT, in particular, he says, is an ingenious way to get friends together.

    “Sometimes organizing people can be like herding cats,” he says. “If you want to get coffee, you can check the STAC-IT app to see if any of your friends also want to get coffee so you can meet up.”

    The Gush team created a platform where users can form authentic connections based on who they are, not just how they look. (Olivia Drake/UConn photo)

    McClure also was impressed with Gush, an online dating app that prioritizes personality—rather than physical attraction—to foster authentic connections. Paul Kwon ’25, Lyles Williams ’25, Max Senchukov ’25, and Joseph Vincento ’25 worked with the Woods Hole Institute to develop the app that pairs two users and places them inside a “blind date” with a countdown timer. When this timer finishes, users can either like or dislike each other. If both users like each other, they can now see each other’s photos and continue their conversation.

    “The dating app is a very novel idea and very different that other ones out there,” McClure says. “I really liked their approach.”

    In addition, Arianna Azizi ’25, Savar Jain ’25, and Romick Jean-Baptiste ’25 worked with their industry sponsor Neural Tax Networks to help reduce confusion during tax season. By using AI, their product provides answers to assist users with accessible tax and accounting research.

    “I’ve seen my dad struggle with going his own taxes, so I really liked the idea of using AI to help normal people file their taxes,” says Hamza Ejaz ’27. “It was the most attention-grabbing project.”

    Suchitha Misra’25, Karima Hamada ’25, Ananya Jonnakuti ’25, William French ’25, Trang Tran ’25, and Dylan Young ’25 worked with industry sponsor PRE to create gameified startup pitches. The platform enables audiences to act as mock investors, providing real-time feedback and investment signals to founders during live or remote events. This gamified approach boosts engagement, helps identify high-potential startups, and provides valuable performance insights to presenters.

    Dalia Clarke ’22 (ENG) served as a Senior Design judge. (Olivia Drake/UConn photo)

    Peter Vaichus ’25, Tom McCarthy’25, and Joshua Pintacasi ’25 worked with their industry sponsor Culture Tech to help museums track their collections, licenses, and workflows. The team developed and integrated a Digital Asset Manager (DAM) into a specialized software so clients can import their collections directly from their DAM.

    Sakib Nazmus ’25, Akhil Jannu ’25, William Lee ’25, and Dedeep Singu ’25 worked with their industry sponsor State Street Global Advisors to help institutional investors interpret make better financial decisions.  The tool extracts and scores sentiment by topic (financial metrics, macro trends, regulation) and time. A custom dashboard enables visualization and analysis of paragraph and keyword level sentiment trends.

    Mechanical engineering major Dalia Clarke ’22 (ENG) returned to her alma mater to help judge the presentations.

    “I love learning from the students,” she says. “I was very impressed with the depth of their work and their ability to answer questions, and also that they all had plans for making their projects even better in the future.”

    View photo gallery.

    MIL OSI USA News –

  • MIL-OSI USA: Study Examines Attitudes, Challenges for Disabled Grad Students

    Source: US State of Connecticut

    There are multiple entry points in higher education for individuals pursuing a career in physics, beginning with the transition into graduate school and continuing in doctoral and post-doctoral programs. In each of these stages, people with disabilities are underrepresented, and continue to experience marginalization and barriers to accessing physics careers.

    A team of researchers looking at how two factors – academic ableism and disability identity – contribute to barriers or help reduce them. Erin Scanlon, a physics assistant professor-in-residence, is the UConn-PI on the three-year project. The team is seeking to identify solutions and increase the representation among disabled scholars in the field of physics.

    The National Science Foundation is funding the study through a $1.3 million grant. Scanlon is conducting the study with Allison Lombardi, Carlyn Mueller, and Graham Rifenbark, all faculty at the department of Rehabilitation Psychology and Special Education at the University of Wisconsin, and Emily Tarconish, an assistant professor of Special Education at the University of Illinois.

    “There has not been a lot of work done in this space,” says Scanlon. “I think this research will help this career be more accessible and inclusive.”

    Lombardi, who was an associate professor at UConn for 14 years before joining the Wisconsin faculty, initiated the collaboration, tapping researchers not only interested in the topic, but who may have experienced the barriers the study examines in their own academic journeys. Four of the five researchers working on the study have an identified disability, including Scanlon, who has chronic migraines, depression, and anxiety.

    “I’m hoping we’ll hear about lifelong experiences like mine and learn about what’s working and not working to make things work better in the future,” Scanlon says.

    The three strands of the project – titled Disability in STEM: Measuring Ableism Not in Teaching, and Learning Environments, or DisMANTLE – will be overseen by the respective institutions of the project team. Scanlon’s role will be to assess perceptions about disabilities among practicing physicists, who will be asked about their knowledge of disability diagnosis, and their attitudes and beliefs about the viability of a career in physics for people with disabilities.

    Within the survey, there will be questions about specific categories of disabilities, such as deafness or autism, to determine practitioners’ thoughts on what career in physics might be viable for a scholar with that disability. The answers will help center the narrative about disabilities in academia, says Scanlon.

    For their part, Lombardi, Mueller, and Graham will focus on the higher education experiences of disabled scholars pursuing a career in physics. Their research will build on a pilot study conducted by the Lombardi, Tarconish, and Scanlon and published in the Bulletin of the American Physical Society in 2024. That study looked at the lifelong experiences of about 20 graduate students and faculty engaged in physics.

    Tarconish, who overcame a traumatic brain injury at 15 to pursue her career in academia, will survey graduate students in engineering from a more holistic standpoint that considers each students experiences in academia as well as their individual disabilities.

    The DisMANTLE study will be significantly bigger than the pilot study, says Scanlon, who will tap the membership of the American Physical Society, the American Association of Physics Teachers, and possibly the American Institute of Physics, to recruit the hundreds of participants needed for her survey.

    In addition to the adding to the scant literature about disability in postsecondary physics, the project aims to provide additional supports for disabled scholars by shifting from a traditional disability services model, where the focus is on diagnosis and coursework accommodation, toward one that puts the identity of the student first instead of his or her disability.

    While 19.4% of undergraduate students identify with disabilities, only 12% of graduate students do. Researchers note that those numbers likely underestimate the actual prevalence of disabled students in higher education.

    Students, graduate students, and often university employees must navigate a multitude of pathways – offices of disability services as well as human resources and employee services – to access reasonable accommodation. Supports can both confuse graduate students and dissuade them from accessing the resources they need. Further, because offices of disability services primarily serve undergraduate students, the types of services they offer may not be the ones needed by graduate students, such as manuscript preparation, course development, or developing conference presentations.

    Disability is an often overlooked facet of diversity. And with people with disabilities making up just 3% of the STEM workforce, and 11% of science and engineering doctoral programs, the need for improvement is great.

    “We are really trying to combat ableism in the academy and physical science community in higher education,” says Scanlon. “The physical science community has not always been supportive. We’re trying to understand the experiences of disabled people, so we can create opportunities for the disabled and so physicists can be aware and be anti-ableist in their own practice. We want to make sure that anyone who can do science is able to do science.”

    MIL OSI USA News –

  • MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

    Source: US State of Connecticut

    From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

    College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

    Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

    School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

    Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

    School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

    Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

    School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

    Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

    Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

    Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

    College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

    Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

    School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

    Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

     

    College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

    Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

    Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

    Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

    College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

    Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

    School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

    JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

    College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

    School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

    Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

    The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

    Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

     

    UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

    Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

    The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

    Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

    Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

    Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

    For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

    Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

    School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

    The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

    MIL OSI USA News –

  • MIL-OSI Africa: World Health Organization (WHO) and United Nations Children’s Fund (UNICEF) warn parents against unethical baby milk advertising in South Africa

    Source: Africa Press Organisation – English (2) – Report:

    Download logo

    The World Health Organization (WHO) and the United Nations Children’s Fund (UNICEF) are today launching a “Babies Before Bottom Lines” manifesto to warn parents in South Africa against false and unethical baby milk advertising. The manifesto was posted online today to call out “predatory and pervasive practices” and has been backed and shared by prominent parenting influencers around the country. 

    WHO and UNICEF are jointly calling the attention of parents and caregivers to the WHO International Code of Marketing of Breastmilk Substitutes and its related information sources. The code provides guidelines on stricter regulation of marketing of breastmilk substitutes, to curb harmful effects on babies’ short- and long-term health. 

    WHO’s Country Representative in South Africa, Shenaaz El-Halabi, says: “False, incomplete, misleading health and nutrition claims by formula companies should stop now. The WHO calls on formula milk companies to stop presenting incomplete scientific evidence and inferring unsupported health outcomes.”

    WHO and UNICEF are specifically calling on local regulators to update Regulations Relating to Foodstuffs for Infants and Young Children (aka R991) to include other advertising techniques and digital marketing practices that have become prevalent in the past few years since the International Code of Marketing of Breastmilk Substitutes of 1981 and local Regulation R991 of 2012 were drafted. Some popular social media platforms, whose algorithms can target specific consumers with specific messages at specific times, were still in their infancy or did not yet exist in 2012. Of particular concern is that parents are often targeted with information that blurs the lines between nutritional facts and promotional pseudo-science and emotional manipulation when they are at their most vulnerable.    

    The pseudo-scientific health claims made by formula companies discourage mothers from breastfeeding, which should always be a first choice as breastmilk is the most complete and healthiest milk for babies. In addition, widespread evidence exists that women have internalised doubts about the quality and quantity of their breastmilk, mirroring the themes and messaging of formula milk marketing campaigns.     

    In line with their multi-country study on the impacts of marketing breastmilk substitutes, WHO and UNICEF warn that “inappropriate promotion of breastmilk substitutes negatively impacts breastfeeding practices, and that advertisers are promoting a false choice between formula feeding and breastfeeding, without offering informed choice to parents about the real differences between breastmilk and various brands of formula”.

    UNICEF South Africa Representative, Christine Muhigana, notes that: “Government and civil society partners are to be commended for their efforts to address this concerning issue. It is evident that formula milk companies continue to actively target health professionals to convince them to prescribe formula. This Manifesto is part of a broader effort to address these unfair practices so that mothers and caregivers are fully aware of unethical marketing practices.”

    Cross promotion, also known as “brand extension” which is a marketing practice whereby one product is used to advertise another product by using similar branding, packaging and labelling (including but not limited to similar colours, design, font types, mascots and logos) has become a common practice by the bay formula companies.

    “All families need to be supported with evidence-based information so that they can make the most appropriate and informed decision for feeding their babies. Those choices, however, should never be exploited for corporate profits. We are finding again and again, all around the world, that unethical corporate influence is imposed on caregivers through false advertising. Companies use digital marketing algorithms that exploit parents when they are most vulnerable. They capitalize on parents’ doubts and questions. For instance, we see advertisers directing fake science at caregivers in the middle of the night, when they or their babies are struggling, to falsely convince them that bottle-fed babies sleep better than breastfed babies. This is wrong and needs to stop,” says Dr Laurence Grummer-Strawn, who leads WHO‘s work on infant and young child feeding.

    WHO and UNICEF have uncovered systematic and unethical marketing strategies by the US $55 billion infant formula industry, finding it uses the “infant formula industry uses pervasive, personalised and powerful methods to target parents when they are at their most vulnerable in the early days of their new babies life, and manipulate scientific claims to promote their products whilst undermining parents’ confidence”.

    Aqeelah Harron, an online content creator who owns the popular Fashion Breed social media platform, is supporting the campaign. “I’m a mom to a toddler and my child’s health matters to me more than anything. I think it’s wrong that powerful formula companies with big platforms are preying on parents to manipulate us into falling for fake science. Babies and new parents are vulnerable and should never be exploited. We need to prioritise comprehensive feeding education for all caregivers, free from the influence of profit-driven marketing.” Several other online influencers are also backing the campaign.

    WHO and UNICEF invite the public to join them in calling for an end to the aggressive marketing of formula milk, and to share their call to action: “Choose babies before bottom lines.” 

    Distributed by APO Group on behalf of World Health Organization (WHO) – South Africa.

    MIL OSI Africa –

  • MIL-OSI Economics: How can DP operators increase efficiency and reduce emissions without compromising on safety?

    Source: International Marine Contractors Association – IMCA

    Headline: How can DP operators increase efficiency and reduce emissions without compromising on safety?

    This is the crucial, and some might say contentious, question at the heart of IMCA’s annual DP Conference, which returns on 3 and 4 June in Istanbul, Türkiye.

    This year’s programme will examine Dynamic Positioning (DP) through the lens of the greenhouse gas (GHG) agenda, asking how DP operations can become more efficient and sustainable without compromising on safety through a possible shift towards ‘closed bus’ configurations in DP vessel power systems. 

    Traditionally, DP operations have prioritised redundancy through open bus-tie arrangements, where separate power generation and distribution systems operate independently. This compartmentalisation aims to prevent single failures propagating from one redundant group to another, safeguarding critical capabilities.

    However, the potential for enhanced energy efficiency offered by closed bus operations is driving a re-evaluation of this conventional approach. By interconnecting power systems, closed bus enables more effective load sharing among generators. This can lead to a reduction in the number of engines running at lower loads, resulting in tangible benefits such as decreased fuel consumption, fewer emissions, and reduced wear on machinery.

    Despite these compelling advantages, the adoption of closed bus-tie operations has been tempered by concerns surrounding safety and fault tolerance. At our DP Conference this year we will delve into the technological advancements that are enabling fuel consumption reductions while tackling the safety concerns that are raised because of the trade-off. IMCA has invited a global panel of expert speakers who, alongside its technical advisers, will present on topics such as advanced fault detection mechanisms, high-speed bus protection systems, and strategies for ensuring robust system integrity in the event of component failure. 

    Interactive sessions will provide a forum to discuss real-world implementation challenges and the development of best practices for operating in this interconnected mode. Understanding the nuances of short circuit testing and alternative ride-through testing methodologies, crucial for validating the reliability of closed bus systems, will be a key focus.

    The conference will also address the escalating pressure on the offshore sector to significantly reduce its GHG footprint. Delegates will explore the potential of alternative fuels as well as new ways of thinking about how to minimise emissions from DP vessels, considering the perspective of regulators and operators, whose expectations may not always tally with operational reality.

    The programme will include expert speakers from Subsea7, DNV, Boskalis, Heerema, Fugro, Global Maritime, and Simwave and will be presented by the science journalist, award winning podcaster, and European Space Agency commentator Richard Hollingham.  It will also feature a dedicated session led by IMCA’s GHG Committee, which will explore a more universal approach to emission reduction, with a particular focus on technological innovations, and the challenges to transitioning to cleaner fuels. 

    The Conference will once again facilitate dialogue on the crucial topics facing the DP community and will influence the future work of IMCA’s DP Committee as these issues continue to evolve. By tackling the technical complexities of closed bus-tie operations and the pressing need for GHG emissions reduction, the conference will equip delegates with the knowledge and tools necessary to navigate a future characterised by enhanced efficiency and environmental responsibility.

    The conference’s new location, the Renaissance Polat Bosphorus Hotel in Istanbul, Türkiye, will facilitate global access to what is now one of the industry’s most significant DP events.

    To find out more and book tickets for IMCA DP Conference 2025, click the link below:

    MIL OSI Economics –

  • MIL-OSI Russia: “I hope that I will be able to initiate new research at the Higher School of Economics”

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © TASS

    More than 10,000 scientific projects were supported by the Russian Science Foundation (RSF) in 2024. One of the recipients of the foundation’s grants is a scientist from Iran, HSE Associate Professor Ahmad Ostovari Moghaddam. Thanks to the support of the RSF and HSE, he decided to stay in Russia for a long time.

    A conference was held at TASS to sum up the results of the RSF’s work last year. In his greeting, RSF Director General Vladimir Bespalov recalled that the foundation carried out its activities in accordance with the presidential decree, which defined the strategic directions for the foundation’s development until 2030. The RSF development program includes activities in four priority areas: support for scientific research and the development of research teams that occupy leading positions in certain areas of science; support for projects to develop promising and priority science-intensive technologies in order to solve problems associated with major challenges for society, the state and science; support for young scientists and popularization of the achievements of Russian science.

    In 2024, the funding volume for 10 thousand projects implemented with the support of the Russian Science Foundation amounted to 39.2 billion rubles, 60 thousand performers from more than 800 organizations in 81 regions of the Russian Federation worked on them, including from the Donetsk People’s Republic and the Zaporizhia region. Based on the results of research supported by the Russian Science Foundation, more than 45 thousand reporting publications were published. A significant part of them were published in leading peer-reviewed Russian and foreign scientific journals.

    The projects not only contribute to the “development of science, but also have practical value, ensuring the creation of new industries,” Vladimir Bespalov noted. In 2024, 2.3 thousand new projects were supported. “It is very important that one and a half thousand managers received grants from the Science Foundation for the first time,” the speaker said. At the same time, in 2025, with the support of the Russian Academy of Sciences, “the post-grant life of the projects will be implemented,” he added. According to him, “the research teams implementing the projects supported by the foundation are centers of attraction for young people in science.” The majority of project implementers (42.7 thousand) are under 39 years of age (inclusive), including more than 9 thousand postgraduate students and more than 7 thousand students.

    Associate Professor of the National Research University Higher School of Economics Ahmad Ostovari Moghaddam, a scientist from Iran, noted that he submitted documents to begin research in Russia and in a number of European countries. “But of all the options that I had, it was work in Russia that seemed the most interesting and convenient. This concerned both the interesting topic for scientific work that was proposed at the Higher School of Economics and the advanced equipment that the university provided,” the scientist said. HSE gave him the opportunity to “form his own research teams.” “I have permanent young research associates who work with me, and I also have the opportunity to implement projects in my own laboratory at the Higher School of Economics,” he noted.

    It was thanks to the support of the Higher School of Economics and the Russian Science Foundation (the foundation awarded the scientist a grant twice) that Ahmad Ostowari Moghaddam decided to stay in Russia for a long time. The project that the scientist is currently implementing at the Higher School of Economics is related to the use of catalytic technologies. “I am also studying the reaction of oxygen reduction from carbon dioxide. My future goal is to increase the focus on practical research, to move away from the academic format. Although, of course, publishing articles and participating in scientific projects are extremely important, I would like my research to also benefit people, making their lives easier and more convenient. As one of the recipients of the Russian Science Foundation grant, I hope that I will be able to initiate new research at the Higher School of Economics,” he noted.

    The scientist recommends “all young researchers from foreign countries to join scientific work in Russia, to come and implement their projects here.”

    The press conference was also attended by Georgy Yakovlev, Assistant to the General Director of Svetlana-Rost (he spoke about the implementation of a new technology in the field of the full-cycle semiconductor industry) and Director of the Research Institute of Neurosciences of the Lobachevsky State University of Nizhny Novgorod, laureate of the Russian President’s Prize in Science and Innovation for Young Scientists Susanna Gordleeva. She emphasized that a very important mission of the RSF is to support young scientists. Speaking about her personal experience, Susanna Gordleeva noted that “she started with winning a small RSF grant”, and this year she was lucky enough to win an interdisciplinary RSF grant, where there was a competition of about 20 people per place. “We are trying to develop biologically plausible realistic mathematical models that we build on the basis of experimental data to explain the mechanisms of formation of cognitive functions, as well as the development of neurodegenerative diseases,” she said about her work. The obtained research results allow us to move “to the development of new promising artificial intelligence technologies that will be built on the principles of the brain’s functioning.”

    According to the Chair of the RSF Expert Council, Academician of the Russian Academy of Sciences Yulia Gorbunova, last year marked the tenth anniversary of the RSF’s existence and its work was cited as an example of the “gold standard”. “Of course, when we talk about finances, it is very important how we distribute them, to whom, for what work we give this money. And here, of course, the correct examination mechanism is very important, which is constantly being improved at the RSF,” she noted. In particular, according to her, the procedure for selecting experts is very thorough: their achievements, their scientific reputation are assessed, possible conflicts of interest are identified, etc.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI China: Chinese vice-premier calls on SCO members to enhance cooperation in health sector

    Source: People’s Republic of China Ministry of Health

    XI’AN — Chinese Vice-Premier Liu Guozhong on Monday called on the member states of the Shanghai Cooperation Organization (SCO) to enhance cooperation in the health sector.

    He made the remarks during his address at the opening ceremony of the eighth SCO Health Ministers’ Meeting in Xi’an, Northwest China’s Shaanxi province.

    Noting that the health sector is an important area for SCO cooperation, Liu, also a member of the Political Bureau of the Communist Party of China Central Committee, said the vision of building an SCO community of health, put forward by the Chinese head of state, has offered important guidelines for member states to deepen practical cooperation in the field.

    Fruitful results have been achieved in jointly safeguarding public health security, deepening exchanges on disease prevention and control technologies, advancing medical science and technology cooperation, and promoting the preservation, innovation and development of traditional medicine, according to Liu.

    He emphasized that relevant parties should focus on practical cooperation to jointly promote the development of the health sector and drive progress in medical science and technology through openness and innovation. He added that strengthening people-to-people exchanges and upholding multilateralism are also essential.

    World Health Organization Director-General Tedros Adhanom Ghebreyesus delivered a video address while SCO Secretary-General Nurlan Yermekbayev gave a speech at the opening ceremony.

    Liu met with key international representatives ahead of the opening ceremony. 

    MIL OSI China News –

  • MIL-OSI Australia: Award winners impress with dedication and resilience

    Source: Northern Territory Police and Fire Services

    Ms Vando Celestina Emmy Rabi is the 2024 Young Canberran Citizen of the Year.

    In brief:

    • The 2024 Young Canberra Citizen of the Year Award recipients have been announced.
    • The Awards celebrate Canberrans aged 12 to 25 who have made a significant contribution to the community.
    • There are seven categories in this year’s Awards.

    A young African-Australian community leader has won the 2024 Young Canberran Citizen of the Year Award.

    Ms Vando Celestina Emmy Rabi is an Executive Youth Leader at the African Australian Council ACT. She uses her lived experience to be a role model for young people.

    In 2019, Ms Rabi emigrated from South Sudan, aged 15. She had lost both her parents at a young age.

    Today she encourages celebrating African culture in Canberra. She promotes social cohesion and engagement in the broader community.

    Her advocacy promotes inclusivity. It also fosters a greater understanding of the experiences and contributions of African Australians.

    Winners and commendations

    The Young Canberra Citizen of the Year Awards celebrate Canberrans aged 12 to 25 who have made a significant contribution to the ACT community.

    The awards celebrate young people for achievements in fields such as sport, education, science, culture, the arts and the environment.

    There were seven categories in this year’s Awards.

    Young Canberra Citizen of the Year Award

    Winner: Ms Vando Celestina Emmy Rabi

    Ms Rabi is an Executive Youth Leader at the African Australian Council ACT. She is a powerful advocate for African-Australian youth. She celebrates African culture and promotes social cohesion, helping to reduce isolation and the impact of racial abuse, while encouraging broader community engagement.

