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73-499: Fund may refer to: Funding is the act of providing resources, usually in form of money, or other values such as effort or time, for a project, a person, a business, or any other private or public institution The process of soliciting and gathering funds is known as fundraising An investment fund , often referred to as a fund Hedge fund , an investment vehicle open only to investors who are qualified in some way Mutual fund ,

146-522: A 35% higher citation impact per dollar of funding.” In endogenous growth theories R&D contributes to economic growth. Therefore, countries have strong incentives to maintain investments in R&;D. Different countries spend vastly different amounts on research, in both absolute and relative terms. For instance, South Korea and Israel spend more than 4% of their GDP while many less developed countries spend less than 1%. In developed economies, GERD

219-702: A business concept would want to accumulate all the necessary resources including capital to venture into a market. Funding is part of the process, as some businesses would require large start-up sums that individuals would not have. These start-up funds are essential to kick-start a business idea, without it, entrepreneurs would not have the ability to carry out their concepts in the business world. Fund management companies gather pools of money from many investors and use them to purchase securities . These funds are managed by professional investment managers, which may generate higher returns with reduced risks by asset diversification . The size of these funds could be as little as

292-422: A business start-up and small business, usually in exchange for convertible debt or ownership equity. They are often among an entrepreneur's family and friends. The funds they provide can be a one-time investment to help the business get off the ground or an ongoing injection to support and carry the company through its difficult early stages. Venture capital is a type of private equity and a form of financing that

365-414: A certain amount of time, usually in a year's time, rewards of the investment will be shared with investors. This makes investors happy and they may continue to invest further. If returns do not meet the intended level, this could reduce the willingness of investors to invest their money into the funds. Hence, the amounts of financial incentives are highly weighted determinants to ensure the funding remains at

438-435: A common form of funding for businesses, individuals, and governments. Equity financing involves raising capital through the sale of shares in an enterprise. Equity financing is essentially the sale of an ownership interest to raise funds for business purposes. This type of financing is typically used by startups and growing businesses to raise capital. Debt financing involves borrowing money to be repaid, plus interest, at

511-416: A corporation normally provide commercial research funding. Whereas, non-commercial research funding is obtained from charities, research councils, or government agencies . Organizations that require such funding normally have to go through competitive selections. Only those that have the most potential would be chosen. Funding is vital in ensuring the sustainability of certain projects. Entrepreneurs with

584-501: A dedicated OECD manual.   The most frequently used measurement for R&D is Gross domestic expenditure on R&D (GERD). GERD is often represented in GERD-to-GDP ratios, as it allows for easier comparisons between countries. The data collection for GERD is based on reporting by performers. GERD differentiates according to the funding sector (business, enterprise, government, higher education, private non-profit, rest of

657-552: A desirable level. Venture Capital (VC) is a subdivision of Private Equity wherein external investors fund small-scale startups that have high growth potential in the long run. Investors receive a portion of the company’s equity in return for the money invested by them. The amount of money that a Venture capital firm can raise is predominantly built on the Principal-agent relationship between the Limited Partners and

730-481: A few millions or as much as multi billions. The purpose of these funding activities is mainly aiming to pursue individual or organization profits. Personal funding involves using personal finances to fund an initiative. This could include savings, personal loans, or funds from friends and family. It is common in the early stages of a business or project when other sources of funding may not be accessible. Corporate funding involves funds provided by corporations, often in

803-546: A gender equality statement. Most recently, the European Commission also introduced a “Do No Significant Harm” principle to the Framework Program which aims to curb the environmental footprint of scientific projects. "Do No Significant Harm" has been criticized as coupled with other eligibility requirements it is often characterized as red-tape . The European Commission has been trying to simplify

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876-405: A joint editorial, published in each journal, on the control over clinical trials exerted by sponsors, particularly targeting the use of contracts which allow sponsors to review the studies prior to publication and withhold publication of any studies in which their product did poorly. They further criticized the trial methodology stating that researchers are frequently restricted from contributing to

949-709: A key element of success in a competitive strategy. It remained the case, however, that imitation by competitors - circumventing or simply flouting patents, especially those registered abroad - was often just as successful a strategy for companies focused on innovation in matters of organisation and production technique, or even in marketing. Today, many funders move towards transparent and accessible research outcomes through data repositories or Open-access mandates. Some researchers turn to crowdfunding in search of new projects to fund. Private and public foundations, governments, and others stand as an expansion of funding opportunities for researchers. As new funding sources become available,

1022-414: A later date. Common types of debt financing include traditional bank loans, personal loans, bonds, and lines of credit. This form of financing is advantageous because it does not require giving up ownership of the business. One form of guarantee creates a conditional liability to make a payment, whereby the guarantor will pay the principal debt holder fails to do so. Effectively when the liability to make

