The most exciting British innovation since cat's eyes?

British software champion may have cracked augmented reality.

Cat's eyes were a beautifully simple invention by Englishman Percy Shaw, and are thought to have saved countless lives worldwide. While it may not be responsible for saving many lives, a British firm has nailed a technology that might change the way we see the world.

There are not many British software champions, which is all the more reason to cheer the news that Autonomy - founded in Cambridge in 1996 and listed on the London Stock Exchange - appears to have cracked what so many competitors have been chasing: augmented reality that actually works.

The firm recently took the wraps off a new augmented reality technology called Aurasma. With the most obvious-use cases perhaps being in the advertising space, there's potential for this kind of technology to be used by industries such as film, gaming, tourism, the arts and more. There are even implications for emergency situations: pointing your phone at a certain image on an aeroplane could help direct you to the nearest emergency exit. Maybe not tomorrow, but soon.

If you've not seen augmented reality in action before, the easiest way to explain it is to watch Autonomy's short demo below. But essentially, it enables you to point your smartphone or tablet computer at an image - a billboard, or the side of a bus - and for that image to "come to life", with the technology adding further information, an animation or even some sort of game on top of the image placeholder.


A number of firms have shown demos of this kind of technology, but the demos often only work for just a handful of images that the smartphone is pointed at. Autonomy's relatively late but impressive entry to the augmented reality space has been made possible by the fact that it had a kind of content management platform called its Intelligent Data Operating Layer (IDOL), which it has been able to use to populate a database of around half-a-million images that Aurasma can then recognise in the real world.

When I caught up with Autonomy's founder and CEO Mike Lynch recently I asked what he believes some of the use cases for Aurasma will be." You have film studios taking characters from their upcoming films, putting them around the major cities so you can walk round New York and meet the characters in the films," he said. "We've got games companies where you make the games location based so you are physically going round places and doing things as part of the game. Museums, where the exhibits actually come alive and tell you about themselves. We've got one around missing children. Travel guides, where you can walk around Rome and see ancient Rome was it was. And obviously advertisers doing a lot of stuff."

He also said that the firm expects individuals as well as companies to come up with new ways of applying augmented reality. "It's amazing what they come up with, completely unexpected things which appeal to their subculture," said Lynch.

The first real-world examples of the applications of Aurasma are expected any day now. In the mean time you can hear the full podcast of my interview with Mike Lynch here.

Jason Stamper is New Statesman technology correspondent and editor of Computer Business Review (CBR).

Jason Stamper is editor of Computer Business Review

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Stability is essential to solve the pension problem

The new chancellor must ensure we have a period of stability for pension policymaking in order for everyone to acclimatise to a new era of personal responsibility in retirement, says 

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company final salary pension, often a fairly generous figure, which also paid out to a spouse or partner on death.

That normality simply doesn’t exist for most people in 2016. There is much less certainty on what retirement looks like. The genesis of these experiences also starts much earlier. As final salary schemes fall out of favour, the UK is reaching a tipping point where savings in ‘defined contribution’ pension schemes become the most prevalent form of traditional retirement saving.

Saving for a ‘pension’ can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your later life – and also how your money is treated once you die.

George Osborne established a place for himself in the canon of personal savings policy through the introduction of ‘freedom and choice’ in pensions in 2015. This changed the rules dramatically, and gave pension income a level of public interest it had never seen before. Effectively the policymakers changed the rules, left the ring and took the ropes with them as we entered a new era of personal responsibility in retirement.

But what difference has that made? Have people changed their plans as a result, and what does 'normal' for retirement income look like now?

Old Mutual Wealth has just released. with YouGov, its third detailed survey of how people in the UK are planning their income needs in retirement. What is becoming clear is that 'normal' looks nothing like it did before. People have adjusted and are operating according to a new normal.

In the new normal, people are reliant on multiple sources of income in retirement, including actively using their home, as more people anticipate downsizing to provide some income. 24 per cent of future retirees have said they would consider releasing value from their home in one way or another.

In the new normal, working beyond your state pension age is no longer seen as drudgery. With increasing longevity, the appeal of keeping busy with work has grown. Almost one-third of future retirees are expecting work to provide some of their income in retirement, with just under half suggesting one of the reasons for doing so would be to maintain social interaction.

The new normal means less binary decision-making. Each choice an individual makes along the way becomes critical, and the answers themselves are less obvious. How do you best invest your savings? Where is the best place for a rainy day fund? How do you want to take income in the future and what happens to your assets when you die?

 An abundance of choices to provide answers to the above questions is good, but too much choice can paralyse decision-making. The new normal requires a plan earlier in life.

All the while, policymakers have continued to give people plenty of things to think about. In the past 12 months alone, the previous chancellor deliberated over whether – and how – to cut pension tax relief for higher earners. The ‘pensions-ISA’ system was mooted as the culmination of a project to hand savers complete control over their retirement savings, while also providing a welcome boost to Treasury coffers in the short term.

During her time as pensions minister, Baroness Altmann voiced her support for the current system of taxing pension income, rather than contributions, indicating a split between the DWP and HM Treasury on the matter. Baroness Altmann’s replacement at the DWP is Richard Harrington. It remains to be seen how much influence he will have and on what side of the camp he sits regarding taxing pensions.

Meanwhile, Philip Hammond has entered the Treasury while our new Prime Minister calls for greater unity. Following a tumultuous time for pensions, a change in tone towards greater unity and cross-department collaboration would be very welcome.

In order for everyone to acclimatise properly to the new normal, the new chancellor should commit to a return to a longer-term, strategic approach to pensions policymaking, enabling all parties, from regulators and providers to customers, to make decisions with confidence that the landscape will not continue to shift as fundamentally as it has in recent times.

Steven Levin is CEO of investment platforms at Old Mutual Wealth.

To view all of Old Mutual Wealth’s retirement reports, visit: products-and-investments/ pensions/pensions2015/