    Commendation: Ms Tahalianna Mahanga

    Young Achiever Award

    Winner: Mr Seth Burr

    Seth Burr is a Leadership group member at his school. He is also a mentor for younger students and a member of ACT Scouts. He participates in ANZAC Day marches, Gang Shows, peer monitoring, school musicals and fundraising events. 

    Commendation: Ms Emma Booth

    Personal Achievement Award

    Winner: Miss Jasmine Eldridge

    Jasmine Eldridge, a single mother, has overcome many personal challenges. She has gained a diploma in Educational Studies. Through lived experience she advocates for young people with disabilities.

    Commendation: Ms Jemma Rule

    Individual Community Service Award 

    Winner: Mx Madison (Casey) Barancewicz

    Mx Barancewicz is actively involved in Youth Advocacy Groups, projects. These include the ACT Youth Advisory Council, Disability Youth Reference Group, Unruly Girls Youth Ethics Advisory Group, Member and The ACT Child and Youth Mental Health Sector Alliance, the Youth Mental Health Youth Reference Group (YRG). 

    Commendation: Miss Sonali Varma

    Environment and Sustainability Award

    Winner: Ms Anjali Sharma

    Ms Sharma is a climate activist. She introduced a Bill with Senator David Pocock, called the Climate Change Amendment (Duty of Care and Intergenerational Equity) Bill. She did this to compel the Federal Government to take the health of young people into consideration when approving developments that may release greenhouse gases.

    Commendation: Ms Yuna Rougeaux

    Commendation: Ms Neve Larsen

    Arts and Multimedia Award 

    Winner: Ms Tahalianna Mahanga

    Ms Mahanga is a proud young Wiradjuri and Tongan woman. She performs as a solo vocalist. She is also a youth advocate, including the ACT Student Representative at the National School Reform Agreement Ministerial Reference Group. She was involved with The Mindyigari Centre for Excellence at Erindale College and the Gugan Gulwan Youth Association.

    Commendation: Ms Grace Flanagan

    Group Achievement Award

    Winner: St Mary MacKillop College

    The Year 12 cohort at St Mary MacKillop College designed the ‘Relay Your Way’ event. This local community initiative celebrates cancer survivorship, honours those we’ve lost, and spurs on the fight against cancer. They raised over $75,000 for the Relay for Life this year, the highest fundraising total for Relay for Life across Australia.

    Commendation: ACT Child and Youth Mental Health Sector Alliance Youth Reference Group

    Nomination and assessment

    Anyone can nominate a young person for an award. People can also self-nominate.

    The nominations are assessed by representatives from the:

    • ACT Youth Advisory Council
    • ACT Government
    • award category sponsor.

    View past award winners.

    Find out more about the Awards.

    Read more like this:

    Get ACT news and events delivered straight to your inbox, sign up to our email newsletter:


    MIL OSI News –

  • MIL-OSI Russia: New Ideas for Cities: The Results of the Urban Development Technologies Hackathon

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    The hackathon “Urban Development Technologies” has ended at the State University of Management. It was held for the fourth time as part of the V All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies”.

    The competition was attended by 80 students from GUU, RUT (MIIT), RGUTIS, RTU MIREA, RUDN, SFedU, SPbGASU of various fields of study as participants and team facilitators.

    The organizing committee included representatives of the Department of Acceleration Programs and Project-Based Learning of the State University of Management: Irina Milkina, Evgeny Titov, Anastasia Lobacheva, Ekaterina Illarionova, Irina Denisova, Danila Smirnov.

    The goal of the hackathon was to solve management problems for the development of students’ professional competencies in the field of creating a comfortable urban environment, developing urban infrastructure and logistics, improving the ecological environment, supporting social entrepreneurship, and involving young people in urban projects.

    The business partners of the competition were the Federal State Budgetary Institution “Analytical Center of the Ministry of Natural Resources of the Russian Federation”, the Scientific Research Center for Municipal Economics, Sber, Vitra Russia, Roskachestvo and Beyond Taylor, VYSOTA-SERVIS Group of Companies, the State Budgetary Institution “Leisure and Sports Center of TiNAO”, the Museum of Urban Economy of Moscow, the Basmanny District Museum – Basmania and others.

    The special feature of the hackathon “Urban Development Technologies” is the original approach to the formation of multi-competence inter-university teams with skills in a variety of areas and directions from information technology to public relations. The guys not only worked on real problem cases from partners, but also participated in an educational master class on team building, during which they got to know each other, formed and presented their teams.

    The participants also had a dialogue with the competition’s business partners, both in person and online, and visited the Moscow Museum of Urban Economy, where they were impressed by the visualization of the processes of providing housing and communal services to the population and a full immersion in the topic.

    On the final day, the teams presented their projects to a panel of experts consisting of representatives of the event’s partners.

    The winner of the hackathon was the team “Infinite”, which worked on the case “Financial model for the maintenance of apartment buildings” from the Center for Municipal Economics, consisting of: Linda Yuliana (RUDN), Lozovsky Viktor (GUU), Baburina Alena (SFedU), Kuznetsov Vladimir (RUT (MIIT)), Kuleshov Ivan (RTU MIREA), Kudin Ivan (GUU), Paramonova Irina Ilyinichna (GUU), Rumeus Elizaveta (GUU).

    The 2nd degree diploma was awarded to the team “6 cadres”, which worked on the case from the Basmanny District Museum – Basmania, consisting of: Ivan Gordeev (RUDN), Ilya Kopytin (RGUTIS), Alevtina Maryenko (GUU), Vladimir Komov (GUU), Ksenia Starikova (GUU), Alexandra Nenarokomova (GUU).

    2 teams that scored the same number of points from the expert jury received 3rd degree diplomas:

    team “WIN 777” (case from Vysota-Service Group of Companies) consisting of: Vasilina Shumskaya (RUDN University), Riad Gubatov (SUU), Anna Akinshina (SFU), Alexander Belov (RTU MIREA), Suzanna Aleksanyan (SUU), Elena Semikolenova (SUU), team “Desperate Innovators” (case from the Museum of Municipal Economy Moscow) consisting of: Anton Petrov (RTU MIREA), Pavel Polyakov (SUU), Valeria Kornienko (SFU), Egor Korostelev (RUDN University), Alexey Ilyin (SUU), Maxim Roenko (RUT (MIIT)), Yesayan Shogik (SUU).

    Vice-Rector of the State University of Management Dmitry Bryukhanov congratulated the winners of the hackathon and presented memorable prizes and gifts from our university and the event partners to all participants.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

    Искусство управлять: наука,…” data-yashareImage=”https://guu.ru/wp-content/uploads/IMG_20250424_112943-scaled.jpg” data-yashareLink=”https://guu.ru/%d0%bd%d0%be%d0%b2%d1%8b%d0%b5-%d0%b8%d0%b4%d0%b5%d0%b8-%d0%b4%d0%bb%d1%8f-%d0%b3%d0%be%d1%80%d0%be%d0%b4%d0%be%d0%b2-%d0%bf%d0%be%d0%b4%d0%b2%d0%b5%d0%b4%d0%b5%d0%bd%d1%8b-%d0%b8%d1%82%d0%be%d0%b3/”>

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Australia: Helping Queenslanders co-exist with flying-foxes

    Source: Tasmania Police

    Issued: 29 Apr 2025

    Queensland communities will continue to receive critical support to reduce the nuisance impacts of flying-fox roosts, while supporting the conservation of these protected species.

    Round 8 of the highly successful Flying-Fox Roost Management – Local Government Grant Program opens on 30 April.

    Originally a four-year $2 million initiative scheduled to end in 2024, the program has been extended for a further three years, with an additional $1.5 million funding boost.

    Department of the Environment, Tourism, Science and Innovation Acting Deputy Director-General Andrew Buckley said the program ensured councils could continue to take meaningful action to reduce the impacts flying-fox roosts on communities, while enabling these protected species to continue to play their important ecological role.

    “Flying-foxes play a crucial role in ecosystems by pollinating native plants and dispersing seeds over vast distances, helping forests regenerate and maintain biodiversity and supporting the health of entire habitats, including those that many other species rely on,” Mr Buckley said.

    “But we know that for communities living near flying-fox roosts, they can have profound impacts due to the noise, odour and mess on the ground they generate

    “This grant program recognises this and helps local governments manage flying-fox roosts with a focus on long-term planning, roost modification, habitat rehabilitation, and innovative community engagement.

    “Since its launch, 29 councils have delivered 76 successful projects, ranging from tree trimming and roost maintenance to covered walkways, education programs and community grants.

    “Flying-foxes are a vital part of Queensland’s ecosystems, and this program empowers councils to balance biodiversity conservation with community wellbeing,” Mr Buckley said.

    Stream 1: Immediate/High-Priority Actions – for urgent on-ground works near roosts.

    Stream 2: Development of Roost Management Plans – to support long-term planning, and

    Stream 3: Implementation of Roost Management Plans – to bring management strategies to life.

    Applications for funding under Round 8 of the program close on 28 May 2025, with further details available here.

    Media contact:                 DETSI Media Unit on (07) 3339 5831 or media@des.qld.gov.au

    MIL OSI News –

  • MIL-OSI USA: NASA 3D Wind Measuring Laser Aims to Improve Forecasts from Air, Space

    Source: NASA

    Since last fall, NASA scientists have flown an advanced 3D Doppler wind lidar instrument across the United States to collect nearly 100 hours of data — including a flight through a hurricane. The goal? To demonstrate the unique capability of the Aerosol Wind Profiler (AWP) instrument to gather extremely precise measurements of wind direction, wind speed, and aerosol concentration – all crucial elements for accurate weather forecasting.
    Weather phenomena like severe thunderstorms and hurricanes develop rapidly, so improving predictions requires more accurate wind observations.
    “There is a lack of global wind measurements above Earth’s surface,” explained Kris Bedka, the AWP principal investigator at NASA’s Langley Research Center in Hampton, Virginia. “Winds are measured by commercial aircraft as they fly to their destinations and by weather balloons launched up to twice per day from just 1,300 sites across the globe. From space, winds are estimated by tracking cloud and water vapor movement from satellite images.”
    However, in areas without clouds or where water vapor patterns cannot be easily tracked, there are typically no reliable wind measurements. The AWP instrument seeks to fill these gaps with detailed 3D wind profiles.

    Mounted to an aircraft with viewing ports underneath it, AWP emits 200 laser energy pulses per second that scatter and reflect off aerosol particles — such as pollution, dust, smoke, sea salt, and clouds — in the air. Aerosol and cloud particle movement causes the laser pulse wavelength to change, a concept known as the Doppler effect.
    The AWP instrument sends these pulses in two directions, oriented 90 degrees apart from each other. Combined, they create a 3D profile of wind vectors, representing both wind speed and direction.

    Kris bedka
    NASA Research Physical Scientist

    “The Aerosol Wind Profiler is able to measure wind speed and direction, but not just at one given point,” Bedka said. “Instead, we are measuring winds at different altitudes in the atmosphere simultaneously with extremely high detail and accuracy.”
    Vectors help researchers and meteorologists understand the weather, so AWP’s measurements could significantly advance weather modeling and forecasting. For this reason, the instrument was chosen to be part of the National Oceanic and Atmospheric Administration’s (NOAA) Joint Venture Program, which seeks data from new technologies that can fill gaps in current weather forecasting systems. NASA’s Weather Program also saw mutual benefit in NOAA’s investments and provided additional support to increase the return on investment for both agencies.
    On board NASA’s Gulfstream III (G-III) aircraft, AWP was paired with the agency’s High-Altitude Lidar Observatory (HALO) that measures water vapor, aerosols, and cloud properties through a combined differential absorption and high spectral resolution lidar.
    Working together for the first time, AWP measured winds, HALO collected water vapor and aerosol data, and NOAA dropsondes (small instruments dropped from a tube in the bottom of the aircraft) gathered temperature, water vapor, and wind data.

    “With our instrument package on board small, affordable-to-operate aircraft, we have a very powerful capability,” said Bedka. “The combination of AWP and HALO is NASA’s next-generation airborne weather remote sensing package, which we hope to also fly aboard satellites to benefit everyone across the globe.”

    kris bedka
    NASA Research Physical Scientist

    The animation below, based on AWP data, shows the complexity and structure of aerosol layers present in the atmosphere. Current prediction models do not accurately simulate how aerosols are organized throughout the breadth of the atmosphere, said Bedka.

    “When we took off on this particular day, I thought that we would be finding a clear atmosphere with little to no aerosol return because we were flying into what was the first real blast of cool Canadian air of the fall,” described Bedka. “What we found was quite the opposite: an aerosol-rich environment which provided excellent signal to accurately measure winds.” 
    During the Joint Venture flights, Hurricane Helene was making landfall in Florida. The AWP crew of two pilots and five science team members quickly created a flight plan to gather wind measurements along the outer bands of the severe storm.

    “A 3D wind profile can significantly improve weather forecasts, particularly for storms and hurricanes,” said Harshesh Patel, NOAA’s acting Joint Venture Program manager. “NASA Langley specializes in the development of coherent Doppler wind lidar technology and this AWP concept has potential to provide better performance for NOAA’s needs.”

    The flights of the AWP lidar are serving as a proving ground for possible integration into a future satellite mission.
    “The need to improve global 3D wind models requires a space-based platform,” added Patel. “Instruments like AWP have specific space-based applications that potentially align with NOAA’s mission to provide critical data for improving weather forecasting.”

    After the NOAA flights, AWP and HALO were sent to central California for the Westcoast & Heartland Hyperspectral Microwave Sensor Intensive Experiment  and the Active Passive profiling Experiment, which was supported by NASA’s Planetary Boundary Layer Decadal Survey Incubation Program and NASA Weather Programs. These missions studied atmospheric processes within the planetary boundary layer, the lowest part of the atmosphere, that drives the weather conditions we experience on the ground. 

    To learn more about lidar instruments at NASA visit:
    NASA Langley Research Center: Generations of Lidar Expertise

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses YUGM Innovation conclave

    Source: Government of India

    Prime Minister Shri Narendra Modi addresses YUGM Innovation conclave

    Our endeavour is to empower the youth with skills that make them self-reliant and position India as a global innovation hub: PM

    We are modernizing the country’s education system according to the needs of the 21st century: PM

    A new National Education Policy has been introduced in the country, It has been prepared keeping in mind the global standards of education: PM

    One Nation, One Subscription has given the youth the confidence that the government understands their needs, today students pursuing higher education have easy access to world class research journals: PM

    India’s university campuses are emerging as dynamic centres where Yuvashakti drives breakthrough innovations: PM

    The trinity of Talent, Temperament and Technology will transform India’s future: PM

    It is crucial that the journey from idea to prototype to product is completed in the shortest time possible: PM

    We are working on the vision of Make AI in India, And our aim is- Make AI work for India: PM

    Posted On: 29 APR 2025 12:44PM by PIB Delhi

    Prime Minister Shri Narendra Modi addressed the YUGM Innovation Conclave at Bharat Mandapam in New Delhi today. Addressing the gathering on the occasion, he highlighted the significant gathering of government officials, academia, and science and research professionals, emphasizing the confluence of stakeholders as a “YUGM”—a collaboration aimed at advancing future technologies for a developed India. The Prime Minister expressed confidence that the efforts to enhance India’s innovation capacity and its role in deep-tech would gain momentum through this event. He remarked on the inauguration of super hubs at IIT Kanpur and IIT Bombay, focusing on AI, intelligent systems, and biosciences, biotechnology, health, and medicine. He also mentioned the launch of the Wadhwani Innovation Network, which reaffirms the commitment to advancing research in collaboration with the National Research Foundation. The Prime Minister congratulated the Wadhwani Foundation, IITs, and all stakeholders involved in these initiatives. He also extended a special appreciation to Shri Romesh Wadhwani for his dedication and active role in fostering positive changes in the country’s education system through collaboration between the private and public sectors.

    Quoting the scriptures in Sanskrit meaning true life is lived in service and selflessness, Shri Modi remarked that science and technology should also serve as mediums for service. He expressed his satisfaction  witnessing institutions like the Wadhwani Foundation, and the efforts of Shri Romesh Wadhwani and his team, steering science and technology in the right direction in India. He highlighted Mr. Wadhwani’s remarkable journey, marked by struggles, including the aftermath of partition, displacement from his birthplace, battling polio in childhood, and rising above these challenges to build a massive business empire. Shri Modi commended Shri Wadhwani for dedicating his success to India’s education and research sectors, calling it an exemplary act. He acknowledged the foundation’s contributions to school education, Anganwadi technologies, and Agri-Tech initiatives. He noted his earlier participation in events like the establishment of the Wadhwani Institute of Artificial Intelligence and expressed confidence that the foundation would continue achieving numerous milestones in the future and extended his best wishes to the Wadhwani Foundation for their endeavors.

    Underlining that the future of any nation depends on its youth and marking the importance of preparing them for the future, the Prime Minister remarked that the education system plays a crucial role in this preparation and underscored efforts to modernize India’s education system to meet 21st-century needs. He highlighted the introduction of the New National Education Policy, designed with global education standards in mind, and noted the significant changes it has brought to the Indian education system. He remarked on the development of the National Curriculum Framework, Learning Teaching Material, and new textbooks for classes one to seven. He highlighted the creation of AI-based and scalable digital education infrastructure platform – ‘One Nation, One Digital Education Infrastructure’ under PM e-Vidya and DIKSHA platforms, enabling the preparation of textbooks in over 30 Indian languages and seven foreign languages. The Prime Minister remarked that the National Credit Framework has made it easier for students to study diverse subjects simultaneously, providing modern education and opening new career paths. He stressed the importance of strengthening India’s research ecosystem to achieve national goals, highlighting the doubling of gross expenditure on R&D from ₹60,000 crore in 2013-14 to over ₹1.25 lakh crore, the establishment of state-of-the-art research parks, and the creation of Research and Development Cells in nearly 6,000 higher education institutions. He remarked on the rapid development of an innovation culture in India, citing the increase in patent filings from around 40,000 in 2014 to over 80,000, reflecting the support provided by the intellectual property ecosystem to the youth. The Prime Minister further highlighted the establishment of the ₹50,000 crore National Research Foundation to promote research culture and the One Nation, One Subscription initiative, which has facilitated access to world-class research journals for higher education students. He emphasised on the Prime Minister’s Research Fellowship, which ensures that talented individuals face no obstacles in advancing their careers.

    Shri Modi highlighted that the youth today excel not only in Research & Development but have become Ready and Disruptive themselves, emphasizing the transformative contributions of India’s young generation to research across various sectors. He cited milestones like the commissioning of the world’s longest hyperloop test track, a 422-meter hyperloop developed at IIT Madras in collaboration with Indian Railways. He remarked on groundbreaking achievements such as nanotechnology developed by scientists at IISc Bangalore to control light at the nano-scale and the ‘brain on a chip’ technology, capable of storing and processing data across 16,000+ conduction states in a molecular film. He further highlighted the development of India’s first indigenous MRI machine just weeks ago. “India’s university campuses are emerging as dynamic centres where Yuvashakti drives breakthrough innovations”, said Shri Modi, showcasing India’s representation in Higher Education Impact Rankings, with over 90 universities listed among 2,000 institutions globally. He noted the growth in QS world rankings, where India moved from having nine institutions in 2014 to 46 in 2025, alongside the increasing representation of Indian institutions among the world’s top 500 higher education institutes over the past decade. He also remarked on Indian institutions establishing campuses abroad, such as IIT Delhi in Abu Dhabi, IIT Madras in Tanzania, and upcoming IIM Ahmedabad in Dubai. He underscored that leading global universities are also opening campuses in India, promoting academic exchange, research collaboration, and cross-cultural learning opportunities for Indian students.

    “The trinity of Talent, Temperament and Technology will transform India’s future”, stressed the Prime Minister, highlighting initiatives such as Atal Tinkering Labs, with 10,000 labs already operational, and the announcement of 50,000 more in this year’s budget to provide early exposure to children. He noted the launch of the PM Vidya Lakshmi scheme to provide financial support to students and the establishment of internship cells in over 7,000 institutions to transform students’ learning into real-world experience. He remarked that every effort is being made to develop new skills among the youth, whose combined talent, temperament, and technological strength will lead India to the pinnacle of success. 

    Underscoring the importance of meeting the goal of a developed India within the next 25 years, the Prime Minister said, “it is crucial that the journey from idea to prototype to product is completed in the shortest time possible”. He stressed that reducing the distance from lab to market ensures faster delivery of research outcomes to the people, motivates researchers, and provides tangible incentives for their work. This accelerates the cycle of research, innovation, and value addition. The Prime Minister called for a robust research ecosystem, urging academic institutions, investors, and industry to support and guide researchers. He highlighted the potential role of industry leaders in mentoring youth, providing funding, and collaboratively developing new solutions. He reaffirmed the government’s commitment to simplifying regulations and fast-tracking approvals to further these efforts.

    Emphasising the need to consistently promote AI, quantum computing, advanced analytics, space tech, health tech, and synthetic biology, Shri Modi highlighted India’s leading position in AI development and adoption. He mentioned the launch of the India-AI Mission to build world-class infrastructure, high-quality datasets, and research facilities. He remarked on the increasing number of AI Centres of Excellence being developed with the support of leading institutions, industries, and startups. He reiterated the commitment to the vision of “Make AI in India” and the goal to “Make AI work for India.” He further noted the budgetary decision to expand IIT seat capacities and introduce Meditech courses, combining medical and technology education, in collaboration with IITs and AIIMS. The Prime Minister urged the timely completion of these initiatives, with a focus on positioning India among the “best in the world” in future technologies. Concluding his address, the Prime Minister remarked that initiatives like YUGM, a collaboration between the Ministry of Education and Wadhwani Foundation, can revitalize India’s innovation landscape. He expressed gratitude to the Wadhwani Foundation for their continued efforts and highlighted the significant impact of today’s event in furthering these objectives.

    Union Ministers Shri Dharmendra Pradhan, Dr. Jitendra Singh, Shri Jayant Chaudhary, Dr. Sukanta Majumdar were present among others at the event.

    Background

    YUGM (meaning “confluence” in Sanskrit) is a first-of-its-kind strategic conclave convening leaders from government, academia, industry, and the innovation ecosystem. It will contribute to India’s innovation journey, driven by a collaborative project of around Rs 1,400 crore with joint investment from the Wadhwani Foundation and Government Institutions.

    In line with Prime Minister’s vision of a self-reliant and innovation-led India, various key projects will be initiated during the conclave. They include Superhubs at IIT Kanpur (AI & Intelligent Systems) and IIT Bombay (Biosciences, Biotechnology, Health & Medicine); Wadhwani Innovation Network (WIN) Centers at top research institutions to drive research commercialization; and partnership with Anusandhan National Research Foundation (ANRF) for jointly funding late-stage translation projects and promoting research and innovation.