1095-427: A majority of the members on national and food policy committees receive funding from food companies. In an effort to cut costs, the pharmaceutical industry has turned to the use of private, nonacademic research groups (i.e., contract research organizations [CROs]) which can do the work for less money than academic investigators. In 2001 CROs came under criticism when the editors of 12 major scientific journals issued

1168-535: A more objective view of the evidence. A 2003 systematic review studied the scope and impact of industry sponsorship in biomedical research. The researchers found financial relationships among industry, scientific investigators, and academic institutions widespread. Results showed a statistically significant association between industry sponsorship and pro-industry conclusions and concluded that "Conflicts of interest arising from these ties can influence biomedical research in important ways". A British study found that

1241-649: A news story broke following the resignation of Eric Lander, former director of the Office of Science and Technology Policy (OSTP) at the Biden administration, that the charity of former Google executive Eric Schmidt, Schmidt Futures, paid the salary of a number employees of the OSTP. Ethics inquiries were initiated in the OSTP. The traditional measurement for efficiency of funding are publication output, citation impact , number of patents , number of PhDs awarded etc. However,

1314-467: A payment is trigged the guarantor becomes a funder. Government could allocate funds itself or through government agencies to projects that benefit the public through a selection process to students or researchers and even organizations. At least two external peer-reviewers and an internal research award committee review each application. The research awards committee would meet some time to discuss shortlisted applications. A further shortlist and ranking

1387-637: A specific type of investment fund which pools money from many investors to purchase securities Sovereign wealth fund , a state-owned investment fund Fund accounting , an accounting system used for recording resource use under limitations imposed by a donor or regulator Meir Fund , American rabbi FUND or FUND92, short names for the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage of 1992. Topics referred to by

1460-474: A steady inflow of financial resources to the beneficiary. The antonym, soft money , refers to funding provided only through competitive research grants and the writing of grant proposals. Hard money is usually issued by the government for the advancement of certain projects or for the benefit of specific agencies. Community healthcare , for instance, may be supported by the government by providing hard money. Since funds are disbursed regularly and continuously,

1533-531: A test pilot of SOFA began in the Netherlands. A company or an individual may secure a loan to get access to capital. Often borrowers must use a secured loan where assets are pledged as collateral. If the borrower defaults, ownership of the collateral reverts to the lender. Both tangible and intangible assets can be used to secure loans. The use of IP as collateral in IP-backed finance transactions

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1606-432: Is a costly, and long-term investment to which disruptions are harmful. The public sector has multiple reasons to fund science. The private sector is said to focus on the closer to the market stage of R&D policy, where appropriability hence private returns are high. Basic research is weak on appropriability and so remains risky and under-financed. Consequently, although governmental R&D may provide support across

1679-526: Is a threat especially in case of global public goods such as climate change research, which may lower incentives to invest by both the private sector but also other governments.   In endogenous growth theories , R&D contributes to growth. Some have depicted this relationship in the inverse, claiming that growth drives innovation. Recently, (tacit) knowledge itself is said to be a source of economic driver internalized by science workers. When this knowledge and/or human capital emigrates, countries face

1752-430: Is different from Wikidata All article disambiguation pages All disambiguation pages Funding Sources of funding include credit , venture capital , donations , grants , savings , subsidies , and taxes . Funding methods such as donations, subsidies, and grants that have no direct requirement for return of investment are described as " soft funding " or " crowdfunding ". Funding that facilitates

1825-479: Is exclusive in terms of gender, race and class, but academies open the world of research up beyond the traditional patronage system. In 1799, Louis-Nicolas Robert patents the paper machine. When he quarrels over invention ownership, he seeks financing from the Fourdrinier brothers. In 19th century Europe, businessmen financed the application of science to industry. In the eighteenth and nineteenth centuries, as

1898-822: Is financed mainly by the business sector, whereas the government and the university sector dominates in less-developed economies. In some countries, funding from the Rest of the World makes up 20-30% of total GERD, probably due to FDI and foreign aid, but only in Mali it is the main source of fund. Private non-profit is not the main source of fund in any countries, but it reaches 10% of total GERD in Columbia and Honduras. When comparing annual GERD and GDP Growth, it can be seen that countries with lower GERD are often growing faster. However, as most of these countries are developing, their growth

1971-404: Is funding used for research-related purposes. It is most often used to describe funding in the fields of technology or social science. The allocation of funds are usually granted based on a per project, department, or institute basis stemming from scope of the research or project. Research funding can be split into commercial and non-commercial allocations. Research and development departments of