    The conclave will also include High-level Roundtables and Panel Discussions involving government officials, top industry and academic leaders; action-oriented dialogue on enabling fast-track translation of research into impact; a Deep Tech Startup Showcase featuring cutting-edge innovations from across India; and exclusive networking opportunities across sectors to spark collaborations and partnerships.

    The Conclave aims to catalyze large-scale private investment in India’s innovation ecosystem; accelerate research-to-commercialization pipelines in frontier tech; strengthen academia-industry-government partnerships; advance national initiatives like ANRF and AICTE Innovation; democratize innovation access across institutions; and foster a national innovation alignment toward Viksit Bharat@2047.

     

     

    ***

    MJPS/SR

    (Release ID: 2125090) Visitor Counter : 95

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: “Passing on the Memory of the Feat”: HSE Hosts Conference in Honor of the 80th Anniversary of Victory

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © Higher School of Economics

    On April 25, the International Student Military-Patriotic Conference was held at the HSE Cultural Center “The Great Victory is 80 years old”. Russian and foreign students, students Lyceum of the National Research University Higher School of Economics and partner schools, teachers and university administrators. The key role in the preparation of the conference was played by Military Training Center of the National Research University Higher School of Economics under the leadership of Hero of Russia Colonel Vladimir Korgutov.

    In the hall of the first floor of the Center of Culture, there was an exhibition called “Weapons of Victory”. Students dressed in military uniforms from the Great Patriotic War demonstrated rare rifles, machine guns, grenades, helmets, and even a cavalry saber to guests.

    Levitan’s voice was heard from the speakers, announcing the signing of the act of unconditional surrender of Germany on May 8, 1945. And in the halls of the second and third floors, students danced to the song “Our Cossacks are Riding, Riding Through Berlin.” There was an exhibition of student paintings on military themes, as well as an exhibition “Coal of Victory” – images of the heroes of the SVO.

    At one of the stands, anyone could receive a collection of the best competition works by HSE students for the 80th anniversary of the Victory.

    There was no indifference

    The conference in the Great Hall began with the carrying out of the banners and the performance of the Russian Federation Anthem. Then the participants were addressed by the Vice-Rector of the National Research University Higher School of Economics Sergey Rozhkov.

    He called the conference “a significant event in the life of our team,” emphasizing that it was preceded by meticulous work. The commission reviewed more than 200 student studies devoted to various pages of the Great Patriotic War, and the authors of the best of them were invited to speak.

    “As the chairman of the commission, I responsibly declare that there was no indifference in these works. They are imbued with a sense of patriotism, personal pride for their relatives and friends who forged the Great Victory on the fronts of the Great Patriotic War, on the labor fronts in the rear, and everyone made their contribution to the common cause,” noted Sergei Rozhkov.

    The vice-rector emphasized that 80 years separate us from 1945, but we must not forget the price we paid for the victory. “When a person stops remembering, he stops living. And we must pass on the memory of the feat that our ancestors accomplished from generation to generation so that we could study and work in peace,” he said.

    After this, a minute of silence was declared.

    The Truth About War

    The introductory report was given by the HSE full professor, Major General Adam Nizhalovsky.

    He recalled that, according to official data, losses in World War II amounted to 55 million people, of which 27 million were losses of the Soviet Union, that is, 14% of its population. “Think about this figure! Every seventh Soviet person died, and these are the best people of our country,” the general noted.

    The report touched upon such topics as the beginning of the Great Patriotic War, the participation of European armies in it, the atrocities of the fascists, the fate of prisoners of war, and the circumstances of Germany’s capitulation. In the West, it is believed that Germany capitulated to the Allied forces on May 7 in Reims, although the USSR did not recognize this, and the signing of the real act of capitulation took place on May 8 in Karlshorst with the participation of Marshal Zhukov.

    “Thus, even before the end of the war, Western countries began to falsify its results. Having begun attacks on the USSR in May 1945, they intensified them in the following years and erased the truth about that war from the consciousness of their citizens, belittling the role of the Soviet Union in the victory over fascism,” Adam Niżalowski emphasized.

    In conclusion of his report, he recalled that today only a few creators of victory remain in the veteran ranks and due to their age it is difficult for them to defend what they fought for in the soldier ranks. Now this task and sacred duty falls on us – the heirs of the Great Victory.

    Pain and pride

    Eight student papers, selected based on the results of the competition, were presented at the conference.

    In a report dedicated to the Brest Fortress, the student Faculty of Creative Industries From the Republic of Belarus, Kristina Alekseeva focused on little-known facts: that the fortress was stormed by the Austrians, that it was defended by representatives of more than 30 nationalities, that the inscriptions scratched on the walls of the casemates and the buried banners were found years later, that it was in Brest that the first burial place for Wehrmacht soldiers was created.

    Students of the Military Training Center Evgeny Dolgov and Ivan Singay presented the results of a study on military training in universities during the Great Patriotic War.

    Such training began already in 1941, most students managed to apply the knowledge they had acquired in practice and maintain contact with universities. Over a thousand MSU graduates were awarded, seven of them became Heroes of the Soviet Union. And, for example, among the graduates of the Moscow Institute of Transport Engineers there were partisans who blew up enemy trains.

    Family history

    Student Higher School of Business Kirill Pivovarov spoke about eight heroes of the Great Patriotic War – members of his family.

    Among them is his great-great-uncle Nikolai Shabrov, who volunteered for the front, was seriously wounded, recovered and was again called up to the army, commanded a platoon of the 8th Guards Panfilov Division, was personally acquainted with Marshal Zhukov, who gave him his accordion. And Kirill’s great-great-grandfather Sergei Kraskov fought in the unit commanded by his son Viktor, and they served together until the end of the war.

    Student Faculty of Social Sciences Olga Avdeevich from the Republic of Belarus said that her great-great-uncle Mikhail Avdeevich became the secretary of an underground Komsomol organization in a village in Western Belarus at the beginning of the war. In 1943, he was taken into slavery to Germany, and after the liberation of East Prussia, he was drafted into the Red Army and took part in battles, was wounded, and his subsequent fate is unknown.

    “My father and I are looking for Grandpa Misha, and according to one version, he died of his wounds and was buried in Poland. But the search for the burial site has now been suspended, since Poland, an unfriendly country, does not respond to our requests,” Olga explained.

    Friendly countries

    The conference was attended by Chinese and Mongolian students. Xiao Yanbo, student Faculty of Humanities from China, gave a report on the topic “The Great Victory in the Fates of the Peoples of China,” telling about some events of the Sino-Japanese War of 1937–1945.

    “If the Bryansk forests are a symbol of the Soviet people’s resistance to fascism, then the fields and hills of Shandong, a region in eastern China, are a symbol of the Chinese people’s resilience in the face of Japanese invaders. Our countries fought together against fascism and militarism, and the actions of Chinese partisans in many ways echo the feat of their Soviet brothers,” the Chinese student noted.

    One of the conclusions of his research is that the victory of the USSR in the Great Patriotic War and the decisive actions of the Red Army to defeat Japan made it possible to liberate the lands of China, opening a new page in Soviet-Chinese relations.

    A student of the creative industries department, Batjargal Ganbalor from Mongolia, told how her country, despite limited resources, helped the Soviet Union during the war. They sent food, clothing, horses (every fifth horse in the Red Army was Mongolian) to the front, paid for the construction of tanks and planes – the amount of aid was equivalent to three years of the country’s budget.

    An activist of the Mongolian Club of the National Research University Higher School of Economics, Tugsmandal Sergelen, spoke about her ancestors, one of whom fought against the Nazis in the ranks of the Red Army, was wounded, awarded an order and returned home, and the other, being of advanced age and possessing great authority in his country, personally donated 39 horses and almost 20 kg of silver to the needs of the front.

    “I am filled with gratitude to my ancestors for their contribution to the victory. The peoples of Mongolia and the USSR have the right to celebrate this victory together,” the girl concluded.

    Made your choice

    The leitmotif of the conference was the thesis about the continuity of generations that stood up to defend the Motherland during the Great Patriotic War and now, during the Central Military District.

    Anton Yukhnevsky, a graduate of the Military Training Center last year, told how HSE students continue the tradition of helping the front today. A month after the start of the SVO, the “White Raven” movement was created at the university. Its participants organize humanitarian actions and visiting missions in the SVO zone and in areas adjacent to the combat contact line, and hold sports and educational events at the university.

    “You and I could have distanced ourselves from this, studied, had fun and spent time carefree,” Anton addressed the students. “But we made our choice long before the start of the SVO, back in childhood, thanks to our upbringing, and I am sure that it was the only right one.”

    Social Sciences student Anton Nudny read his poem dedicated to a soldier who defended the Motherland in the 1940s and his grandson who followed his example 80 years later: “…And the years flew by like a moment, / and again Kharkov, again battle and smoke, / and the current soldier is of a different generation, / but his spirit is still the same – he is invincible.”

    Betting on talent

    The conference reports alternated with concert numbers. The hit of the day was the song “Faith in Victory”, written by the instructor of the military intelligence cycle, Colonel Evgeny Mityukov, and performed by him together with the students. Another discovery was the compositions of the vocal and instrumental ensemble created at the Military Training Center a month ago.

    As explained by the head of the Military Training Center, Hero of Russia Colonel Vladimir Korgutov, the organizers decided not to invite fashionable presenters and professional musical groups, relying on the talents of teachers and students.

    In closing the conference, he thanked its participants and organizers, congratulated all those present on Victory Day, and reported that the Military Training Center, which has already graduated more than 7,000 officers, sergeants, and reserve soldiers, continues to train true defenders of the Fatherland.

    Patriots become

    According to Vice-Rector Elena Odoevskaya, to achieve the goals set in the strategic documents of the HSE, it is necessary to have fortitude, to be able to overcome difficulties and move forward, and the conference once again showed that HSE students have these qualities. They also demonstrated unique creative abilities. “I am delighted with the vocal and instrumental ensemble,” added Elena Odoevskaya.

    “Patriots are not born – they become them, including thanks to correctly presented and emotionally colored information. The conference was filled with such information about the Great Patriotic War, about the contribution of our people to the victory, and its better perception was facilitated by the concert program. Many facts and conclusions that were voiced here should be known to every schoolchild and student,” noted Vice-Rector Vyacheslav Bashev.

    “The main impression from the conference is a feeling of pride for the younger generation. It is worthy of the memory of its ancestors,” concluded Sergei Rozhkov.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI USA: Smith Thanks Trump Administration for Granting Emergency Ethanol Waiver

    Source: United States House of Representatives – Congressman Adrian Smith (R-NE)

    Washington, DC — Today Representative Adrian Smith (R-NE) released the following statement after the Environmental Protection Agency (EPA) announced an emergency waiver to allow E15 sales nationwide through May 20 and took action to ensure uniform standards for E10 fuel sales.

    “Drivers are looking for fuel price relief and higher ethanol blends are the commonsense solution. Ensuring the availability of this renewable, homegrown energy source empowers producers and retailers to meet demand during the summer travel months. I thank EPA Administrator Lee Zeldin and USDA Secretary Brooke Rollins for taking the necessary action to unleash domestic energy production. A permanent solution to provide long-term certainty is still needed, and I will continue to work toward enactment of my bill, the Nationwide Consumer and Fuel Retailer Choice Act, to eliminate unnecessary restrictions to E15.” 

    BACKGROUND:
    Congressman Smith first introduced a bill to approve year-round sale of E15 in 2015.

    On April 22, Smith led a bipartisan letter urging the administration to allow the nationwide sale of E-15 this summer

    On March 11, Smith led a bipartisan press conference highlighting grassroots support for eliminating restrictions on E15 sales.

    On February 13, Smith introduced the Nationwide Consumer and Fuel Retailer Choice Act to enable the year-round, nationwide sale of E15. Read more about the bipartisan, bicameral legislation here.

    On February 6, 2025, Smith and Rep. Angie Craig (D-MN) led nearly 30 colleagues in sending a bipartisan letter to EPA  Administrator Lee Zeldin. The letter emphasized the important role of the American biofuels industry in maximizing energy abundance and affordability while encouraging the EPA to issue timely and science-driven guidance to fulfill the Renewable Fuels Standard (RFS).

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: From Cases to Career: The Smolny School Has Ended at the Polytechnic University

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Institute of Industrial Management, Economics and Trade hosted the final meeting of the participants with the Polytechnic University as part of the career guidance project “Smolny School”. This large-scale initiative is aimed at career guidance for high school students and developing their interest in public service. For five days, schoolchildren participated in expert master classes and solved practical cases.

    The project is being implemented by the Committee for Civil Service and Personnel Policy of the St. Petersburg Governor’s Administration, with Polytechnic University acting as one of the partner universities. The goal is to build a conscious career path for schoolchildren and popularize state civil service as one of the promising areas for future graduates.

    The children’s acquaintance with the Polytechnic University began withcareer guidance excursions, where they were told about the history of the construction of the buildings, as well as about the people who made a significant contribution to the development of the university.

    The series of events also included familiarization with the educational programs of IPMEiT, interactive lectures, master classes and business games. The project participants visited the laboratories of commodity science and consumer goods expertise, the educational and simulation complex “Factory of production processes”, the educational laboratory “Qualimetry and modeling in quality management” and assessed modern approaches to training at the Polytechnic University.

    One of the highlights was the interactive session of the board game “Candidate”. The event was organized by Nikita Golubov, representative of the head of the Kalininsky District Administration for youth affairs, and Varvara Bucherova, deputy chairman of the youth parliament, resident of the student association “Public Administration Laboratory”, a second-year master’s student in the “State and Municipal Administration” program. The participants of the game immersed themselves in the atmosphere of the election campaign: they created their own parties, developed election programs, defined a strategy and made key decisions, striving for victory in the virtual vote.

    The students were also very interested in meetings with representatives of the student associations “Model UN Polytechnic” and “Public Administration Laboratory”. Future applicants enthusiastically discussed the possibilities of participating in student life, implementing leadership initiatives and socially significant projects.

    Associate Professor of the HSE University Ekaterina Avduyevskaya and 5th-year student of the Economic Security specialty Elizaveta Kulchitskaya held a master class on financial security, where participants modeled a family budget, responding to unexpected life circumstances. Deputy Chair of the Institute’s Student Scientific Society, HSE Master’s student Margarita Yanchevskaya organized an interactive business game on lean manufacturing, where schoolchildren got acquainted with the 5S methodology and its application in the management of production processes. Assistant of the KET Elena Lobova presented an interactive LEGO challenge “Mind Game”, combining elements of a quiz and practical tasks aimed at developing economic thinking, decision-making skills and teamwork.

    The student association PROF.IPMET prepared an interactive game for schoolchildren on stations. In an exciting format, the children learned about material support for students, the activities of associations, university sports sections and the organization of seasonal recreation.

    The career guidance project “Smolny School” is a unique opportunity to learn about professions in the field of public administration, make useful contacts and decide on a university. We really remember the tour of the Polytechnic territory, meeting students, and the interactive game “Candidate”. We even looked into the classrooms of IMPET and observed the students at work. We want to come back again, – said Alexandra Kalinina and Maxim Guk.

    Participants who successfully complete the career guidance project will be able to receive an additional 5 points as an individual achievement when applying for admission to study at SPbPU.

    We highly value the initiative and deep interest of the participants of the Smolny School. We create all the conditions so that talented young people can realize their potential to the fullest for the benefit of the state. Awarding additional points upon admission is a logical recognition of their achievements and an investment in the future of the country’s personnel reserve. Such guys are leaders, and we are happy to support them on their way to the Polytechnic, – noted the project curator, Deputy Director of IPMET for educational and organizational work Maxim Ivanov.

    The final will take place on May 16 in Smolny, where the names of the winners will be announced.

    The series of events of the Smolny School at the Polytechnic University has ended. It is a project that has become a bridge between talented youth and a future profession in the service of the city. We are glad that we were able to show schoolchildren the diversity of our university’s opportunities in the field of public administration, ensuring sustainable development of the region and advanced technologies. “Making the right choice is an art.” Today I see that the first steps have already been taken, – shared the director of the IPMEiT Vladimir Shchepinin.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Europe: ECB Consumer Expectations Survey results – March 2025

    Source: European Central Bank

    29 April 2025

    Compared with February 2025:

    • median consumer perceptions of inflation over the previous 12 months remained unchanged, as did expectations for inflation five years ahead (reported for the first time this month), while median inflation expectations for both the next 12 months and three years ahead increased;
    • expectations for nominal income growth over the next 12 months remained unchanged, while expectations for spending growth over the next 12 months decreased;
    • expectations for economic growth over the next 12 months were unchanged (remaining somewhat negative), while the expected unemployment rate in 12 months’ time decreased;
    • expectations for growth in the price of homes over the next 12 months increased, while expectations for mortgage interest rates 12 months ahead remained unchanged.

    Inflation

    The median rate of perceived inflation over the previous 12 months remained unchanged at 3.1% in March. This is its lowest level since September 2021. Median expectations for inflation over the next 12 months increased by 0.3 percentage points to 2.9%, the highest level since April 2024, while expectations for three years ahead edged up by 0.1 percentage points to 2.5%, the highest level since March 2024. Expectations for inflation five years ahead, which are being reported for the first time this month, were unchanged for the fourth consecutive month at 2.1%. For more information on this new measure of inflation expectations, please see the box entitled “Consumers’ long-term inflation expectations: an overview” in the Economic Bulletin, Issue 3, ECB, 2025. Inflation expectations at the one-year, three-year and five-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged in March at its lowest level since January 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, over the previous year and a half inflation perceptions and short-horizon expectations for lower income quintiles were, on average, slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months remained unchanged at 1.0%. Perceived nominal spending growth over the previous 12 months increased to 5.0%, from 4.9% in February. Expected nominal spending growth over the next 12 months decreased to 3.4% in March, from 3.5% in February and 3.6% in January. This decrease was observed across most income groups. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were stable in March, standing at -1.2%. Expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.5% in February. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.0%), implying a broadly stable labour market. Expectations for both economic growth and the unemployment rate remained broadly stable over the previous four months, fluctuating within a narrow range. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 3.1% over the next 12 months, which was slightly higher than in February. Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.3% and 2.8% respectively), although the difference between them narrowed in recent months. Expectations for mortgage interest rates 12 months ahead remained unchanged from February at 4.4%. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.1%), while the highest income households expected the lowest rates (4.0%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months increased, while the net percentage of those expecting a tightening over the next 12 months declined. (Housing and credit access results)

    The microdata underlying the aggregate results are available on the Consumer Expectations Survey (CES) web page in the Data and methodological information section.

    The release of the Consumer Expectations Survey (CES) results for April is scheduled for 28 May 2025.

    For media queries, please contact: Benoit Deeg, tel.: +49 172 1683704.

    Notes

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: University of Aberdeen team wins at national event awards A conference organised by a team from the School of Psychology and CPD and Event Services at the University of Aberdeen has been recognised for its excellence and impact at a national awards ceremony.

    Source: University of Aberdeen

    A conference organised by a team from the School of Psychology and CPD and Event Services at the University of Aberdeen has been recognised for its excellence and impact at a national awards ceremony.
    The European Conference on Visual Perception (ECVP) was named the Best Association Event at The Scottish Event Awards. 
    The 46th annual ECVP took place in Aberdeen from 25 to 29 August 2024. A team from the School of Psychology led by Professor Constanze Hesse and Dr Mauro Manassi, and with support from the University’s CPD and Event Services team, successfully bid for and delivered the event. The organisers were recognised by the judges for the conference’s commitment to inclusion and impact.
    Attracting more than 800 delegates, the ECVP provided a forum for presenting and discussing new developments in the study of visual perception in the disciplines of Psychology, Neuroscience and Cognitive Sciences. Last year’s event involved a series of lectures, tutorials, roundtables, and poster sessions on the extensive field of visual perception. The programme also included the Illusion Night, an outreach city event which featured interactive visual experiences, demonstrations of cutting-edge research techniques such as mobile eye-tracking and virtual reality and a scientific magic show, offering insights into visual perception which was attended by more than 1,600 attendees from the public and conference delegates, with more than 40 international researchers involved.
    The Scottish Event Awards are Scotland’s only awards evening dedicated to the events and festivals industries. The awards recognise the resilience of the industry, as well as the outstanding companies, organisations and individuals in Scotland’s event scene. This year’s ceremony took place on 24 April at The Corn Exchange in Edinburgh.
    Professor Peter Edwards, Vice-Principal for Regional Engagement at the University of Aberdeen, said: “It is a huge achievement to be recognised at The Scottish Event Awards. This win is a testament to the fantastic research coming out of the School of Psychology, the excellent collaboration between teams across the University and our commitment to public engagement with science and research.”
    CPD and Event Services was also shortlisted for two other awards: the Public Sector Events Team of the Year, and the Rising Star Award for Jessica Hippey.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Drone racing and UAV control: a course for Moscow teachers at the State University of Management

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    The State University of Management held a series of educational events on the management of unmanned aerial vehicles for teachers of comprehensive schools in Moscow.

    The program is being implemented by the State University of Management jointly with the Department of Education and Science of the City of Moscow and the State Budgetary Educational Institution of Additional Professional Education “Moscow Center for Educational Practices”.

    During the 4 days of training, teachers became familiar with the legal basis of UAS, the organization of project activities in the field of UAV management, and the management of a drone racing competition project.

    The students also learned about current trends in the development of unmanned aircraft systems and became familiar with the design and construction of UAVs.

    In addition, the participants tried their hand at controlling an unmanned aerial vehicle in a special cube – a safe airspace.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-Evening Report: Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon

    Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology

    The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday.

    The blackout caused chaos for tens of millions of people. It shut down traffic lights and ATMs, halted public transport, cut phone service and forced people to eat dinner huddled around candles as night fell. Many people found themselves trapped in trains and elevators.

    Spain’s prime minister, Pedro Sánchez, has said the exact cause of the blackout is yet to be determined. In early reporting, Portugal’s grid operator REN was quoted as blaming the event on a rare phenomenon known as “induced atmospheric vibration”. REN has since reportedly refuted this.

    But what is this vibration? And how can energy systems be improved to mitigate the risk of widespread blackouts?

    How much does weather affect electricity?

    Weather is a major cause of disruptions to electricity supply. In fact, in the United States, 83% of reported blackouts between 2000 and 2021 were attributed to weather-related events.

    The ways weather can affect the supply of electricity are manifold. For example, cyclones can bring down transmission lines, heatwaves can place too high a demand on the grid, and bushfires can raze substations.

    Wind can also cause transmission lines to vibrate. These vibrations are characterised by either high amplitude and low frequency (known as “conductor galloping”), or low amplitude and high frequency (known as “aeolian vibrations”).

    These vibrations are a significant problem for grid operators. They can place increased stress on grid infrastructure, potentially leading to blackouts.

    To reduce the risk of vibration, grid operators often use wire stabilisers known as “stock bridge dampers”.

    What is ‘induced atmospheric vibration’?

    Vibrations in power lines can also be caused by extreme changes in temperature or air pressure. And this is one hypothesis about what caused the recent widespread blackout across the Iberian peninsula.

    As The Guardian initially reported Portugal’s REN as saying:

    Due to extreme temperature variations in the interior of Spain, there were anomalous oscillations in the very high voltage lines (400 kV), a phenomenon known as “induced atmospheric vibration”. These oscillations caused synchronisation failures between the electrical systems, leading to successive disturbances across the interconnected European network.

    In fact, “induced atmospheric vibration” is not a commonly used term, but it seems likely the explanation was intended to refer to physical processes climate scientists have known about for quite some time.

    In simple terms, it seems to refer to wavelike movements or oscillations in the atmosphere, caused by sudden changes in temperature or pressure. These can be triggered by extreme heating, large-scale energy releases (such as explosions or bushfires), or intense weather events.

    When a part of Earth’s surface heats up very quickly – due to a heatwave, for example – the air above it warms, expands and becomes lighter. That rising warm air creates a pressure imbalance with the surrounding cooler, denser air. The atmosphere responds to this imbalance by generating waves, not unlike ripples spreading across a pond.

    These pressure waves can travel through the atmosphere. In some cases, they can interact with power infrastructure — particularly long-distance, high-voltage transmission lines.

    These types of atmospheric waves are usually called gravity waves, thermal oscillations or acoustic-gravity waves. While the phrase “induced atmospheric vibration” is not formally established in meteorology, it seems to describe this same family of phenomena.

    What’s important is that it’s not just high temperatures alone that causes these effects — it’s how quickly and unevenly the temperature changes across a region. That’s what sets the atmosphere into motion and can cause power lines to vibrate. Again, though, it’s still unclear if this is what was behind the recent blackout in Europe.

    Atmospheric waves can sometimes be seen in clouds.
    Jeff Schmaltz/NASA

    More centralised, more vulnerable

    Understanding how the atmosphere behaves under these conditions is becoming increasingly important. As our energy systems become more interconnected and more dependent on long-distance transmission, even relatively subtle atmospheric disturbances can have outsized impacts. What might once have seemed like a fringe effect is now a growing factor in grid resilience.

    Under growing environmental and electrical stress, centralised energy networks are dangerously vulnerable. The increasing electrification of buildings, the rapid uptake of electric vehicles, and the integration of intermittent renewable energy sources have placed unprecedented pressure on traditional grids that were never designed for this level of complexity, dynamism or centralisation.

    Continuing to rely on centralised grid structures without fundamentally rethinking resilience puts entire regions at risk — not just from technical faults, but from environmental volatility.

    The way to avoid such catastrophic risks is clear: we must embrace innovative solutions such as community microgrids. These are decentralised, flexible and resilient energy networks that can operate independently when needed.

    Strengthening local energy autonomy is key to building a secure, affordable and future-ready electricity system.

    The European blackout, regardless of its immediate cause, demonstrates that our electrical grids have become dangerously sensitive. Failure to address these structural weaknesses will have consequences far worse than those experienced during the COVID pandemic.

    Mehdi Seyedmahmoudian does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon – https://theconversation.com/did-induced-atmospheric-vibration-cause-blackouts-in-europe-an-electrical-engineer-explains-the-phenomenon-255497

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Polytechnic University Wins Gazprom Neft Universities League Prize

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Science. Business. Education strategic partnership forum was held in St. Petersburg, where experts discussed joint strategies for personnel and technological transformation. Among the key participants was the team from Peter the Great St. Petersburg Polytechnic University. It presented the university’s projects and initiatives in the field of digitalization of education and interaction with partners. The main event of the forum was the presentation of the Gazprom Neft University League Prize. The SPbPU program in the field of innovative engineering for oil industry enterprises won in the Great Prospects nomination. It was developed taking into account the current challenges of the industry, including the tasks of creating digital models and technologies for their application in various industries.

    Our task is not just to train, but to form engineers of the future, capable of solving problems of technological leadership. Winning the award is recognition of the efforts of the entire team, – noted the head of the program Ivan Kurta.

    The project is being implemented in partnership with Gazprom Neft and has become the first additional professional education program in Russia transferred for use by other organizations under a license agreement. This partnership has provided the conditions for its implementation in the leading educational and industrial centers of the country.

    The program in the field of innovative engineering for oil industry enterprises was successfully tested in 2024 as part of a case championship, in which students from leading technical universities of St. Petersburg participated. SPbPU provided the organization of training, thereby confirming the practical value of the program.

    The interaction of science and industry is a necessity. By joint efforts we can form unique competencies, – emphasized Irina Rudskaya, Director of the Scientific and Educational Center for Information Technologies and Business Analysis of Gazprom Neft.

    In the nomination “Science of Enlightenment”, the winner of the competition was the project “Purchase Management at Oil and Gas Complex Enterprises”, developed by the Polytechnic team. The head of the program is Mikhail Afanasyev, professor at the Higher School of Industrial Management. The program trains specialists for key functions in the oil and gas industry, including for procurement at Gazprom Neft.

    We see a consistently high interest in our programs from both industrial partners and educational and scientific organizations. This confirms the demand and potential for scaling up Polytechnic’s educational solutions. The forum showed that we are moving in the right direction, – noted Dmitry Tikhonov, Vice-Rector for Continuing and Pre-University Education at SPbPU.

    The second day of the forum was devoted to discussing strategic directions for the development of the scientific and educational space in Russia. The focus was on issues of training engineering personnel, integrating science, education and business, and forming technological leadership in the regions. The agenda included panel discussions, sessions on franchising educational solutions, the academic mobility program, developing world-class campuses and mechanisms for supporting university technological entrepreneurship.

    The work of the sections “Designing network educational projects with regional universities” and “Franchising educational solutions in the field of industrial safety” should be separately noted. They presented proposals for new joint initiatives, and supported projects that are planned to be implemented in the field of additional education in 2025-2026. These decisions strengthen the position of the Polytechnic University as a reliable partner in the implementation of national priorities in education.

    Participation in the forum confirmed SPbPU’s status as a leader in the field of additional professional education and its key role in training engineering personnel for the industry of the future.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: The first joint seminar with NSU for residents and postgraduate students on immunology issues

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University – Center for Postgraduate Medical Education of the Institute of Medicine and Medical Technologies of NSU, Research Institute of Clinical and Experimental Lymphology, branch of the Institute of Cytology and Genetics of the Siberian Branch of the Russian Academy of Sciences, Research Institute of Fundamental and Clinical Immunology and Novosibirsk State Medical University held the first joint interdisciplinary seminar for young specialists.

    The meeting took place at the NIIKEL site. Opening the seminar, the head of NIIKEL, Maxim Aleksandrovich Korolev, spoke about the work of the institute and outlined the topic of the meeting – psoriatic arthritis and skin psoriasis.

    – There are diseases that cannot be treated alone. And we chose the topic of psoriatic arthritis and skin psoriasis for the first interdisciplinary seminar precisely because dermatologists, rheumatologists, and immunologists participate in the diagnosis and treatment of these diseases. And multidisciplinarity is the basic principle that allows for success in treating such diseases, – explained Maxim Aleksandrovich.

    The introductory lecture on the mechanisms of autoimmune diseases for the participants of the seminar was given by Academician of the Russian Academy of Sciences, Scientific Director of the Research Institute of Physical Culture and Informatics Vladimir Aleksandrovich Kozlov. Then young doctors, immunologists, dermatologists and rheumatologists – residents and postgraduates of NSU and the Research Institute of Physical Culture and Informatics – made presentations.

    The prize for the best presentation of her work following the seminar was awarded to Galina Voronina, an allergist-immunologist at the Immunopathology Clinic of the Research Institute of Physical Culture and Infection.

    As noted by the Director of the Center for Preventive Medical Research of the Institute of Medical Technologies of NSU Irina Gennadyevna Sergeeva, such meetings are very useful for young specialists. They allow them to present the results of their work, hear constructive criticism and get acquainted with the topics that colleagues from related fields of medicine are working on.

    – In the future, we plan to hold similar seminars twice a year at various educational venues in the city so that young specialists can communicate and get acquainted not only with professional problems, but also with each other.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Annual report and financial statements for the period ended 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    OCTOPUS FUTURE GENERATIONS VCT PLC

    Annual report and financial statements for the period ended 31 December 2024

    Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address some of society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies.

    The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

    Chair’s statement

    I am pleased to present the financial report and audited accounts for the Company for the 18 months to 31 December 2024.

    I would like to welcome all of our new shareholders to the Company. Future Generations VCT invests in exciting early-stage companies which aspire to address current environmental and societal issues. In 2023, the Board reviewed and approved a proposal to move the Company’s year end from 30 June to 31 December. As a result, shareholders are receiving this annual report covering an extended 18-month period and will thereafter receive a half-year report as at June, and annual report and audited financial statements for the years ending December thereafter.

    The NAV per share at 31 December 2024 was 88.8p, which represents a net decrease of 5.5p per share from 30 June 2023. In the 18 months to 31 December 2024, we utilised £10.1 million of our cash resources, including £8.2 million which was invested into 16 new and follow‑on opportunities. The cash balance of £20.1 million (excluding cash awaiting allotment) as at 31 December 2024 represents 42% of net assets at that date. The loss made in the period to 31 December 2024 was £2.9 million. This decline is reflective of some company specific performance challenges and the difficult funding conditions in the early-stage space which have led to downward movements in some valuations. Given the Company is still a relatively young VCT, many of its portfolio companies are at the beginning of their journey and will likely require further funding to succeed, so it is to be expected to see under performance or even failures before any growth in value of companies which are ultimately successful. The decline is also accentuated by the running costs of the Company exceeding returns from investments, which is to be anticipated at this stage.

    We look forward to deploying further capital into attractive new investment opportunities, and we ultimately intend the profile of the Company to comprise 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash.

    Fundraise
    We raised £3.6 million in the fundraise which closed on 31 October 2024. The 2023/2024 VCT fundraise market was highly competitive, ranking as the third highest on record with £882 million raised. In this environment, newer VCTs such as ours faced challenges in raising funds, as we compete with more established funds.

    On 3 February 2025, to further support the Company’s growth, the Board launched an initial offer to raise up to £5 million. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5.0 million.

    As investors will be aware, the intention is to invest in businesses which meet one of three key themes, which we hope will demonstrate excellent investment prospects as well as having the potential to transform the world we live in for the better.

    VCT status
    In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning that VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024 His Majesty’s Treasury brought the extension into effect through The Finance Act 2024.

    Board of Directors
    As announced in the half-yearly report to 31 December 2023, Emma Davies announced her retirement from the Board of Directors with effect from 31 March 2024 and Ajay Chowdhury was appointed with effect from 1 March 2024 and was elected by shareholders at the Annual General Meeting (AGM) held in December. We are already benefiting from his extensive experience in the early-stage venture ecosystem.

    All the other Directors have indicated their willingness to remain on the Board and will be seeking re-election at the AGM.

    Portfolio Manager
    In September 2024, Octopus Titan VCT PLC, a fund which the Company has co-invested alongside to date, announced a review of strategy, due to the ongoing performance issues it has faced. This review (which benefits from independent external advice) is ongoing, and when concluded, the results will be shared with the Board of the Company and via any public announcements that the Board of Octopus Titan VCT PLC may make.

    During this period, the investment team has prioritised much of its resource towards those portfolio companies which they believe have the potential to drive the greatest returns. This has affected your Company’s investment rate into new opportunities.

    In the meantime, there have been a significant number of leavers from the broader Octopus Ventures team which invests capital from both the Company and other funds under management. Simon King, Octopus’ Lead Fund Manager for Future Generations, has unfortunately resigned to pursue a new opportunity after 13 years with Octopus. He will continue to take an active role as Lead Fund Manager of the Company until late summer. I would like to take this opportunity to thank Simon for his contribution and to wish him well for the future. We will provide you with updates in due course regarding his potential successor.

    Erin Platts was appointed as new Chief Executive Officer (CEO) of Octopus Ventures in January 2025. Previously, she was CEO of HSBC Innovation Banking UK, formerly Silicon Valley Bank UK and worked at the heart of the UK and European tech ecosystem. Erin will be looking to scale the Octopus Ventures business, including ensuring there is appropriate investment and portfolio management resource to support the ongoing success of the Company.

    AGM
    The AGM will take place on 4 June 2025 from 10am and will be held at 33 Holborn, London EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of the AGM. We will have a Portfolio Manager’s update at the AGM, supported by a filmed update from the Portfolio Manager which will be available on the website at www.octopusinvestments.com/futuregenvct/.

    Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of the AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

    Outlook
    In the 18-month reporting period, the sharpest decline in NAV was seen in the first half of 2024 with a 7.1% drop. This was reflective of some of the portfolio companies struggling to scale, secure customer wins and successfully fundraise, meaning they were not achieving the milestones set at the time the Company invested. With companies not able to prove their business models, we will unfortunately see some fail. The Board is mindful that such performance is not an unusual outcome for a VCT at this stage of its investment life cycle, with any failures likely preceding valuation growth which is usually expected once the portfolio matures. The portfolio has been operating in a volatile macro environment since the Company launched and global geo-political and economic pressures continue to hamper some of their growth plans. However, we are satisfied to see a stabilisation in the NAV, with the portfolio showing a positive return in the six months from June to December 2024.

    The Mergers and Acquisitions (M&A) environment has started to thaw with startups experiencing the highest annual M&A transaction levels since 2019¹. We are delighted to have been able to realise the Company’s first full and partial exits in the reporting period. These exits within just three years of launch we hope provide validation of Future Generations VCT’s investment strategy, demonstrating the ability of Octopus to identify and back high-potential companies while delivering early returns to the VCT and brings confidence that it is well positioned to generate long-term, sustainable value for shareholders.

    The long-term target is to pay an annual dividend of 5% of the NAV. However, given the expected holding period of target portfolio companies and restrictions imposed on VCTs, it is very unlikely that the Company will be able to pay dividends before 2026. During this time, any growth in value will increase the net asset value of the Company. Dividends are likely to be generated from successful exits, so the Company is unlikely to pay significant dividends until more portfolio companies have time to mature and realisations are secured.

    I would like to conclude by thanking both my Board colleagues and the Octopus team on behalf of all shareholders for their hard work. The Board’s long-term view of early-stage venture capital remains positive, and I am looking forward to seeing what 2025 brings for your Company.

    Helen Sinclair
    Chair

    1 https://carta.com/uk/en/data/state-of-private-markets-q4-2024/#key-trends

    Portfolio Manager’s review

    At Octopus, our focus is on managing your investments and providing investors with clear and transparent communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.

    Focus on Future Generations VCT’s performance
    The NAV per share at 31 December 2024 was 88.8p, which represents a decrease in NAV of 5.5p per share versus a NAV of 94.3p per share as at 30 June 2023. The Company invests in three key areas that we believe demonstrate excellent investment prospects and have potential to transform our world for the better.

    Below is a breakdown of the 36 investments held as at 31 December 2024, showing the proportion and value of the portfolio in each investment theme:

    Proportion by number of portfolio companies in each theme
    Revitalising healthcare: 53%
    Empowering people: 28%
    Building a sustainable planet: 19%

    Value of the portfolio in each theme
    Revitalising healthcare: £13.3m
    Empowering people: £8.0m
    Building a sustainable planet: £5.5m

    The decline in valuation over the 18-month period has been in large part driven by the downward valuation movements across 11 companies which saw a collective decrease in valuation of £7.9 million. The businesses which contributed most significantly to this were Tympa Health, Pear Bio and Elo Health. Tympa Health over‑invested in growth and had to make significant cost cuts and changes to senior management whilst running a fundraise process. It has successfully concluded a further investment round, but at a reduced valuation and the Company’s shareholding now sits behind a large preference stack, meaning that other investors get paid back first before the Company would see any returns. Pear Bio also had to significantly reduce its cash burn but has limited runway and needs to further fundraise, so the valuation has been reduced to reflect the risk to its future. Elo Health struggled to find a market fit and execute on the investment thesis, so to extend its cash runway it had to raise an investment round at a reduced valuation. These three valuation movements account for 86% of the total decline in the reporting period. The total investment cost of these three companies was £7 million.

    Octopus Ventures believes that some of the companies which have seen decreased valuations in the 18 months have the potential to overcome the issues they face and get their growth plans back on track. We will continue to work with them to help them realise their ambitions. In some cases, if a company is achieving its performance milestones, the support offered could include further funding, to ensure a business has the capital it needs to execute on its strategy. At this early stage of the Company’s life cycle, it is to be anticipated that failures will likely precede valuation growth, which takes longer as the portfolio companies must achieve their agreed milestones and mature.

    Conversely, 12 companies saw an increase in unrealised valuation in the period, delivering a collective increase in valuation of £4.4 million. These valuation increases reflect businesses which have successfully concluded further funding rounds, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Apheris and Manual, both of which have shown impressive capital efficient growth. These strong performers demonstrate that there are opportunities available for companies to scale.

    The interest on Future Generation’s uninvested cash reserves was £1.4 million in the 18 months to 31 December 2024 (30 June 2023: gain of £0.4 million), driven by returns on money market funds. The Board’s objective for these investments is to generate sufficient returns through the cycle to cover costs, at limited risk to capital.

    Disposals
    In September 2024, as part of a Series A funding round, Octopus sold a portion of the Company’s shares in Neat. Then in November, Pluxee (a global leader in employee benefits) acquired Cobee. The two exits combined offer the Company a return of 1.5x, including contingent deferred proceeds.

    Overview of investments
    The Company completed 16 investments in the 18 months to 31 December 2024 (comprising a total of £8.2 million) and 4 further investments after the reporting date totalling £2.4 million. More information on some of these businesses can be found below:

    A selection of our completed investments

    Revitalising Healthcare

    Pencil Biosciences is a gene editing technology platform.

    Awell Health automates routine clinical tasks, synchronising data between systems and driving seamless coordination between care teams and patients.

    Cellvoyant is an artificial intelligence (AI) first biotechnology company creating novel stem cell-based therapies for chronic diseases.

    Manual provides easy access to advice and medical support for diagnosis, custom treatment plans and holistic care to induce long-term behaviour change.

    Nanosyrinx has developed a targeted biologic therapeutic delivery platform (a nano-syringe).

    Empowering people

    Correcto is an AI writing and grammar tool for the Spanish language.

    Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.

    Swiipr has developed a digital payments platform specifically for the airline industry.

    Building a sustainable planet

    Metris Energy has created a platform that allows landlords of multi-unit buildings to monetise modular renewable energy projects through a single billing platform to charge tenants.

    Drift is designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore using a fully integrated desalination, electrolysis and storage system.

    Q&A

    Q. How do you value a portfolio company?
    A. Future Generations VCT’s unquoted portfolio companies are valued in accordance with UK Generally Accepted Accounting Practice (UK GAAP) accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines.

    This means we value the portfolio at fair value, with all companies being valued at least twice yearly, for our half-year (June) and annual accounts (December).

    Q. What do you mean by ‘fair value’?
    A. When we say fair value, we mean the price we expect people would be willing to buy or sell an asset for, assuming they understand the asset and market conditions, are knowledgeable parties, act independently, and that the transaction is carried out under the normal course of business (i.e. is not rushed and proper marketing has taken place).

    Q. Who values the portfolio, what is the process and what oversight is there to make sure this is right?
    A. The Octopus Investment Managers involved with the portfolio companies, either in the capacity of a Director or observer on the board, or the primary contact, will provide commentary including, but not limited to, recent developments with the portfolio and the wider market in which they operate, progress towards milestones, management team changes, board dynamics and technical progress. This is combined with the latest available financial accounts and budget provided by the portfolio company which will be summarised into Key Performance Indicators (KPIs).

    From this information, a member of the separate Valuations team drafts the initial proposal. This will highlight any material changes, key asset level assumptions used and KPIs, and discuss portfolio company performance as well as the rationale underpinning the selected valuation methodology. A peer review exercise then takes place, where the proposals are challenged and reviewed. The peer reviewer is an investment professional from the Fund Manager (typically the Lead Fund Manager) who has not been involved in preparing the valuations.

    This will then be reviewed and approved by the Octopus Valuations Committee which comprises individuals with appropriate expertise and experience in valuations. Those individuals are not involved in the investment decisions and as such can independently review and challenge. The Future Generations VCT Board will then meet to discuss them in detail, revise as necessary and ultimately approve them.

    There are also more valuation checkpoints throughout the year in advance of allotments and other share-related transactions, which means that the portfolio’s valuation is reviewed to ensure NAV is fairly represented prior to these corporate actions.

    As part of our continuous improvement processes, we periodically review the actual realised value of our investments compared to their last holding value and refine our valuation methodologies accordingly. This, combined with the high proportion of valuations that are based on the terms of further funding rounds led by new external investors, firmly underpins the robustness of the valuation process.

    Valuations
    The table illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed in the last 18 months to the period end or shortly after the period end, and exits of companies where terms have been agreed with an acquirer. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability weighted ‘scenario analysis’ is considered.

    Valuation methodology By value By number of companies
    Multiples 18% 3
    External price 44% 12
    Scenario analysis 14% 7
    Milestone analysis 24% 10
    Write-off — 4

    Portfolio case studies

    CoMind
    CoMind is building revolutionary brain sensing technologies.

    Their mission is to redefine the way the brain is measured and treated at every stage of care. One of the first applications of CoMind’s core technology is in measuring intracranial brain pressure using an adhesive sensor and advanced signal processing. This will be a step change from the current standard of having to drill through the skull to measure intracranial pressure in patients impacted by traumatic brain injury, stroke, and/or other neurocritical conditions.

    While other companies are trying to create noninvasive technology in this sector, we believe CoMind has a distinct competitive advantage. CoMind has developed an advanced optical sensing technique that has opened up new possibilities in monitoring brain health. Unlike existing methods, CoMind’s technology is more similar to the “LiDAR” (Light Detection and Ranging) systems used in self-driving cars. This allows CoMind’s devices to give a unique, detailed view of brain health, helping doctors deliver more personalised and targeted treatments to patients at every stage of care.

    >250 subjects were measured in 2024.
    Several devices are currently being used in hospitals for clinical trials.

    Swiipr
    Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service.