2044-518: Is higher, and it dominates research in social science and humanities . In commercial research and development, all but the most research-oriented corporations focus more heavily on near-term commercialization possibilities rather than " blue-sky " ideas or technologies (such as nuclear fusion ). Conducting research requires funds. Over the past years, funding for research has gone from a closed patronage system to which only few could contribute, to an open system with multiple funding possibilities. In

2117-400: Is increasingly tied to data management plans and making data FAIR . The Open Science requirement complements Open Access mandates which today are widespread. The gender dimension also gained ground in recent years. The European Commission mandates applicants to adopt gender equality plans across their organization. The UK Research and Innovation Global Challenges Research Fund mandates

2190-463: Is made. Projects are funded and applicants are informed. Econometric evidence shows public grants for firms can create additionality in jobs, sales, value added, innovation and capital. For example, this was shown to be the case for large R&D grants, as well as smaller public grants for the tourism firms or small and medium sized firms in general. Crowdfunding exists in mainly two types, reward-based crowdfunding and equity-based crowdfunding. In

2263-451: Is particularly important in the case of R&D contributing to public goods. However, the ability of governments have been criticized over whether they are best positioned to pick winners and losers. In the EU, dedicated safeguards have been enacted under a dedicated form of competition law called State Aid . State Aid safeguards business activities from governmental interventions. This invention

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2336-418: Is performer based, GBARD is funder. The level of government considered also differs: GERD should include spending by all levels of the government (federal – state – local), whereas GBARD excludes the local level and often lacks state level data. On geographic coverage, GERD takes into account performance within the territory of a country whereas GBARD also payments to the Rest of the world.   Comparisons on

2409-668: Is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential or which have demonstrated high growth. Venture capital investments are generally made in exchange for equity in the company. Grants are funds provided by one party, often a government department, corporation, foundation, or trust, to a recipient, typically a nonprofit entity, educational institution, business, or individual. Unlike loans, grants do not need to be repaid. Loans are borrowed sums of money that are expected to be paid back with interest. They can be provided by banks, credit unions, or other financial institutions. Loans are

2482-541: Is the subject of a report series at the World Intellectual Property Organization . Withdrawal of funding, or defunding, occurs when funding previously given to an organisation ceases, especially in relation to Governmental funding. Defunding could be as a result of a disagreement or failure to meet set objectives . An example that explains the withdrawal of funding in this case is that of President Trump 's decision to stop funding

2555-459: Is used by journals to guarantee credibility and transparency of the scientific process. Conflict of interest disclosure, however, is not systematically nor consistently dealt with by journals that publish scientific research results. When research is funded by the same agency that can be expected to gain from a favorable outcome there is a potential for biased results and research shows that results are indeed more favorable than would be expected from

2628-480: The Organisation for Economic Co-operation and Development (OECD), more than 60% of research and development in scientific and technical fields is carried out by industry, and 20% and 10% respectively by universities and government. Comparatively, in countries with less GDP such as Portugal and Mexico , the industry contribution is significantly lower. The government funding proportion in certain industries

2701-533: The World Health Organization (WHO) over alleged Coronavirus mismanagement. Research funding Research funding is a term generally covering any funding for scientific research , in the areas of natural science , technology , and social science . Different methods can be used to disburse funding, but the term often connotes funding obtained through a competitive process, in which potential research projects are evaluated and only

2774-406: The competition/antitrust authorities will rule on exemptions. In case of block funding the funds may be directly allocated to given institutions such as higher education institutions with relative autonomy over their use. For competitive grants, governments are often assisted by research councils to distribute the funds. Research councils are (usually public) bodies that provide research funding in

2847-486: The 509 trials reported author disclosures of conflict of interest, with 91 studies (69%) disclosing industry financial ties with one or more authors. However, the information was seldom reflected in the meta-analyses. Only two (7%) reported funding sources and none reported author-industry ties. The authors concluded, "without acknowledgment of COI due to industry funding or author industry financial ties from RCTs included in meta-analyses, readers' understanding and appraisal of

2920-475: The Framework Program for numerous years with limited success. Simplification attempts are also taken by the UK Research and Innovation . Often scientists apply for research funding which a granting agency may (or may not) approve to financially support. These grants require a lengthy process as the granting agency can inquire about the researcher(s)'s background, the facilities used, the equipment needed,

2993-656: The Global South. Novel measurement systems such as the Research Quality Plus has been put forward to better emphasize local knowledge and contextualization in the evaluation of excellence. Another question is how to allocate funds to different disciplines, institutions, or researchers. A recent study by Wayne Walsh found that “prestigious institutions had on average 65% higher grant application success rates and 50% larger award sizes, whereas less-prestigious institutions produced 65% more publications and had