    When flights are disrupted, compensating passengers is a hassle for both airlines and travellers. Swiipr’s platform simplifies this by automating payment verification and processing through a system designed specifically for airlines. The company provides passengers with virtual and physical prepaid cards, offering instant, flexible spending compared to outdated paper vouchers or slow payments. Swiipr also supports airlines with solutions for crew, operational, and crisis payments, enabling fast, direct payouts to staff. Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service, and retailers benefit from instant payment settlement. Swiipr also integrates with airline Customer Relationship Management systems, making it an essential partner for the industry.

    Octopus Ventures is excited about Swiipr’s travel-focused digital payments solution and its potential to revolutionise how airlines handle pay-outs. Swiipr’s innovative product aims to transform compensation payments and speed up management processes for airlines and beyond. By enabling digital payments, Swiipr seeks to boost efficiency, enhance customer experiences, and provide automated processes that are transparent and compliant with regulations.

    With over 500 million passengers affected by travel disruptions each year, simplifying the path to compensation has the potential to significantly improve customer satisfaction, build trust, and foster loyalty in the industry.

    Only 1–2% of disrupted passengers currently receive compensation.
    Billions of dollars lost by passengers in outdated, inefficient pay-out processes every year.
    Pay360 Payment Award winner: Best B2B Programme and Best Customer Facing Experience at the 2024 awards.

    DRIFT
    DRIFT aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.

    It does this using a unique, AI-enabled vessel routing system that enables the vessels to find and stay in optimum weather conditions. The growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector. DRIFT’s solution is mobile, resilient and works outside of existing infrastructure. The company is developing renewable energy partnerships that will benefit coastal and island communities around the world.

    DRIFT is leading the way in developing a truly innovative new class of mobile renewable energy, building the world’s first net-positive ships and unlocking a new era of clean fuel generation capable of covering 70% of the globe. The company’s technology uniquely unlocks the planet’s greatest resource, overcoming supply challenges and enabling a fair and equitable clean energy transition.

    €10 trillion: Goldman Sachs estimates that the green hydrogen market could reach €10 trillion by 2050.

    24%: Bank of America predicts that clean hydrogen could provide 24% of global energy needs by 2050.

    COP 28 winner: DRIFT is a COP 28 award-winning DeepTech company and winner of the Monaco Prize for Innovation in Renewable Hydrogen and Transportation 2024.

    Top 10 investments
    Here, we set out the cost and valuation of the top 10 holdings, which account for over 58% of the value of the portfolio.

    Portfolio company Investment cost Valuation at
    31 December 2024    		 Investment Theme
    1. HelloSelf Limited £2.6m £2.6m Revitalising healthcare
    2. Remofirst, Inc £1.2m £1.7m Empowering people
    3. Infinitopes Ltd £1.6m £1.6m Revitalising healthcare
    4. Neat SAS £0.6m £1.5m Building a sustainable planet
    5. TYTN Ltd (t/a TitanML) £0.5m £1.5m Building a sustainable planet
    6. Apheris AI GmbH £1.5m £1.5m Empowering people
    7. Menwell Limited (t/a Manual) £0.9m £1.5m Revitalising healthcare
    8. Mr & Mrs Oliver Ltd (t/a Skin + Me) £1.0m £1.4m Revitalising healthcare
    9. Intrinsic Semiconductor Technologies Ltd £0.9m £1.2m Empowering people
    10. CoMind Technologies Ltd £0.8m £1.0m Revitalising healthcare

    Top 10 investments in detail1

    1

    HelloSelf Limited
    A digital, personalised psychological therapy and coaching platform.
    www.helloself.com

    Initial investment date: January 2023
    Investment cost: £2.6m
      (2023: £2.6m)
    Valuation: £2.6m
      (2023: £2.6m)
    Last submitted accounts: 31 March 2024
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: £(15.5)m
      (2023: £(9.8)m)
    Valuation methodology: Calibration

    2
    Remofirst, Inc.
    Global payroll and compliance system for remote teams.
    www.remofirst.com

    Initial investment date: February 2024
    Investment cost: £1.2m
      (2023: n/a)
    Valuation: £1.7m
      (2023: n/a)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last Round

    3
    Infinitopes Ltd
    Has built an antigen discovery platform to develop cancer vaccines that provide better treatment outcomes.
    www.infinitopes.com

    Initial investment date: December 2022
    Investment cost: £1.6m
      (2023: £1.6m)
    Valuation: £1.6m
      (2023: £1.6m)
    Last submitted accounts: 31 December 2023
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax Not available2
      (2023: Not available2)
    Net assets: £9.3m
      (2023: £8.1m)
    Valuation methodology: Last Round

    4
    Neat SAS
    An embedded insurance platform that gives merchants the ability to provide insurance bundles to their customers at a competitive rate.
    mobility.neat.eu

    Initial investment date: November 2022
    Investment cost: £0.6m
      (2023: £0.8m)
    Valuation: £1.5m
      (2023: £0.8m)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last round

    5

    TYTN Ltd (t/a TitanML)
    An artificial intelligence company which is developing a one-stop-shop for Natural Language Processing AI Optimisation, allowing enterprises to generate value from their data.
    www.titanml.co

    Initial investment date: February 2023
    Investment cost: £0.5m
      (2023: £0.5m)
    Valuation: £1.5m
      (2023: £0.5m)
    Last submitted accounts: 30 April 2024
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: £1.5m
      (2023: £2.0m)
    Valuation methodology: Last Round

    6

    Apheris AI GmbH
    An end-to-end federated learning platform enabling data scientists to conduct analysis over sensitive data without compromising the privacy or security of the data subjects.
    www.apheris.com

    Initial investment date: November 2022
    Investment cost: £1.5m
      (2023: £1.2m)
    Valuation: £1.5m
      (2023: £1.2m)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last round

    7

    Menwell Limited (t/a Manual)
    Making high-quality healthcare more accessible and stigma-free
    www.manual.co

    Initial investment date: May 2024
    Investment cost: £0.9m
    (2023: n/a)
    Valuation: £1.5m
      (2023: n/a)
    Last submitted accounts: 31 December 2023
    Turnover: £54.7m
    (2023: £22.4m)
    Profit/(loss) before tax: £(7.9)m
    (2023: £(10.6)m)
    Net assets: £11.8m
    (2023: £8.0m)
    Valuation methodology: Last round

    8
    Mr & Mrs Oliver Ltd (t/a Skin + Me)
    A direct to consumer, personalised skin care company.
    www.skinandme.com

    Initial investment date: December 2022
    Investment cost: £1.0m
      (2023: £1.0m)
    Valuation: £1.4m
      (2023: £1.3m)
    Last submitted accounts: 31 August 2023
    Turnover: £28.7m
      (2023: £14.3m)
    Profit/(loss) before tax: £1.8m
      (2023: £(3.3)m)
    Net assets: £12.8m
      (2023: £(0.7)m)
    Valuation methodology: Revenue Multiple

    9
    Intrinsic Semiconductor Technologies Ltd
    Solid state memory technology that is simple to integrate and faster than current alternatives like Flash.
    www.intrinsicsemi.com

    Initial investment date: December 2023
    Investment cost: £0.9m
      (2023: n/a)
    Valuation: £1.2m
      (2023: n/a)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
    (2023: Not available2)
    Consolidated net assets: £4.0m
      (2023: £5.5m)
    Valuation methodology: Scenario Analysis

    10

    CoMind Technologies Ltd
    Development of non-invasive brain sensing technology for monitoring of medical conditions.
    comind.io

    Initial investment date: November 2023
    Investment cost: £0.8m
      (2023: n/a)
    Valuation: £1.0m
      (2023: n/a)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
    (2023: Not available2)
    Net assets: £17.1m
      (2023: £4.1m)
    Valuation methodology: Milestone Analysis

    1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
    2. Information not publicly available.

    Portfolio engagement
    As part of our strategy, we require portfolio companies to put in place a Diversity and Inclusion policy (D&I) and an Anti-Harassment policy. We also engage with each company to help them understand their greenhouse gas (GHG) emissions and support them to take action to minimise them. You can see how we are progressing with these goals below, as at the date of this report:

    D&I policy status
    Policy in place: 100%

    Engaged in monitoring 2023 greenhouse gas emissions1
    Signed up: 16
    Introduced: 19
    In progress: 1

    1 As of 31 December 2024, only 2023 carbon emissions data was available.

    Outlook
    Despite the declining NAV in the reporting period, we are reassured to see an increase in the NAV per share of the fund in the last six months. This, combined with the two profitable realisations in the period, is offering us early proof points of the Company’s investment strategy to deliver sustainable growth as it moves into its third year of deployment. With a more diversified portfolio, in terms of both stage and sector, this also offers a clearer path for the Company to enter a growth phase.

    As is to be expected at this stage in the Company’s lifecycle, it has started to make its first follow-on investments into portfolio companies which are achieving their agreed milestones and successfully gaining new external lead funders. The Company made two follow-on investments in the reporting period and three after.

    This strategy of reinvesting into existing portfolio companies aims to increase the Company’s stake in portfolio companies that have achieved market fit and are scaling successfully, supporting its overall growth plan. Along with further financial support, Octopus’ resources are directed in the most impactful way, both through Octopus-appointed non-executive Directors or monitors on the boards and our in-house People and Talent team. This team works directly with the portfolio company management teams, offering training and recruitment support to ensure the best talent pool is being explored to help drive success.

    We are excited to have the opportunity to continue to scale the Company, support its ambition to make the world a better place for future generations, and hope to deliver attractive returns to shareholders.

    Simon King
    Partner and Lead Fund Manager for Future Generations VCT

    Risks and risk management

    The Board assesses the risks faced by Future Generations VCT, reviews the mitigating controls and monitors the effectiveness of these controls.

    Emerging and principal risks, and risk management
    The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place. The Board carries out a regular review of the risk environment in which the Company operates.

    Emerging risks

    The Board has considered emerging risks. The Board seeks to mitigate risks by setting policy, regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

    The following are some of the potential emerging risks management and the Board are currently monitoring:

    • adverse changes in global macroeconomic environment;
    • challenging market conditions for private company fundraising and exits;
    • geo‑political instability; and
    • climate change.

    Detailed below are the principal risks of Future Generations VCT, and the mitigating actions in relation to those risks.

    Principal risks

    Risk Mitigation Change
    Investment performance:    
    The focus of Future Generations VCT investments is into early-stage, unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies. Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Future Generations VCT portfolio and the engagement levels of other investors. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Future Generations VCT to play a prominent role in a portfolio company’s ongoing development and strategy. Increased exposures reflected in the previous period remain unchanged due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
    Risk Mitigation Change
    VCT qualifying status:    
    Future Generations VCT is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Future Generations VCT and its investors losing access to the various tax benefits associated with VCT status and investment. Octopus tracks Future Generations VCT’s qualifying status throughout the period, and reviews this at key points, including at the point of investment and realisation. This status is reported to the Board at each Board meeting. The Future Generations VCT Board has also engaged external independent advisers to undertake an independent VCT status monitoring role. VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
    Risk Mitigation Change
    Loss of key people:    
    The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Future Generations VCT. The Portfolio Manager has a broad team experienced in and focused on early-stage investing. This mitigates the risk of any one individual with the required skill set and knowledge of venture capital investing, and the portfolio specifically, leaving. Key investment staff are also incentivised via the performance incentive fee. The increase is attributed to the departure of key personnel from the Octopus Ventures team and risk exposure reflects a reduction in performance fees potentially increasing attrition.
    Risk Mitigation Change
    Operational:    
    The Future Generations VCT Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third‑party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules. The Future Generations VCT Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Future Generations VCT’s internal controls). These include controls designed to make sure that Future Generations VCT assets are safeguarded and that proper accounting records are maintained. No overall change in risk exposure on balance.
    Risk Mitigation Change
    Information security:    
    A loss of key data could result in a data breach and fines. The Future Generations VCT Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information. Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated Information Security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence. No overall change on balance, although cyber threat remains a significant risk area faced by all providers.
    Risk Mitigation Change
    Economic:    
    Events such as an economic recession, movement in interest rates, inflation and rising living costs could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions of the sectors in which they operate. This could result in a reduction in the value of Future Generations VCT assets. Future Generations VCT aims to invest in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Future Generations VCT also maintains adequate liquidity to make sure that it can continue to provide follow‑on investment to those portfolio companies which require it and which are supported by the individual investment case. Increased exposures reflected in the previous periods remain as economic uncertainty persists through high inflation, high interest rates and other economic factors.
    Risk Mitigation Change
    Legislative:    
    A change to the VCT regulations could adversely impact Future Generations VCT by restricting the companies Future Generations VCT can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Future Generations VCT’s ability to raise further funds. The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation. Risk exposure has reduced following the extension of the sunset clause to 2035 being agreed.
    Risk Mitigation Change
    Liquidity:    
    The risk that Future Generations VCT’s available cash will not be sufficient to meet its financial obligations. Future Generations VCT invests into smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice. Future Generations VCT’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Future Generations VCT’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Future Generations VCT maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these resources were valued at £20,084,000. Risk exposures continue to increase, reflecting the potential knock-on effects of economic uncertainty, impacting fundraising and increasing the risk of disposal failure.

    Viability statement

    In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Future Generations VCT over a period of five years, consistent with the expected investment holding period of an investor. A fundraise with an initial offer to raise up to £5 million was launched on 3 February 2025. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5 million. Under VCT rules, subscribing investors are required to hold their investment for a five‑year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Future Generations VCT’s shares, and a five-year period is considered to be a reasonable time horizon for this.

    The Board carried out a robust assessment of the emerging and principal risks facing Future Generations VCT and its current position. This includes risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to the Company’s reliance on, and close working relationship with, the Investment Manager. The principal risks faced by the Company and the procedures in place to monitor and mitigate them are set out above.

    The Board has carried out robust stress testing of cash flows, which included assessing the resilience of portfolio companies, including the requirement for any future financial support.

    The Board has additionally considered the ability of Future Generations VCT to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

    Based on this assessment, the Board confirms that it has a reasonable expectation that Future Generations VCT will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure Future Generations VCT has sufficient liquidity.

    Directors’ responsibilities statement

    The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the Financial Statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the UK Listing Rules of the Financial Conduct Authority.

    Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), United Kingdom accounting standards and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

    • select suitable accounting policies and then apply them consistently;
    • make judgements and accounting estimates that are reasonable and prudent;
    • state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
    • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
    • prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

    The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

    In so far as each of the Directors is aware:

    • there is no relevant audit information of which the Company’s auditor is unaware; and
    • the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

    The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors are of the opinion that this report as a whole provides the necessary information to assess the Company’s performance, business model and strategy and is fair, balanced and understandable.

    The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

    The Directors confirm that, to the best of their knowledge:

    • the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
    • the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

    On behalf of the Board

    Helen Sinclair
    Chair

    Income statement

        18 months to 31 December 2024 Year to 30 June 2023
        Revenue Capital Total Revenue Capital Total
        £’000 £’000 £’000 £’000 £’000 £’000
    Gain on disposal of fixed asset investments   — 1,382 1,382 — — —
    Net loss on valuation of fixed asset investments   — (3,564) (3,564) — (6) (6)
    Investment management fee   (345) (1,035) (1,380) (174) (522) (696)
    Investment income   1,427 — 1,427 424 — 424
    Other expenses   (759) — (759) (500) — (500)
    Earnings/(loss) before tax   323 (3,217) (2,894) (250) (528) (778)
    Tax   — — — — — —
    Earnings/(loss) after tax   323 (3,217) (2,894) (250) (528) (778)
    Earnings/(loss) per share – basic and diluted   0.6p (6.3)p (5.7)p (0.6)p (1.3)p (1.9)p
    • The ‘Total’ column of this statement is the profit and loss account of Future Generations VCT; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
    • All revenue and capital items in the above statement derive from continuing operations.
    • Future Generations VCT has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.

    Future Generations VCT has no other comprehensive income for the period.

    The accompanying notes form an integral part of the financial statements.

    Balance sheet

        As at 31 December 2024 As at 30 June 2023  
        £’000 £’000 £’000 £’000  
    Fixed asset investments     26,769   24,895  
    Current assets:            
    Debtors   1,166   379    
    Applications cash1   100   370    
    Cash at bank   112   152    
    Money market funds   19,972   20,140    
          21,350   21,041  
    Creditors: amounts falling due within one year   (196)   (518)    
    Net current assets     21,154   20,523  
    Net assets     47,923   45,418  
    Share capital     54   48  
    Share premium     51,854   46,461  
    Capital reserve realised     (328)   (640)  
    Capital reserve unrealised     (3,526)   3  
    Revenue reserve     (131)   (454)  
    Total equity shareholders’ funds     47,923   45,418  
    NAV per share     88.8p   94.3p  
    1. Cash received from investors but not yet allotted.

    The accompanying notes form an integral part of the financial statements.

    The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

    Helen Sinclair
    Chair
    Company No: 13750143

    Statement of changes in equity

      Share capital
    £’000    		 Share premium
    £’000    		 Capital reserve realised1
    £’000    		 Capital reserve unrealised
    £’000    		 Revenue reserve1
    £’000    		 Total
    £’000
    As at 1 July 2023 48 46,461 (640) 3 (454) 45,418
    Comprehensive income for the period:            
    Management fees allocated as capital expenditure — — (1,035) — — (1,035)
    Current year gain on disposal of fixed asset investments — — 1,382 — — 1,382
    Net loss on fair value of fixed asset investments — — — (3,564) — (3,564)
    Gain after tax — — — — 323 323
    Total comprehensive loss for the period — — 347 (3,564) 323 (2,894)
    Contributions by and distributions to owners:            
    Share issue 6 5,506 — — — 5,512
    Share issue costs — (113) — — — (113)
    Total contributions by and distributions to owners 6 5,393 — — — 5,399
    Other movements:            
    Prior year fixed asset loss unrealised — — (35) 35 — —
    Total other movements — — (35) 35 — —
    Balance as at 31 December 2024 54 51,854 (328) (3,526) (131) 47,923
      Share capital
    £’000    		 Share premium
    £’000    		 Capital reserve realised1
    £’000    		 Capital reserve unrealised
    £’000    		 Revenue reserve1
    £’000    		 Total
    £’000
    As at 1 July 2022 33 31,572 (118) 9 (204) 31,292
    Comprehensive income for the period:            
    Management fees allocated as capital expenditure — — (522) — — (522)
    Net loss on fair value of fixed asset investments — — — (6) — (6)
    Loss after tax — — — — (250) (250)
    Total comprehensive loss for the period — — (522) (6) (250) (778)
    Contributions by and distributions to owners:            
    Shares issued 15 15,164 — — — 15,179
    Share issue costs — (275) — — — (275)
    Total contributions by and distributions to owners 15 14,889 — — — 14,904
    Balance as at 30 June 2023 48 46,461 (640) 3 (454) 45,418
    1. Reserves are available for distribution, subject to the restrictions.

    The accompanying notes form an integral part of the financial statements.

    Cash flow statement

        18 months to
    31 December     		 Year to
    30 June
        2024 2023
        £’000 £’000
    Cash flows from operating activities      
    Loss before tax1   (2,894) (778)
    Decrease/(increase) in debtors   173 (325)
    Decrease in creditors   (52) (103)
    Gain on disposal of fixed assets   (1,382) —
    Loss on valuation of fixed asset investments   3,564 6
    Outflow from operating activities   (591) (1,200)
    Cash flows from investing activities      
    Purchase of fixed asset investments   (8,162) (23,238)
    Sale of fixed asset investments   3,146 —
    Outflow from investing activities   (5,016) (23,238)
    Cash flows from financing activities      
    Movement in applications account   (270) (1,544)
    Proceeds from share issues   5,512 15,179
    Share issue costs   (113) (275)
    Inflow from financing activities   5,129 13,360
    Decrease in cash and cash equivalents   (478) (11,079)
    Opening cash and cash equivalents   20,662 31,741
    Closing cash and cash equivalents   20,184 20,662
    Cash and cash equivalents comprise      
    Cash at bank   112 152
    Money market funds   19,972 20,140
    Applications cash   100 370
    Closing cash and cash equivalents   20,184 20,662
    1. Loss before tax includes cashflows from dividends of £1.4 million (2023: £0.4 million).

    The accompanying notes form an integral part of the financial statements.

    Notes to the financial statements

    1. Principal accounting policies

    Octopus Future Generations VCT plc (‘Future Generations VCT’) is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

    Future Generations VCT has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Future Generations VCT were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 5 April 2022 and can be found under the TIDM code OFG. Future Generations VCT is premium listed.

    The principal activity of Future Generations VCT is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

    The financial statements are presented in GBP (£) to the nearest £’000. The functional currency is also GBP (£). Some accounting policies have been disclosed in the respective notes to the financial statements.

    Basis of preparation
    The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

    2. Investment income
    Accounting policy

    Investment income comprises interest earned on money market funds. Dividend income is shown net of any related tax credit. Dividends receivable are brought into account when Future Generation’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

    Disclosure

      18 months to  
      31 December 2024

        30 June 2023
      £’000 £’000
    Money market funds 1,427 424
    Total investment income 1,427 424

    3. Investment management fees
    Accounting policy

    For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 25% to revenue and 75% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Future Generations VCT’s investment portfolio.

    Disclosure

      18 months to 31 December 2024 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Investment            
    management fee 345 1,035 1,380 174 522 696
    Total 345 1,035 1,380 174 522 696

    The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Future Generations VCT. It also provides accounting and administration services to Future Generations VCT under a Non-Investment Services Agreement (NISA). No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given.

    4. Other expenses
    Accounting policy

    Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

    The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

      18 months to Year to
      31 December 30 June
      2024 2023
      £’000 £’000
    NISA fees 213 122
    Directors’ remuneration1 157 77
    Audit fees2 78 63
    Directors and Officers (D&O) insurance 74 15
    Depositary fees 62 57
    Listing fees 46 58
    Registrars fees 28 21
    Director recruitment & expenses 27 —
    Report and account fees 26 38
    Other fees 48 49
    Total 759 500

    1. Includes employers’ NI.
    2. Includes VAT.

    Total ongoing charges are capped at 3.0% of net assets. For the period to 31 December 2024, the ongoing charges exceeded this cap and a rebate was paid from the Portfolio Manager for the amount of £39,000. For the 18 months to 31 December 2024 the ongoing charges were 3.0% (2023: 3.0%) of net assets. This is calculated by summing the annualised expenses incurred in the period (excluding non-recurring expenses) divided by the average NAV throughout the period.

    5. Tax on ordinary activities
    Accounting policy

    Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the ‘marginal’ basis as recommended in the SORP.

    Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

    Disclosure
    The corporation tax charge for the period was £nil.

      18 months to Year to
      31 December 30 June
      2024 2023
      £’000 £’000
    Loss on ordinary activities before tax (2,894) (778)
    Current tax at 25% (2023: 20.5%) (724) (159)
    Effects of:    
    Non-taxable income (357) —
    Non-taxable capital gains 546 1
    Non-deductible expenses 1 —
    Excess management expenses on which deferred tax not recognised 534 193
    Tax rate differences1 — (35)
    Total current tax charge — —

    1. Tax rate difference due to tax charge for the period being calculated at 20.5% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

    Unrelieved tax losses of £3,231,000 (2023: £1,094,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Future Generations VCT’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Future Generations VCT has not recognised the deferred tax asset of £808,000 (2023: £273,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward.

    Approved VCTs are exempt from tax on capital gains. As the Directors intend for Future Generations VCT to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

    6. (Loss)/earnings per share

      18 months to 31 December 2024 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Earnings/(loss) attributable to Ordinary shareholders (£’000)

    323

    (3,217)

    (2,894)

    (250)

    (528)

    (778)
    Earnings/(loss) per Ordinary share (p) 0.6 (6.3) (5.7) (0.6) (1.3) (1.9)

    The Earnings/(loss) per share is based on 51,727,417 (2023: 40,987,788) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.

    There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

    7. Net asset value per share

      31 December 30 June
      2024 2023
    Net assets (£’000) 47,923 45,418
    Shares in issue 53,941,104 48,138,337
    NAV per share (p) 88.8 94.3

    8. Transactions with the Manager and Portfolio Manager

    Future Generations VCT is classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). Future Generations VCT has appointed Octopus AIF Management Limited to provide the services of an AIFM of a full-scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated investment management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.

    Future Generations VCT paid Octopus AIF Management Limited £1,380,000 (2023: £696,000) in the period as a management fee, after applying a rebate to maintain the total ongoing charges below the 3% cap. The annual management charge (AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. Once the quarter has ended, an adjustment will be made if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. The Manager will donate 10% of the management fee to the Octopus Giving Charitable Foundation, which was set up in 2014 to help charities make the world a better place and which, since inception, has donated more than £1 million to such worthy causes.

    Octopus also provides Non-Investment Services to Future Generations VCT, payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s NAV, calculated at quarterly intervals. The NISA fee is calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. As with the AMC, an adjustment will be made once the quarter has ended if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. During the period £213,000 (2023: £122,000) was paid to Octopus for Non‑Investment Services. In addition, Octopus is entitled to performance-related incentive fees, subject to Future Generations VCT’s total return at year end exceeding the total return at the previous year end when an incentive fee was paid, or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. No performance fee will be paid prior to the financial year ending on 31 December 2025, dividends (paid or declared) being equal to or greater than 10p per Ordinary share and the total return exceeding 120p.

    The cap relating to Future Generations VCT’s total expense ratio, that is the regular, recurring costs of Future Generations VCT expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 3.0%, and is calculated in accordance with the AIC Guidelines.

    Octopus AIF Management Limited remuneration disclosures (unaudited)
    Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

    9. Related party transactions

    Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Future Generations VCT’s portfolio companies, but they have no controlling interests in those companies.

    Emma Davies, a Non-Executive Director of Future Generations VCT, previously held the role of co-CEO of Octopus Ventures and she also holds shares in Octopus Capital Ltd. On 24 March 2023, Emma Davies ceased to be employed by Octopus Capital Limited and therefore she is no longer considered a related party. Emma retired as a Non-Executive Director of Future Generations VCT on 31 March 2024. No dividends have been paid to the Directors of Future Generations VCT in the period (2023: £nil).

    10. 2024 financial information

    The figures and financial information for the period ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the period to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    11. 2023 financial information

    The figures and financial information for the year ended 30 June 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    12. Annual Report and financial statements
    The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/.
    The Notice of Annual General Meeting is contained within the Annual Report.

    13. General information

    Registered in England & Wales. Company No. 13750143
    LEI: 213800AL71Z7N2O58N66

    14. Directors

    Helen Sinclair (Chair), Joanna Santinon and Ajay Chowdhury

    15. Secretary and registered office   

    Octopus Company Secretarial Services Limited
    6th Floor, 33 Holborn, London EC1N 2HT

    The MIL Network –

  • MIL-OSI: Annual report and financial statements for the year ended 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    OCTOPUS TITAN VCT PLC

    Annual report and financial statements for the year ended 31 December 2024

    Octopus Titan VCT plc announces the final results for the year to 31 December 2024 as below.

    Octopus Titan VCT plc (‘Titan’ or the ‘Company’) is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

    Key financials

      2024 2023
    Net assets (£’000) £831,358 £993,744
    Loss after tax (£’000) £(147,649) £(149,499)
    NAV per share 50.5p 62.4p
    Total value per share1 155.6p 164.4p
    Total return per share2 (8.8)p (9.5)p
    Total return per share %3 (14.1)% (12.4)%
    Dividends paid in the year 3.1p 5.0p
    Dividend yield %4 5.0% 6.5%
    Dividend declared 0.5p 1.9p
    1. Total value per share is an alternative performance measure, calculated as NAV plus cumulative dividends paid since launch, as described in the glossary of terms.
    2. Total return per share is an alternative performance measure, calculated as movement in NAV per share in the period plus dividends paid in the period, as described in the glossary of terms.
    3. Total return % is an alternative performance measure, calculated as total return/opening NAV, as described in the glossary of terms.
    4. Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV, as described in the glossary of terms.

    Chair’s statement
    Titan’s total return for the year to 31 December 2024 was -14.1% with net assets at the end of the period totalling £831 million.

    The Net Asset Value (NAV) per share at 31 December 2024 was 50.5p which, adjusting for dividends paid in the year, represents a net decrease of 8.8p per share from 31 December 2023 or a total return of –14.1%.

    This further decline in value has been driven by several factors, including company-specific performance issues and tougher trading conditions, which have reduced revenue growth across a range of sectors. As a result, many companies in the portfolio have not met performance expectations, leading to lower valuation multiples being applied compared to those at recent points of investment. This situation has been exacerbated by a continued slow private market fundraising environment, leading to more limited capital availability. Consequently, companies have prioritised extending their cash runway, aiming to achieve profitability or delay fundraising until market conditions improve. In the short term, this has led to reduced valuations due to slower growth, but in the long run, the disciplined focus on sustainable growth should be beneficial.

    With this further decline in NAV, the 5-year tax-free annual compound return for shareholders is now -3.5%. Since the high watermark as at 31 December 2021, Titan’s total return per share has been –39.8% with which the Board and Manager are, and shareholders will be, deeply disappointed. The scale of shareholder dissatisfaction has been made abundantly clear following the recently conducted survey.

    In the 12 months to 31 December 2024, the Company utilised £137 million of its cash resources, comprising £30 million in new and follow-on investments, £44 million in dividends (net of the Dividend Reinvestment Scheme (DRIS)), £38 million in share buybacks and £25 million in annual investment management fees and other running costs. The cash and corporate bond balance of £184 million at 31 December 2024 represented 22% of net assets at that date, compared to 20% at 31 December 2023.

    The total value (NAV plus cumulative dividends paid per share since launch) at the end of the period was 155.6p (31 December 2023: 164.4p). Titan’s one-year total return of -8.8p (-14.1%) five-year total return of -15.6p (-16.4%) and ten-year total return of 6.7p (6.6%) evidences the disappointing decline in performance in recent years.

    Strategic Review

    As shareholders will be aware, in the half-yearly report issued at the end of September 2024, we announced a review of strategy to ensure a thorough retrospective analysis took place and a plan be drawn up for how the Company can be best structured for sustainability and improved performance in the future. A significant amount of work has been undertaken by Octopus and our appointed external advisers, Smith Square Partners LLP, across a number of different workstreams. This includes a detailed analysis of historical investment performance, ongoing sustainability, the forward-looking pipeline for realisations, future investment strategy, investment team resources and, finally, investment manager’s culture and governance. The significant performance challenges and the early-stage nature of much of the portfolio mean that it will take some time for changes to have an impact on performance and a longer-term approach to shaping the future of the Company is needed. We are making reasonably good progress, and more can be read about the steps which have been taken in the Spotlight section. The response to our shareholder survey is included below. From this it is clear that there is widespread and deep dissatisfaction with the past performance of Titan, both in absolute and relative terms and an understandable frustration with the lack of capital growth in recent years. The Board also acknowledges the recent press coverage, particularly in respect of shareholders’ views on the fees that Titan pays. We would like to thank those that participated in the survey, as well as those that have provided their feedback to both the Board and Octopus. The Board wishes to assure shareholders that it is considering the results and feedback alongside the review.

    We expect to provide a further update on the review at, or prior to, our Annual General Meeting (AGM) on 19 June 2025. However, we do not anticipate the process to be completed by this point, so any proposals for the future of the Company will likely be put to shareholders at a later date.

    Performance incentive fees
    As the 2024 total return has been negative, and total value per share has declined since 31 December 2021, no performance fee is payable. To remind you, the performance fee is calculated as 20% on net gains above the high-water mark (the highest total value per share as at previous year ends), which is currently set as 197.7p as at 31 December 2021.

    Dividends
    Following careful consideration and recognising the value that shareholders’ place on receiving tax-free dividends, I am pleased to confirm that the Board has decided to declare a second interim dividend of 0.5p per share (2023: 1.9p per share). This will be paid on 29 May 2025 to shareholders on the register as at 25 April 2025. This second interim dividend, in addition to the 1.2p per share interim dividend paid in December 2024 brings the total dividends declared to 1.7p per share in respect of 2024. However, this 0.5p per share dividend is lower than that paid in previous years because of the ongoing performance challenges and dividends are typically a distribution of achieved performance. Considering dividends paid during 2024 (totalling 3.1p), the total dividend yield for the year is 5%, therefore meeting the Company’s target.

    Dividends, whether paid in cash or reinvested under the DRIS, are always at the discretion of the Board, are never guaranteed, and are subject to regular review reflecting the returns generated by the Company, the timing of investment realisations, cash and distributable reserves and continuing compliance with VCT rules.

    The Board will consider any further dividends to be paid in 2025 in the second half of the year at, or around, the release of the interim accounts for the six months ending 30 June 2025, subject to Titan’s performance, both realised and unrealised, improving and, as ever, Titan holding sufficient cash reserves.

    As with the dividend paid to shareholders on 19 December 2024, and in light of the ongoing review of Titan’s strategy, the Board continues to suspend the Company’s dividend reinvestment scheme for the dividend to be paid on 29 May 2025, with the dividend being paid to shareholders in cash.

    Fundraise and buybacks
    We were pleased to raise over £107 million in the fundraise which closed on 5 April 2024. As stated in the half-yearly review, the Board will decide on the approach to future fundraising at the conclusion of the review of strategy.

    During the year, Titan repurchased 67 million shares for £38 million (representing 4.2% of the net asset value as at 31 December 2023). Further details can be found in Note 14 of the financial statements. Details of the share buybacks undertaken during the year can be found in the Directors’ Report.

    VCT status
    In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024, His Majesty’s Treasury brought the extension into effect through The Finance Act 2024. The Board is delighted that this has brought clarity to the status of VCTs.

    Board of Directors
    Rupert Dickinson was appointed to the Board with effect from 1 May 2024 and was elected by shareholders at the AGM held in June 2024. Rupert has over 20 years’ experience in the wealth and investment management industries. We are already benefitting from his extensive experience.

    All the other Directors have indicated their willingness to remain on the Board, and Jane O’Riordan and Lord Rockley will be seeking re-election at the AGM.

    Portfolio Manager and team
    In March 2024, Malcolm Ferguson, Octopus’ lead Fund Manager for Titan, resigned and Jo Oliver was appointed as lead Fund Manager and Adviser to the Board on fund and strategy on an interim basis. In August 2024, Jo stepped down from this interim role. We wish to take this opportunity to thank both Jo and Malcolm for their contributions to the Company and wish them well for the future. We are pleased that, despite Malcolm’s resignation, he continues to support with portfolio management on a contractual basis. The process to appoint a replacement lead Fund Manager will commence once the review of strategy is completed.

    Shareholders may be aware that there has been considerable turnover over the past twelve months in the Octopus Ventures team, which is responsible for managing Titan. As part of the on-going strategic review, Octopus is assessing the team structure, size, culture and experience to ensure it is aligned with its future investment strategy proposals. In the interim, the Octopus Ventures team is receiving additional senior support from across the business to ensure adequate resources are available.

    AGM and shareholder event
    The AGM will take place on 19 June 2025 from 12.00 noon and will be held at the offices of Octopus Investments Limited, 33 Holborn, London, EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of AGM.

    Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. Shareholders are invited to send any questions they may have via email to TitanAGM@octopusinvestments.com. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

    Currently, we do not anticipate the strategic review process will have been fully completed by the date of the AGM. As a result, we will issue a further communication to shareholders in due course setting a date for a shareholder event and, if applicable, a General Meeting at which shareholders will be able to vote on any proposals for the future direction of the Company.

    Outlook
    The further decline in NAV to 31 December 2024 is extremely disappointing, especially when set against the backdrop of the recent recovery of some of the comparable markets and other VCTs. This decline has been primarily driven by specific portfolio performance issues and sectoral downturns, leading to cash constraints exacerbated by a challenging fundraising environment. Some portfolio companies attempted to raise funds but were unsuccessful, resulting in several being placed into administration or accepting acquisition offers on unfavourable terms. More details on these disposals can be found in the Portfolio Manager’s review. Others had to complete funding rounds at lower valuations or in ways that negatively impacted the value of the Company’s shareholding.

    The Company returned £29 million in cash proceeds from exits in 2024, in addition to £12.4 million distributed from Zenith Holding Company to Titan. This is a disappointing outcome as it is below the level achieved in 2023, and does not accomplish the Company’s long-term sustainability target. Despite the Manager’s initiatives to increase the number of realisations of portfolio companies and return cash proceeds to Titan, we have not yet seen any profitable realisations in 2025. This sustained focus on achieving regular liquidity is an important step towards ensuring the ongoing sustainability of the Company.

    Despite this, the Board retains a degree of optimism about the potential of some of the companies within what is undoubtedly a diversified portfolio, with over 135 companies spanning a wide range of sectors, business models and investment stages. Furthermore, Titan’s portfolio remains well funded with circa 42% of the portfolio NAV being comprised of companies not expecting to need further funding. This figure rises to 67% when including those companies with more than 12 months’ cash runway.

    I would like to conclude by thanking both the Board and the Octopus team on behalf of all shareholders for their hard work during this very challenging period.

    Tom Leader
    Chair

    Spotlight on the review of strategy

    On 30 September 2024, the Board, in conjunction with the Manager, announced a strategic review. This was catalysed by the ongoing challenges in the early-stage venture market to which the Company is exposed and the resultant performance issues faced. Since this date, the Board and Manager have undertaken numerous actions to identify the areas of focus and potential changes which could be made to drive the best performance for the Company and outcome for shareholders. Below is a summary of the steps taken to date by both the Board and Manager.

    Date Investment Manager’s actions Titan VCT Board’s actions Board meetings held
    Sep 2024   Announcement of review of strategy. Four Board meetings
    Oct 2024 Establish internal review committee comprised of different areas of the business.

    Co-ordinating information packs for the external advisers.

    		 External adviser selection process concluded and terms agreed.  
    Nov 2024 Recruitment process for senior Portfolio Management roles commences.

    Internal review committee submits scope of work to the Board.

    		 External advisers, Smith Square Partners, appointed.

    Board reviews Octopus’ scope of work.

    		 Two Board meetings
    Dec 2024 Internal review committee submits information pack on sustainability and fund performance workstreams to the Board. Shareholder and adviser survey launched.

    Board reviews information pack on sustainability and fund performance.

    Board reviews external advisers’ analysis of performance and benchmarking.

    		 One Board meeting
    Jan 2025 Survey results analysed.

    External specialists commence review of Consumer Duty.

    Internal review committee submits information pack on team and culture and risk and governance work streams to the Board.

    		 Board reviews external advisers’ progress report including analysis of the realisations pipeline.

    Board reviews information pack on team and culture and risk and governance work streams.

    Survey results analysed.

    		 Two Board meetings
    Feb 2025 Internal review committee presents first part of the go-forward investment strategy and further sustainability analysis and metrics. Board reviews go‑forward strategy and sustainability analysis and metrics. One Board meeting
    Mar 2025 Results of Consumer Duty Review analysed. Board reviews external advisers’ progress report.

    Results of Consumer Duty Review analysed.

    Unaudited NAV released with update on progress of review.

    		 Two Board meetings
    Apr 2025 Internal review committee presents follow up detail on the go-forward investment strategy, as well as proposals for future team and resourcing plan.

    Proposal submitted to Board regarding ongoing fees.

    		 External advisers’ interim report shared with the Board.

    Annual report published.

    Board considers proposal on future team and resourcing strategy and fees.

    Board commences fee negotiations with Octopus.

    		 Two Board meetings

    Summary of the Manager’s internal review workstreams:

    1. Fund performance
    Working to understand the most appropriate investment and divestment strategy looking at past performance metrics, benchmarks and future objectives.

    2. Fund strategy
    Investigating potential future options for Titan’s strategy which could drive improved performance. Some potential options were included in the shareholder survey to canvas views.

    3. Sustainability
    Working on past performance and future forecasting to ensure Titan operates sustainably, returning funds through realisations.

    4. Team & culture
    Reviewing the team structure, size, culture and experience (past and present) and how it maps to the successful management of the Company. Full Octopus Ventures strategy refresh in line with new Chief Executive Officer (CEO) Erin Platts joining.

    5. Consumer Duty
    External consultants appointed to carry out a review of Consumer Duty. This is to understand shareholders’ expected outcomes and assessing how the Company has delivered against them.

    6. Risk & governance
    Work led by the compliance team updating Titan’s risk register. Review and enhancement of governance processes and procedures, where relevant.

    What’s next
    1. Final Smith Square Partners report presented to the Board.
    2. Finalise fee proposal, as well as review of the Investment Management Agreement and Non-Investment Services Agreement.

    Octopus Ventures’ new CEO

    Erin Platts joined Octopus Ventures as CEO in January 2025.

    Previously, she held the role of CEO at HSBC Innovation Banking UK, formerly Silicon Valley Bank UK & EMEA. Over two decades in leadership roles with the institution, she established Silicon Valley Bank UK as a standalone, regulated subsidiary before leading the organisation through the transition period following its sale to HSBC in 2023, scaling operations to over 800 people, across six countries and into the market leading position across the sector.

    With a career spent in the US, UK and European tech ecosystems, Erin is an active and vocal spokesperson, championing Diversity, Equity and Inclusion through partnerships with organisations including Tech Nation, Founders Forum and the Newton Venture Program.

    Portfolio Manager’s review

    At Octopus, our focus is on managing your investments and providing open communication. Our annual and half-year updates are designed to keep you informed about the progress of your investment.

    Focus on performance
    The NAV of 50.5p per share at 31 December 2024 represents a decrease in NAV of 8.8p per share versus a NAV of 62.4p per share as at 31 December 2023, after adding back dividends paid during the year of 3.1p (2023: 5p) per share, a negative total return per share of 14.1% in the year.

    The performance over the five years to 31 December 2024 is shown below:

      Year ended Year ended Year ended Year ended Year ended
      31 December 31 December 31 December 31 December 31 December
      2020 2021 2022 2023 2024
    NAV, p 97.0 105.7 76.9 62.4 50.5
    Cumulative dividends paid, p 81.0 92.0 97.0 102.0 105.1
    Total value, p 178.0 197.7 173.9 164.4 155.6
    Total return1 7.1% 20.3% (22.5)% (12.4)% (14.1)%
    Dividend yield2 5.3% 11.3% 4.7% 6.5% 5.0%

    1. Total return % is an alternative performance measure, calculated as total return/opening NAV.
    2. Dividend yield is an alternative performance measure, calculated as dividends paid/opening NAV.

    We are deeply disappointed by the negative total return of 14.1% in 2024 which has been driven by a decline of £193 million across 72 companies. The businesses that contributed most significantly to this decline were Pelago, Many Pets and Big Health. Whilst these companies continue to look to scale, they have underperformed the high expectations set at their last funding round, and so have seen their valuations decline.

    These three valuation movements account for around a third of the total decline in NAV over the twelve-month reporting period.

    Octopus Ventures believes that many of the companies which have seen decreased valuations in the period have the potential to overcome the issues they face and get their growth plans back on track. Octopus Ventures continues to work with them to help them realise their potential. In some cases, the support offered could include further funding to ensure a business has the capital it needs to execute on its strategy. Our in-house Talent team is being utilised to build high-performing teams and support on key recruitment initiatives. This team, as well as our expert network of consultants, support companies on project work and can also work part-time with the businesses.

    More positively, 39 companies saw an increase in valuation in the period, delivering a collective increase in valuation of £56 million. These valuation increases reflect businesses which have successfully concluded further funding rounds at increased valuations, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Legl, Taster and Katkin – all of which have increased their market reach through new product launches. These strong performers demonstrate that there are opportunities available for companies to thrive, and Titan’s diverse portfolio allows different routes for each company to succeed in their market.

    The gain on Titan’s uninvested cash reserves was £9.2 million in the year to 31 December 2024, primarily driven by a fair value movement of £4.4 million in the corporate bond portfolio and a return of £4.2 million on the money market funds. The objective for the money market funds is to earn appropriate market rates on highly liquid treasury holdings, with limited risk to capital.

    Titan total value growth from inception
    The table below highlights the compound annual growth rate across different holding periods.

    Despite the reduction in NAV in the year, the total value has seen an increase since the end of Titan’s first year, from 89.9p to 155.6p at 31 December 2024. Since Titan launched, a total of over £557 million has been distributed back to shareholders in the form of tax-free dividends. This includes dividends reinvested as part of the DRIS.

    Holding period Total return Tax-free compound
    annual growth rate
    Since October 2008 73.1% 3.4%
    10 years 6.6% 0.6%
    5 years (16.4)% (3.5)%
    1 year (14.1)% (14.1)%

    Disposals
    Disposals and deferred proceeds have returned £29 million in cash during the period. In addition, £12.4 million was distributed from Zenith Holding Company to the Company.

    Exits
    In June, Taxfix (a European focused tax return technology platform) acquired TaxScouts, for a combination of cash and equity, which has allowed it to enter the UK market. As a result, Titan now holds shares in Taxfix.

    In July, Foodsteps was acquired by Registrar Corp (a provider of regulatory and compliance software for the food, cosmetic and life sciences industry). This transaction was also for a combination of cash and equity and has offered Registrar Corp access to Foodsteps’ global market platform of over 32,000 companies in 190 countries.

    In November, Cobee was acquired by Pluxee Group (an employee benefits and engagement platform) as part of its strategic growth plan. Pluxee is a global leader in employee benefits and engagement, operating in 31 countries with over 5,000 employees. Pluxee is uniquely positioned to support Cobee’s continued growth.

    In November, nCino (a cloud-based software company that provides a platform for financial institutions to manage their business lines) acquired FullCircl. This will enhance nCino’s data and automation capabilities and allow it to expand its reach across the UK and Europe.

    In December, Behavox (a leading provider of AI powered archiving, compliance and security solutions) acquired Mosaic Smart Data.

    Partial exits
    Two partial exits completed in October with Neat (an embedded insurance platform that enables merchants to offer tailored insurance bundles to their customers at competitive rates) completing a €50 million Series A funding round, and Vitesse (a global domestic settlement and liquidity management system to hold funds and execute cross-border payments) completing a $93 million Series C investment round. As part of both of these rounds, Titan sold a portion of its shares. We are pleased to have realised some value for shareholders in these transactions, but also excited to maintain a holding in the companies and to be able to continue to support their growth journeys.

    Deferred proceeds
    In the year, Titan also received deferred proceeds from the sale of Calastone (to The Carlyle Group in 2020) which was held via Octopus Zenith Holding Company, iSize (to Sony Interactive Entertainment in 2023), Conversocial (to Verint), Glofox (to ABC Fitness), Comma (to Weavr) and Foodsteps (to Registrar).

    Exits at a loss
    There have been four disposals made at a loss: Titan sold its remaining shares in Cazoo, which was listed on the New York Stock Exchange, Unmade was acquired by High-Tech Apparel, and Titan’s shares in Appear Here were converted to deferred shares and divested, as there was not seen to be a chance of recovery of any funds. Vinter was acquired by Kaiko (a leading provider of cryptocurrency market data, analytics and indices) for equity. As a result, Titan now holds shares in Kaiko, which are currently valued below Titan’s initial cost of investment, but these will be subject to re-valuation at least twice annually as per our normal process. In aggregate, these losses generated negligible proceeds compared to an investment cost of £19 million.

    Companies placed into administration
    Unfortunately, Audiotelligence, Stackin (now fully dissolved), Contingent, Phoelex, Excession, Dead Happy, Pulse Platform and Allplants were placed into administration having all been unsuccessful in securing further funding and having explored and exhausted all available options. In aggregate, the investment cost of the companies placed into administration totalled £26 million.

    In the year to 31 December 2024, Third Eye and LifeBook were fully dissolved having been placed into administration in previous reporting periods.

    The underperformance of a portfolio company is always disappointing for Octopus and shareholders alike, but it is an inherent characteristic of a venture capital portfolio, and we believe the successful disposals will continue to outweigh the losses over the medium to long-term.

      Year ended 31 December 2020 Year ended 31 December 2021 Year ended 31 December 2022 Year ended 31 December 2023 Year ended 31 December 2024 Total
    Disposal proceeds1 (£’000) 23,915 221,504 62,213 45,637 41,432 394,701

    1.This table includes cash and retention proceeds received in the period.

    New and follow-on investments
    Titan completed 8 new investments and made 14 follow-on investments in the reporting period. Together, these totalled £30 million (made up of £19 million into new companies and £11 million invested into the existing portfolio).

    Please see a summary of some of the new investments we made in the year.

    • DRIFT Energy: Designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore.
    • ExpressionEdits: Using a proprietary AI algorithm to design DNA sequences and intronization technology to enhance the expression of proteins in mammalian cells.
    • Forefront: Developing a tuneable Radio Frequency Front-End (RFFE) module for mobile devices which is smaller, cheaper, and more flexible than currently available products sold.
    • LabGenius: A next-generation platform leveraging machine learning to develop novel therapeutic antibodies.
    • Manual: Provides innovative treatments for a range of health conditions.
    • Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.
    • SWiiPR: Developed a digital payments platform specifically for the airline industry.

    As explained in the half-yearly report, the Octopus Ventures team is focused on improving performance from the existing portfolio and driving improved returns to shareholders. Given Titan’s scale, the greatest returns are expected to be driven by its existing, largest holdings. Over the last nine months, Titan has focused on building value in its existing portfolio, allowing capital and time to be prioritised on existing companies. No term sheets for new investments have been signed since the summer of 2024. The five follow-on investments which completed in the second half of 2024 have all increased in value in the December valuation round, on average seeing an increase of 10%. We believe that this focus will drive positive future NAV performance as these portfolio companies are more established, so have a greater potential to secure further investment, or are closer to an exit.

    Shareholder survey results
    Octopus regularly seeks feedback from Titan’s investor and adviser base either through local Business Development Managers or after webinars with the Investment Managers. Considering the ongoing review of Titan’s strategy, which is looking at a wide range of areas such as investment strategy, fundraising and dividend policies, Octopus and the Board wanted to give investors and advisers an extra opportunity to share feedback and help shape the future strategic direction of Titan. In conjunction with an external research firm, between December 2024 and January 2025, Octopus surveyed Titan’s investor and adviser base to try to better understand investors’ priorities, areas of concern and opportunities which may be of interest.

    We were pleased to see significant engagement, having received over 3,000 responses from investors and advisers. As stated in the Chair’s statement, the results emphasise that the greatest areas of dissatisfaction are around past performance and the capital growth opportunity, as highlighted below. Octopus and the Board share investors’ frustration with the recent poor performance, and have been reviewing Titan’s investment strategy with the aim to improve shareholder returns. The Board intends to communicate to investors any strategic changes once they are agreed in due course.

    To understand investors’ priorities when making their investment decision we asked the following:

    When you first chose to invest in Titan VCT, how important were the following factors?
    The results were as follows in order of importance:

    1. Tax reliefs available on your investment (income tax relief, tax free dividends and tax free capital gains)
    2. 5% annual target dividend
    3. Capital growth opportunity
    4. Past performance of fund
    5. Access to early-stage, unlisted tech enabled companies with high growth potential
    6. Ability to sell your shares back to the VCT via the share buyback facility
    7. Size of fund
    8. Fees and charges

    Octopus asked investors to rank their level of satisfaction against each of the top eight factors and the results were as follows:

      Satisfied Dissatisfied Neutral or not sure
    Tax reliefs available on your investment 88% 2% 10%
    5% annual target dividend 50% 22% 28%
    Capital growth opportunity 18% 60% 22%
    Past performance of fund 21% 52% 27%
    Access to early-stage, unlisted tech enabled companies with high growth potential 39% 10% 51%
    Ability to sell your shares back to the VCT via the share buyback facility 29% 8% 63%
    Size of fund 34% 6% 60%
    Fees and charges 22% 18% 60%

    Survey results based on responses from 1,093 direct investors and 2,195 advised investors, does not include responses from advisers.

    Valuations
    Titan’s unquoted portfolio companies are valued in accordance with UK GAAP accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines. This means we value the portfolio at Fair Value, which is the price we expect people would be willing to buy or sell an asset for, assuming they had all the information available that we do, are knowledgeable parties with no pre-existing relationship, and that the transaction is carried out under the normal course of business.

    The table below illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed by the year end or shortly after the year end, and exits of companies where terms have been issued with an acquirer. ‘External price’ also includes quoted holdings, which are held at their quoted price as at the valuation date. As at 31 December 2024, Titan only held one quoted holding. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability-weighted ‘scenario analysis’ is considered.

    Valuation methodology By value By number of companies
    External price 17% 25
    Multiples 53% 30
    Scenario analysis 16% 33
    Milestone analysis 14% 25
    Write-off – 25

    Case studies

    MANUAL
    https://www.manual.co/
    Making high-quality care more accessible and stigma-free

    MANUAL provides innovative treatments for a range of conditions, from hair loss and low testosterone to weight management and diagnostics.

    With over 800,000 patients served across the UK and Brazil, MANUAL continues to expand its impact. The company’s weight loss brand, Voy, has helped over 70,000 people lose weight. In 2024, MANUAL acquired Menopause Care – the UK’s second largest menopause clinic – furthering its mission to support underserved areas of health.

    Following the company’s £29 million Series B raise in 2024, the company is accelerating its growth, with a 140% revenue Compound Annual Growth Rate (CAGR) since 2019. With this investment, MANUAL is scaling its reach and pioneering new healthcare solutions, ensuring more people get the treatments they need to improve their quality of life.

    • Nearly 90% of men do not seek help unless they have a serious problem
    • Served more than 800,000 patients to date

    Legl
    https://legl.com/
    Revolutionising Legal Services with AI and Data-Driven Insights

    Legl delivers a world-class client experience for UK law firms by reducing risk, improving cash flow, and enabling them to bill and collect payments faster. With actionable client intelligence, their customers are empowered to make smarter decisions and drive business growth.

    By leveraging cutting-edge technology and data insights, Legl creates seamless onboarding experiences and superior payment processing capabilities. Beyond onboarding, they provide intelligence and audit functionality to help firms manage risk intelligently in a complex and ever-changing environment. Its embedded finance stack, which has been built specifically for law firms, makes collecting payments, reducing debt, and fostering exceptional client relationships effortless. In turn, providing a step-change for internal cash flow and treasury management.

    • Helped firms manage risk for over one million clients
    • Processed over $500 million in payments

    BondAval
    https://www.bondaval.com/
    Transforming non-payment risk protection

    Founded in 2020, B2B insurtech Bondaval protects companies when their customers buy now, but don’t pay later, and is already serving some of the largest companies in the world. While existing options are opaque, inflexible or limited, Bondaval’s range of insurance products are made more powerful via their proprietary technology platform, which translates policy obligations into clear tasks, helps aggregate and monitor risk signals, and makes limit management effortless for credit managers. With their receivables secured, businesses can grow faster with more peace of mind, achieve more predictable financial performance, and even access new lines of financing.

    • Offices in London, New York and Dallas
    • Licensed in 30+ countries

    Taster
    https://taster.com/
    Food innovators redefining quick-service dining

    Taster was founded with the goal of revolutionising the quick-service food experience globally. In 2017, the company raised €8 million, and by 2021, they secured an additional €30 million. By the end of 2023, Taster had grown to 400 online restaurants, with its franchise network expanding across France, the UK, Spain, the Netherlands, and Belgium. Taster collaborates closely with co-creators and kitchen partners, from launching new brands to creating special edition menu items. Their strategy focuses on building social media-first brands that engage audiences and cultivate communities around their digital restaurants.

    • Operating in over 90 cities across Europe

    We are disappointed to report a net decrease in the value of the portfolio of £137 million since 31 December 2023, excluding additions and disposals. This represents a decline of 17% on the value of the portfolio at the start of the year. Here, we set out the cost and valuation of the top 20 holdings, which account for 61% of the value of the portfolio and 47% of the total NAV.

      Portfolio: Investment focus: Investment cost: Total valuation including cost:
    1 Skin+Me Health £11.5m £44.9m
    2 Amplience B2B Software £13.6m £35.0m
    3 Permutive B2B Software £19.0m £31.0m
    4 Elliptic Fintech £9.9m £26.2m
    5 Vitesse Fintech £8.8m £25.8m
    6 ManyPets Fintech £10.0m £24.6m
    7 Pelago1 Health £17.9m £23.2m
    8 Legl B2B Software £7.3m £18.6m
    9 Orbex Deep tech £12.0m £17.8m
    10 Token Fintech £12.6m £16.5m
    11 Taster Consumer £8.1m £15.4m
    12 vHive Deep tech £8.0m £14.9m
    13 Ometria B2B Software £11.5m £14.0m
    14 SeatFrog Consumer £9.6m £13.5m
    15 KatKin Consumer £8.2m £13.2m
    16 Automata Health £12.3m £12.4m
    17 XYZ Consumer £15.3m £10.7m
    18 BondAval Fintech £7.1m £10.6m
    19 Iovox B2B Software £7.2m £10.4m
    20 Ibex Health £11.8m £9.5m
    1. Digital Therapeutics, Inc., formerly Quit Genius, has rebranded as Pelago.

    Top 10 investments in detail1
    1
    Skin+Me

    Skin+Me offers direct-to-consumer, personalised skincare.
    www.skinandme.com

    Initial investment date: September 2019
    Investment cost: £11.5m
      (2023: £11.5m)
    Valuation: £44.9m
      (2023: £48.5m)
    Last submitted accounts: 31 August 2023
    Turnover: £28.7m
    (2023: £14.3m)
    Profit/(loss) before tax: £1.8m
      (2023: £(3.3)m)
    Net assets: £12.8m
      (2023: £(0.7m)
    Valuation methodology: Multiple
    2023: Multiple

    2
    Amplience
    Amplience is a leading headless content management system, which powers retailers’ digital channels.
    www.amplience.com

    Initial investment date: December 2010
    Investment cost: £13.6m
      (2023: £13.6m)
    Valuation: £35.0m
      (2023: £41.8m)
    Last submitted accounts: 30 June 2024
    Turnover: £16.0m
      (2023: £14.9m)
    Loss before tax: £(5.5)m
      (2023: £(8.1)m)
    Net assets: £(22.8)m
      (2023: (£17.4m)
    Valuation methodology: Multiple
    2023: Multiple

    3
    Permutive
    Permutive’s publisher data platform gives its customers an in-the-moment view of everyone on their site.
    www.permutive.com

    Initial investment date: May 2015
    Investment cost: £19.0m
      (2023: £19.0m)
    Valuation: £31.0m
      (2023: £41.2m)
    Last submitted accounts: 31 January 2023
    Turnover: Not available2
      (2023: £9.8m)
    Loss before tax: Not available2
      (2023: £(19.3)m)
    Net assets: Not available2
      (2023: £(40.2)m)
    Valuation methodology: Multiple
      2023: Multiple

    4
    Elliptic
    Crypto compliance and forensic investigation solutions used by financial institutions, crypto businesses, law enforcement, and regulators to detect and prevent financial crime.
    www.elliptic.co

    Initial investment date: July 2014
    Investment cost: £9.9m
      (2023: £9.9m)
    Valuation: £26.2m
      (2023: £19.0m)
    Last submitted accounts: 31 March 2024
    Turnover: £13.7m
      (2023: £9.6m)
    Loss before tax: £(16.4)m
      (2023: £(27.1)m)
    Net assets: £(3.8)m
      (2023: £10.6m)
    Valuation methodology: Multiple
    2023: Multiple

    5
    Vitesse

    A settlement and liquidity management platform to hold funds and deliver international payments globally, using domestic, in-country processing.
    www.vitesse.io/

    Initial investment date: June 2020
    Investment cost: £8.8m
      (2023: £10.1m)
    Valuation: £25.8m
      (2023: £26.6m)
    Last submitted accounts: 31 March 2024
    Consolidated turnover: £24.8m
      (2023: £11.2m)
    Consolidated profit/(loss) before tax: £0.6m
      (2023: £(5.7)m)
    Net assets: £17.3m
      (2023: £16.2m)
    Valuation methodology: Multiple
    2023: Last Round

    6
    ManyPets

    An award-winning insurtech company with a specific focus on providing better pet insurance for everyone.
    www.manypets.com

    Initial investment date: October 2016
    Investment cost: £10.0m
      (2023: £10.0m)
    Valuation: £24.6m
      (2023: £47.1m)
    Last submitted accounts: 31 March 2024
    Turnover: £29.6m
      (2023: £35.9m)
    Loss before tax: £(34.1)m
      (2023: £(67.5)m)
    Net assets: £79.9m
      (2023: £110.6m)
    Valuation methodology: Multiple
    2023: Multiple

    7
    Pelago

    A digital health solution for managing substance use disorders.
    www.pelagohealth.com

    Initial investment date: January 2020
    Investment cost: £17.9m
    (2023: £17.9m)
    Valuation: £23.2m
      (2023: £38.6m)
    Last submitted accounts: Not available2
    Turnover: Not available2
    2023: Not available2:
    Loss before tax: Not available2
    2023: Not available2
    Net assets: Not available2
    2023: Not available2
    Valuation methodology: Multiple
    2023: Last round

    8
    Legl
    Cloud based legal workflow automation platform.
    www.legl.com

    Initial investment date: January 2021
    Investment cost: £7.3m
      (2023: £7.3m)
    Valuation: £18.6m
      (2023: £13.8m)
    Last submitted accounts: 31 December 2023
    Turnover: Not available2
      2023: Not available2
    Profit/(loss) before tax: $1.5m
      (2023: $(0.1)m)
    Net assets: $30.4m
      (2023: $28.8m)
    Valuation methodology: Multiple
    2023: Multiple

    9
    Orbex

    Focused on providing low-cost orbital launch services for small satellites.
    www.orbex.space

    Initial investment date: December 2020
    Investment cost: £12.0m
      (2023: £10.3m)
    Valuation: £17.8m
      (2023: £15.3m)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    2023: Not available2
    Consolidated loss before tax: £(17.2)m
    (2023:(8.8)m)
    Consolidated net assets: £16.3m
      (2023: £31.8m)
    Valuation methodology: Scenario Analysis
    2023: Scenario Analysis

    10
    Token

    A leading open banking solution, focused on payments.
    www.token.io

    Initial investment date: March 2017
    Investment cost: £12.6m
      (2023: £12.6m)
    Valuation: £16.5m
      (2023: £17.1m)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    2023: Not available2
    Loss before tax: Not available2
    2023: Not available2
    Net assets: £0.9m
      (2023: £0.7m)
    Valuation methodology: Multiple
    2023: Multiple

    1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
    2. Information not publicly available.

    Outlook
    Our portfolio companies have been navigating a turbulent few years and global geo‑political and economic conditions remain uncertain. Due to the early‑stage nature of the portfolio companies, any improvement in conditions will not be felt immediately.

    The fundraising environment remains challenging for portfolio companies, with 2024 seeing both a decline in the number of investments completed at the seed and Series A stages and many rounds completing at decreased valuations. This is largely a function of a reset in venture-backed valuations which began in 2022, with many companies having no option but to accept a reduced valuation to bring in new capital to survive or scale. We have also seen in the year that the venture landscape has been reshaped by AI, which captured a 37% share in all funding in 2024 and 17% of all deals.1 However, when AI investments are excluded, global deal activity dropped to its lowest levels since 2016.

    With some of our portfolio companies struggling to secure new investors and requiring significant investment to develop, many have had to focus on cash preservation and limit their growth. As such, the valuation multiples being applied have declined in line with this. We have also seen some companies being unable to achieve the milestones Octopus set out when the initial investment was completed and so we have seen more declines in value.

    Looking to the future, the Octopus Ventures team has been focusing on driving both improved performance and distributions to Titan. In the year, we have been able to realise £29 million in cash proceeds to the Company from exits. This includes deferred amounts received in cash relating to disposals from previous periods. In addition, £12.4 million was distributed from Zenith Holding Company to the Company. The team is actively involved in its portfolio companies and during the year developed specific workstreams to support the portfolio with value-adding activities, as summarised below:

    • Capital allocation: aims to optimise financial planning by fostering stronger alignment between each company’s strategic objectives and their financial plans, reducing the risk of unexpected cash issues and value-eroding insolvencies or emergency down-rounds. Improving financial planning will ensure efficient resource allocation, minimise risks and enhance profitability, ultimately leading to sustainable growth and long-term success.
    • Return: looking to drive exits or other liquidity events as part of a clear aim of regularly recycling capital back into the Company.
    • Raise: to improve fundraising outcomes for portfolio companies, through initiatives such as supporting the creation of fundraising material, network introductions for potential investors or timeframe planning. Raising additional funding is crucial to provide the necessary capital to expand operations, invest in new technologies and seize available growth opportunities, ensuring a company’s long-term viability and competitive edge.
    • Talent and board: to drive performance in companies by supporting and influencing the build of high performing leadership teams and effective boards. This workstream is driven by Octopus Ventures in-house People and Talent team. Building talented teams drives innovation, enhances productivity and contributes to a positive work culture, all of which lead to a company’s overall success.

    Titan’s capital and resources have been prioritised on those portfolio companies which have the potential to drive the greatest returns. This portfolio focus has been leveraging the advantages Titan has of being a very large and mature VCT holding a highly diversified portfolio. Having made over 80 investments in the preceding few years, there remains the opportunity for long-term returns to the Company. The ongoing focus for the team will be optimising growth plans for the portfolio and taking advantage of exit opportunities.

    1. https://www.cbinsights.com/research/report/venture-trends-2024/

    Risks and risk management

    The Board assesses the risks faced by Titan and, as a board, reviews the mitigating controls and actions, and monitors the effectiveness of these controls and actions.

    Emerging and principal risks, and risk management

    Emerging risks

    The Board has considered emerging risks. The Board seeks to mitigate emerging risks and those noted below by setting policy, regular review of performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

    The following are some of the potential emerging risks that management and the Board are currently monitoring:

    • adverse changes in global macroeconomic environment;
    • challenging market conditions for private company fundraising and exits;
    • geo-political instability; and
    • climate change.

    Principal risks

    Risk Mitigation Change
    Investment performance:    
    The focus of Titan’s investments is into unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies. Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Titan portfolio and the engagement levels of other investors. Regular board reports are prepared by the portfolio company’s management and examined by the Manager. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Titan to play a prominent role when necessary in a portfolio company’s ongoing development and strategy. The overall risk in the portfolio is mitigated by maintaining a wide spread of holdings in terms of financing stage, age, industry sector and business model. The Board reviews the investment portfolio with the Portfolio Manager on a regular basis. The Portfolio Manager is incentivised via a performance incentive fee for exceeding certain performance hurdles. The Board and Octopus are reviewing the fee structure. Risk exposures continue to increase due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
    Risk Mitigation Change
    VCT qualifying status:    
    Titan is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Titan and its investors losing access to the various tax benefits associated with VCT status and investment. Octopus tracks Titan’s qualifying status regularly throughout the year, and reviews this at key points including investment realisation. This status is reported to the Board at each Board meeting. The Board has also engaged external independent advisers to undertake an independent VCT status monitoring role. Decreased exposures reflected in the previous period remain. VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
    Risk Mitigation Change
    Loss of key people:    
    The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Titan. The Portfolio Manager has a broad team, experienced in and focused on early-stage
    investing and portfolio company management. Various mitigants exist to assist in managing key person risk. These include frameworks that review succession, remuneration and career progression. Workforce planning is continuous and reviews skillsets and team structures. To reduce the exposure further, the core team is also supplemented by part-time venture partners with sector or functional specialism.    		 The increased exposures reflected in the previous period remain due to the loss of the lead fund manager and other leadership positions at the Portfolio Manager. The absence of a performance fee and lack of new investments or deal-making opportunities compared to previous periods are also factors.
    Risk Mitigation Change
    Operational:    
    The Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third-party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules. The Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Titan’s internal controls). These include controls designed to make sure that Titan’s assets are safeguarded and that proper accounting records are maintained. No overall change in risk exposure on balance.
    Risk Mitigation Change
    Information security:    
    A loss of key data could result in a data breach and fines. The Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information. Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated information security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. No overall change on balance, although cyber threat remains a significant risk area faced by all service providers. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence.
    Risk Mitigation Change
    Economic:    
    Events such as an economic recession and movement in interest rates could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions or the sectors in which they operate. This could result in a reduction in the value of Titan’s assets. Titan invests in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Titan also maintains adequate liquidity to make sure it can continue to provide follow‑on investment to those portfolio companies which require it and which is supported by the individual investment case. Increased exposures reflected in the previous periods remain and have heightened further as economic uncertainty persists through high inflation, high interest rates and other economic factors.
    Risk Mitigation Change
    Legislative:    
    A change to the VCT regulations could adversely impact Titan by restricting the companies Titan can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Titan’s ability to raise further funds. The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation. Risk exposure has continued to reduce since the previous period following the extension of the sunset clause to 2035 being agreed.
    Risk Mitigation Change
    Liquidity:    
    The risk that Titan’s available cash will not be sufficient to meet its financial obligations. Titan invests in smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice. Titan’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Titan’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Titan maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these investments were valued at £183,770,000 (2023: £199,841,000), which represents 22% (2023: 20%) of the net assets of Titan. The Board also reviews the cash runway in the portfolio. Risk exposure has continued to increase, reflecting economic uncertainty, the impact on fundraising and the risk of failing to exit portfolio companies.
    Risk Mitigation Change
    Valuation:    
    The portfolio investments are valued in accordance with International Private Equity and Venture Capital (IPEV) valuation guidelines. This means companies are valued at fair value. As the portfolio comprises smaller unquoted companies, establishing fair value can be difficult due to the lack of a readily available market for the shares of such companies and the potentially limited number of external reference points. Valuations of portfolio companies are performed by appropriately experienced staff, with detailed knowledge of both the portfolio company and the market it operates in. These valuations are then subject to review and approval by Octopus’ Valuation Committee, comprised of staff who are independent of Octopus Ventures with relevant knowledge of unquoted company valuations, as well as Titan’s Board of Directors. Risk exposure remains unchanged from the previous period due to economic uncertainty within valuation modelling.
    Risk Mitigation Change
    Foreign currency exposure:    
    Investments held and revenues generated in other currencies may not generate the expected level of returns due to changes in foreign exchange rates. Octopus and the Board regularly review the exposure to foreign currency movement to make sure the level of risk is appropriately managed. Investments are primarily made in GBP, EUR and USD so exposure is limited to a small number of currencies. On realisation of investments held in foreign currencies, cash is converted to GBP shortly after receiving the proceeds to limit the amount of time exposed to foreign currency fluctuations. Risk exposure has not changed since the previous period.

    Viability statement

    In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Titan over a period of five years, consistent with the expected investment hold period of a VCT investor. Under VCT rules, subscribing investors are required to hold their investment for a five-year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Titan’s shares, and a five-year period is considered to be a reasonable time horizon for this.

    The Board carried out a robust assessment of the emerging and principal risks facing Titan and its current position, including risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to Titan’s reliance on, and close working relationship with, the Portfolio Manager.

    The Board has carried out robust stress testing of cash flows which included assessing the resilience of portfolio companies, including the requirement for any future financial support and the ability to pay dividends, and buybacks.

    The Board has additionally considered the ability of Titan to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

    Based on this assessment the Board confirms that it has a reasonable expectation that Titan will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to ensure Titan has sufficient liquidity.

    Directors’ responsibilities statement

    The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the financial statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the Listing Rules of the Financial Conduct Authority.

    Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland’ (FRS 102), (United Kingdom accounting standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

    • select suitable accounting policies and then apply them consistently;
    • make judgements and accounting estimates that are reasonable and prudent;
    • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
    • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
    • prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

    The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

    Insofar as each of the Directors is aware:

    • there is no relevant audit information of which the Company’s auditor is unaware; and
    • the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

    The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors are of the opinion that this report as a whole provides the necessary information to assess the Company’s performance, business model and strategy and is fair, balanced and understandable.

    The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

    The Directors confirm that, to the best of their knowledge:

    • the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
    • the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

    On behalf of the Board

    Tom Leader
    Chair

    Income statement

        Year to 31 December 2024 Year to 31 December 2023
        Revenue Capital Total Revenue Capital Total
        £’000 £’000 £’000 £’000 £’000 £’000
    Gain/(loss)/gain on disposal of fixed asset investments   — 5,184 5,184 — (1,870) (1,870)
    Gain on disposal of current asset investments   — 563 563 — 355 355
    Loss on valuation of fixed asset investments   — (136,894) (136,894) — (131,655) (131,655)
    Gain on valuation of current asset investments   — 4,439 4,439 — 8,098 8,098
    Investment income   4,215 — 4,215 4,467 — 4,467
    Investment management fee   (954) (18,125) (19,079) (1,054) (20,028) (21,082)
    Other expenses   (6,072) — (6,072) (6,264) — (6,264)
    Foreign exchange translation   — (5) (5) — (1,548) (1,548)
    Loss before tax   (2,811) (144,838) (147,649) (2,851) (146,648) (149,499)
    Tax   — — — — — —
    Loss after tax   (2,811) (144,838) (147,649) (2,851) (146,648) (149,499)
    Loss per share – basic and diluted   (0.2)p (8.8)p (9.0)p (0.2)p (9.7)p (9.9)p
    • The ‘Total’ column of this statement is the profit and loss account of Titan. The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
    • All revenue and capital items in the above statement derive from continuing operations.
    • Titan has only one class of business and derives its income from investments made in shares and securities, and from bank and money market funds.

    Titan has no other comprehensive income for the period.

    The accompanying notes form an integral part of the financial statements.

    Balance sheet

        As at 31 December 2024 As at 31 December 2023  
        £’000 £’000 £’000 £’000  
    Fixed asset investments     640,797   791,403  
    Current assets:            
    Money market funds   93,523   91,172    
    Corporate bonds   90,247   108,669    
    Applications cash1   22   17,842    
    Cash at bank   213   2,970    
    Debtors   8,412   1,218    
          192,417   221,871  
    Creditors: amounts falling due within one year   (1,856)   (19,530)    
    Net current assets     190,561   202,341  
                 
    Net assets     831,358   993,744  
                 
    Share capital     1,647   1,594  
    Share premium     —   45,780  
    Capital redemption reserve     141   74  
    Special distributable reserve     1,056,537   1,025,614  
    Capital reserve realised     (125,444)   (89,570)  
    Capital reserve unrealised     (57,285)   51,674  
    Revenue reserve     (44,238)   (41,422)  
                 
    Total equity shareholders’ funds     831,358   993,744  
                 
    NAV per share     50.5p   62.4p  
    1. Funds raised from investors since Titan opened for new investment which have not been allotted as at year end.

    The accompanying notes form an integral part of the financial statements.

    The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

    Tom Leader, Chair
    Company Number 06397765

    Statement of changes in equity

          Capital Special Capital Capital    
      Share Share redemption distributable reserve reserve Revenue  
      capital premium reserve reserve1 realised1 unrealised reserve1 Total
      £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
    As at 1 January 2024 1,594 45,780 74 1,025,614 (89,570) 51,674 (41,422) 993,744
    Comprehensive income for the year:                
    Management fees allocated as capital expenditure — — — — (18,125) — — (18,125)
    Current year gain on disposal of fixed asset investments — — — — 5,184 — — 5,184
    Current year gain on disposal of current asset investments — — — — 563 — — 563
    Loss on fair value of fixed asset investments — — — — — (136,894) — (136,894)
    Gain on fair value of current asset investments — — — — — 4,439 — 4,439
    Loss after tax — — — — — — (2,811) (2,811)
    Foreign exchange translation — — — — — — (5) (5)
    Total comprehensive income for the year — — — — (12,378) (132,455) (2,816) (147,649)
    Contributions by and distributions to owners:                
    Share issue (includes DRIS) 120 76,664 — — — — — 76,784
    Share issue costs — (1,893) — — — — — (1,893)
    Repurchase of own shares (67) — 67 (37,986) — — — (37,986)
    Dividends paid (includes DRIS) — — — (51,642) — — — (51,642)
    Total contributions by and distributions to owners 53 74,771 67 (89,628) — — — (14,737)
    Other movements:                
    Share premium cancellation — (120,551) — 120,551 — — — —
    Prior year fixed asset gains now realised — — — — 7,473 (7,473) — —
    Prior year current asset losses now realised — — — — (74) 74 — —
    Transfer between reserves — — — — (30,895) 30,895 — —
    Total other movements — (120,551) — 120,551 (23,496) 23,496 — —
    Balance as at 31 December 2024 1,647 — 141 1,056,537 (125,444) (57,285) (44,238) 831,358
    1. Reserves are available for distribution, subject to the restrictions.

    The accompanying notes form an integral part of the financial statements.

          Capital Special Capital Capital    
      Share Share redemption distributable reserve reserve Revenue  
      capital premium reserve reserve1 realised1 unrealised reserve1 Total
      £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
    As at 1 January 2023 1,368 92,896 27 887,288 (53,430) 160,634 (37,023) 1,051,760
    Comprehensive income for the year:                
    Management fees allocated as capital expenditure — — — — (20,028) — — (20,028)
    Current year loss on disposal of fixed asset investments — — — — (1,870) — — (1,870)
    Current year gain on disposal of current asset investments — — — — 355 — — 355
    Loss on fair value of fixed asset investments — — — — — (131,655) — (131,655)
    Gain on fair value of current asset investments — — — — — 8,098 — 8,098
    Loss after tax — — — — — — (2,851) (2,851)
    Foreign exchange translation — — — — — — (1,548) (1,548)
    Total comprehensive income for the year — — — — (21,543) (123,557) (4,399) (149,499)
    Contributions by and distributions to owners:                
    Share issue (includes DRIS) 273 207,132 — — — — — 207,405
    Share issue costs — (5,737) — — — — — (5,737)
    Repurchase of own shares (47) — 47 (32,422) — — — (32,422)
    Dividends paid (includes DRIS) — — — (77,763) — — — (77,763)
    Total contributions by and distributions to owners 226 201,395 47 (110,185) — — — 91,483
    Other movements:                
    Share premium cancellation — (248,511) — 248,511 — — — —
    Prior year current asset losses now realised — — — — (355) 355 — —
    Transfer between reserves — — — — (14,242) 14,242 — —
    Total other movements — (248,511) — 248,511 (14,597) 14,597 — —
    Balance as at 31 December 2023 1,594 45,780 74 1,025,614 (89,570) 51,674 (41,422) 993,744
    1. Reserves are available for distribution, subject to the restrictions.

    The accompanying notes form an integral part of the financial statements.

    Cash flow statement

        Year to 31 December Year to 31 December
        2024 2023
        £’000 £’000
    Reconciliation of profit to cash flows from operating activities      
    Loss before tax1   (147,649) (149,499)
    Decrease in debtors2   279 3,671
    Decrease/(increase) in creditors   146 (440)
    Gain on disposal of current asset investments   (563) (355)
    Gain on valuation of current asset investments   (4,439) (8,098)
    Gain on disposal of fixed asset investments   (5,184) (1,111)
    Loss on valuation of fixed asset investments   136,894 131,655
    Outflow from operating activities   (20,516) (24,177)
    Cash flows from investing activities      
    Sale of current asset investments   23,424 4,028
    Purchase of fixed asset investments   (30,011) (97,650)
    Proceeds from sale of fixed asset investments3   41,432 45,637
    Inflow/(outflow) from investing activities   34,845 (47,985)
    Cash flows from financing activities      
    Movement in applications account   (17,820) (5,457)
    Dividends paid (net of DRIS)   (43,881) (58,210)
    Purchase of own shares   (37,986) (32,422)
    Share issues (net of DRIS)   69,025 187,852
    Share issue costs   (1,893) (5,737)
    (Outflow)/inflow from financing activities   (32,555) 86,026
    Increase/(decrease) in cash and cash equivalents   (18,226) 13,864
    Opening cash and cash equivalents   111,984 98,120
    Closing cash and cash equivalents   93,758 111,984
    Cash and cash equivalents comprise      
    Cash at bank   213 2,970
    Applications cash   22 17,842
    Money market funds   93,523 91,172
    Closing cash and cash equivalents   93,758 111,984
    1. Loss before tax includes cashflows from dividends of £4.2 million (2023: £4.2 million).
    2. Movement in debtors, net of disposal proceeds received in the year £41.4 million, with £40.9 million relating to current year disposals and £0.5 million relating to prior year disposals.
    3. Of these proceeds, £12.4 million was distributed from Zenith Holding Company, a wholly owned subsidiary of Titan, to Titan during the year.

    The accompanying notes form an integral part of the financial statements.

    Notes to the financial statements

    1. Principal accounting policies

    Titan is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

    Titan has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Titan were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 28 December 2007 and can be found under the TIDM code OTV2. Titan is premium listed.

    The principal activity of Titan is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

    The financial statements are presented in GBP (£) to the nearest £’000. The functional currency is also GBP (£). Some accounting policies have been disclosed in the respective notes to the financial statements.

    Basis of preparation

    The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), and with the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

    2. Investment income
    Accounting policy
    Investment income includes interest earned on money market funds. Dividend income is shown net of any related tax credit.

    Dividends receivable are brought into account when Titan’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

    Disclosure

      Year to Year to
      31 December 31 December
      2024 2023
      £’000 £’000
    Money market funds 4,215 4,154
    Loan note interest receivable — 313
    Total investment income 4,215 4,467

    In the current year, accrued loan note interest income is treated to be included in the fair value of investments. The opening balance of accrued loan interest has been reclassified to be included in the fair value of investments. This reclassification amends the balance previously reported as of 31 December 2023.

    3. Investment management fees
    Accounting policy

    For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 5% to revenue and 95% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Titan’s investment portfolio.

    Disclosure

      Year to 31 December 2024 Year to 31 December 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Investment            
    management fee 954 18,125 19,079 1,054 20,028 21,082

    The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Titan. It also provides non-investment services to Titan under a non-investment services agreement. No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given. The basis upon which the management fee is calculated is disclosed within the Annual Report and financial statements.

    4. Other expenses
    Accounting policy

    Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

    The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

      Year to Year to
      31 December 31 December
      2024 2023
      £’000 £’000
    Ongoing adviser and non-advised charges 2,111 2,370
    Non-investment services fee1 2,078 2,020
    Other fees 780 480
    Directors’ remuneration2 263 192
    Audit fees 204 191
    Registrar’s fees 196 200
    Depositary fees 187 270
    Listing fees 136 401
    Directors and Officers (D&O) insurance 117 123
    Impairment of accrued loan note interest receivable — 17
    Total 6,072 6,264
    1. For further information please see note 9.
    2. Includes employers’ NI.

    Total ongoing charges are capped at 2.5% of net assets. For the year to 31 December 2024, the ongoing charges were 2.5% of net assets (2023: 2.4%). This is calculated by summing the expenses incurred in the period (excluding ongoing IFA charges and non‑recurring expenses) divided by the average NAV throughout the period.

    5. Tax on ordinary activities
    Accounting policy

    Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the ‘marginal’ basis as recommended in the SORP.

    Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

    Disclosure
    The corporation tax charge for the period was £nil (2023: £nil).

      Year to Year to
      31 December 31 December
      2024 2023
      £’000 £’000
    Loss on ordinary activities before tax (147,649) (149,499)
    Current tax at 25% (2023: 23.5%) (36,912) (35,163)
    Effects of:    
    Non‑taxable income (1,054) (977)
    Non‑taxable capital loss 31,677 29,418
    Non‑deductible expenses 55 71
    Zenith distribution1 3,100 —
    Excess management expenses on which deferred tax not recognised 3,134 7,070
    Tax rate differences2 — (419)
    Total current tax charge — —

    1. £12.4 million was distributed from Zenith Holding Company to Titan in the year which is taxable income for Titan.
    2. Tax rate difference in the year to 31 December 2023 due to tax charge for the year being calculated at 19% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

    Unrelieved tax losses of £227,486,000 (2023: £214,949,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Titan’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Titan has not recognised the deferred tax asset of £56,871,000 (2023: £53,737,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward. There is no expiry period on these deductible expenses under the UK HMRC legislation.

    Approved VCTs are exempt from tax on capital gains. As the Directors intend for Titan to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

    6. Dividends
    Accounting policy

    Dividends payable are recognised as distributions in the financial statements when Titan’s liability to make the payment has been established. This liability is established on the record date, the date on which those shareholders on the share register are entitled to the dividend.

    Disclosure

      Year to Year to
      31 December 31 December
      2024 2023
      £’000 £’000
    Dividends paid in the year    
    Previous year’s second interim dividend – 1.9p (2023: 3.0p) 31,876 46,127
    Current year’s interim dividend – 1.2p (2023: 2.0p) 19,767 31,636
    Total 51,643 77,763
         
    Dividends in respect of the year    
    Interim dividend – 1.2p (2023: 2.0p) 19,767 31,636
    Second interim dividend – 0.5p (2023: 1.9p) 8,236 31,876
    Total 28,003 63,512

    The figures above include dividends elected to be reinvested through the DRIS.

    The second interim dividend of 0.5p for the period ending 31 December 2024 will be paid on 29 May 2025 to shareholders on the register on 25 April 2025, this equates to 1% of the Company’s opening NAV per share.

    7. Earnings per share

      Year to 31 December 2024 Year to 31 December 2023
      Revenue Capital Total Revenue Capital Total
    Loss attributable to Ordinary shareholders (£’000) (2,811) (144,838) (147,649) (2,851) (146,648) (149,499)
    Loss per Ordinary share (p) (0.2)p (8.8)p (9.0)p (0.2)p (9.7)p (9.9)p

    The total loss per share is based on 1,644,900,726 (2023: 1,506,111,802) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.

    There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

    8. Net asset value per share

      31 December 31 December
      2024 2023
    Net assets (£) 831,358,000 993,744,000
    Ordinary shares in issue 1,647,212,355 1,593,601,092
    NAV per share (p) 50.5 62.4

    9. Transactions with the Manager and Portfolio Manager

    Since 1 September 2017, Titan has been classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). As a result, since 1 September 2017, Titan’s investment management agreement was assigned by way of the deed of novation from Octopus Investments Limited to Octopus AIF Management Limited to act as Manager (an authorised alternative investment fund manager responsible for ensuring compliance with the AIFM Directive). Octopus AIF Management Limited has in turn appointed Octopus Investments Limited to act as Portfolio Manager to Titan (responsible for portfolio management and the day-to-day running of Titan).

    Titan paid Octopus AIF Management Limited £19,079,000 (2023: £21,082,000) in the period as a management fee. The annual management charge (AMC) is based on 2% of Titan’s NAV in respect of existing funds but in respect of funds raised by Titan under the 2018 Offer and thereafter (and subject to Titan having a cash reserve of 10% of its NAV), the AMC on uninvested cash is the lower of either (i) the actual return that Titan receives on its cash and funds that are the equivalent of cash (which currently consist of corporate bonds and money market funds) subject to a 0% floor and (ii) 2% of Titan’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Titan and the number of shares in issue at each quarter end.

    Octopus provides non-investment services to the Company and receives a fee for these services which is capped at the lower of (i) 0.3% per annum of the Company’s NAV or (ii) the administration and accounting costs of the Company for the year ended 31 December 2020 with inflation increases in line with the Consumer Price Index. During the period, the Company paid £2,078,000 (2023: £2,020,000) to Octopus for the non‑investment services.

    In addition, Octopus is entitled to performance-related incentive fees. The incentive fees were designed to ensure that there were significant tax-free dividend payments made to shareholders as well as strong performance in terms of capital and income growth, before any performance-related fee payment was made.

    Due to performance in the year, the total value has decreased to 155.6p, representing a total loss of 8.8p. Therefore, the high water mark for the 2025 financial year remains at 197.7p.

    If, on a subsequent financial year end, the performance value of Titan falls short of the high water mark on the previous financial year end, no performance fee will arise. If, on a subsequent financial year end, the performance exceeds the previous best high water mark of Titan, the Manager will be entitled to 20% of such excess in aggregate.

    Octopus received £39,000 in the period to 31 December 2024 (2023: £36,000) in regard to arrangement and monitoring fees in relation to investments made on behalf of Titan. Since 31 October 2018, Octopus no longer receives such fees in respect of new investments or any such new fees in respect of further investments into portfolio companies in which Titan invested on or before 31 October 2018, with any such fees received after that time being passed to Titan.

    The cap relating to Titan’s total ongoing charges ratio, that is the regular, recurring costs of Titan expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 2.5%, and is calculated in accordance with the AIC Guidelines.

    Octopus AIF Management Limited remuneration disclosures (unaudited)
    Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

    10. Related party transactions

    Titan owns Zenith Holding Company Limited, which owns a share in Zenith LP, a fund managed by Octopus.

    In the year, Octopus Investments Nominees Limited (OINL) has purchased Titan shares from shareholders to correct administrative issues, on the understanding that shares will be sold back to Titan in subsequent share buybacks. As at 31 December 2024, no Titan shares were held by OINL (2023: no shares) as beneficial owner. Throughout the period to 31 December 2024, OINL purchased 65,000 shares (2023: 1,883,000 shares) at a cost of £36,000 (2023: £1,563,000) and sold 65,000 shares (2023: 1,883,000 shares) for proceeds of £34,000 (2023: £1,353,000). This is classed as a related party transaction as Octopus, the Portfolio Manager, and OINL are part of the same group of companies. Any such future transactions, where OINL takes over the legal and beneficial ownership of Company shares, will be announced to the market and disclosed in annual and half‑yearly reports.

    Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Titan’s portfolio companies, but they have no controlling interests in those companies.

    Details of the Directors and their remuneration can be found in the Directors’ Remuneration Report.

    The Directors received the following dividends from Titan:

      Year to Year to
      31 December 31 December
      2024 2023
      £ £
    Jane O’Riordan 4,766 6,901
    Tom Leader 1,464 1,889
    Lord Rockley 2,406 2,776
    Julie Nahid Rahman 138 89
    Gaenor Bagley
    Rupert Dickinson    		 738
    —    		 901
    —

    11. 2024 financial information

    The figures and financial information for the year ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the year to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    12. 2023 financial information

    The figures and financial information for the period ended 31 December 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    13. Annual Report and financial statements

    The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, octopustitanvct.com. The Notice of Annual General Meeting is contained within the Annual Report.

    14. General information

    Registered in England & Wales. Company No. 06397765
    LEI: 213800A67IKGG6PVYW75

    15. Directors

    Tom Leader (Chair), Jane O’Riordan, Lord Rockley, Gaenor Bagley, Julie Nahid Rahman and Rupert Dickinson.

    16. Secretary and registered office   

    Octopus Company Secretarial Services Limited
    6th Floor, 33 Holborn, London EC1N 2HT

    The MIL Network –