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3066-429: The R&D value chain, it is often characterized as Market failure induced intervention to maintain early-stage research where incentives to invest are low. The theory of public goods seconds this argument. Publicly funded research often supports research fields where social rate of return is higher than private rate of return often related to appropriability potential. The general free rider problem of public goods

3139-572: The United Kingdom has devised an alternative method of fund-distribution: the sandpit. Most universities have research administration offices to facilitate the interaction between the researcher and the granting agency. "Research administration is all about service—service to our faculty, to our academic units, to the institution, and to our sponsors. To be of service, we first have to know what our customers want and then determine whether or not we are meeting those needs and expectations." In

3212-688: The United States have both reiterated the need for further private funding within universities. The European Commission highlights the need for private funding via research in policy areas such the European Green Deal and Europe's role in the digital age. The source of funding may introduce conscious or unconscious biases into a researcher's work. This is highly problematic due to academic freedom in case of universities and regulatory capture in case of government-funded R&D. Disclosure of potential conflicts of interest (COIs)

3285-530: The United States of America, the National Council of University Research Administrators serves its members and advances the field of research administration through education and professional development programs, the sharing of knowledge and experience, and by fostering a professional, collegial, and respected community. In academic contexts, hard money may refer to funding received from a government or other entity at regular intervals, thus providing

3358-516: The Venture Capital Firm. Self-organized funding allocation (SOFA) is a method of distributing funding for scientific research . In this system, each researcher is allocated an equal amount of funding, and is required to anonymously allocate a fraction of their funds to the research of others. Proponents of SOFA argue that it would result in similar distribution of funding as the present grant system, but with less overhead. In 2016,

3431-425: The capital can end up at the borrower. The lender can lend the capital to a financial intermediary against interest. These financial intermediaries then reinvest the money against a higher rate. The use of financial intermediaries to finance operations is called indirect finance . A lender can also go to the financial markets to directly lend to a borrower. This method is called direct finance . Research funding

3504-473: The early Zhou dynasty (-c. 6th century to 221 BCE), government officials used their resources to fund schools of thought of which they were patron. The bulk of their philosophies are still relevant, including Confucianism, Legalism and Taoism. During the Mayan Empire (-c. 1200–1250), scientific research was funded for religious purposes. The Venus Table is developed, showing precise astronomical data about

3577-541: The effectiveness of both the different sources of funding and sectors of performance as well as their interplay have been made. The analysis often boils down to whether public and private finance show crowding-in or crowding-out patterns. Public funding refers to activities financed by tax-payers money. This is primarily the case when the source of funds is the government. Higher education institutions are usually not completely publicly financed as they charge tuition fees and may receive funds from non-public sources. R&D

3650-690: The environment. Privately funded research has been adept at identifying important and transformative areas of scientific research. Many large technology companies spend billions of dollars on research and development each year to gain an innovative advantage over their competitors, though only about 42% of this funding goes towards projects that are considered substantially new, or capable of yielding radical breakthroughs. New scientific start-up companies initially seek funding from crowd-funding organizations, venture capitalists , and angel investors , gathering preliminary results using rented facilities, but aim to eventually become self-sufficient. Europe and

3723-644: The evidence from the meta-analysis may be compromised." In 2003 researchers looked at the association between authors' published positions on the safety and efficacy in assisting with weight loss of olestra , a fat substitute manufactured by the Procter & Gamble (P&G), and their financial relationships with the food and beverage industry. They found that supportive authors were significantly more likely than critical or neutral authors to have financial relationships with P&G and all authors disclosing an affiliation with P&G were supportive. The authors of

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3796-521: The exchange of equity ownership in a company for capital investment via an online funding portal per the Jumpstart Our Business Startups Act (alternately, the "JOBS Act of 2012") (U.S.) is known as equity crowdfunding . Funds can be allocated for either short-term or long-term purposes. In economics funds are injected into the market as capital by lenders and taken as loans by borrowers. There are two ways in which

3869-491: The first nuclear weapons. In 1945, 70 scientists signed the Szilard petition, asking President Truman to make a demonstration of the power of the bomb before using it. Most of the signers lost their jobs in military research. In the twentieth century, scientific and technological research became increasingly systematized, as corporations developed, and discovered that continuous investment in research and development could be

3942-523: The form of investments or loans. Corporations might provide funding for other businesses, especially in industries where there is a strategic benefit. Government funding is provided by local, state, or federal governments to support specific projects or activities. This type of funding can come in the form of grants, subsidies, or loans. Government funding is often aimed at promoting public policies or supporting economic growth and development. Angel investors are affluent individuals who provide capital for

4015-490: The form of research grants or scholarships . These include arts councils and research councils for the funding of science. An incomplete list of national and international pan-disciplinary public research councils: In addition to project deliverables, funders also increasingly introduce new eligibility requirements alongside traditional ones such as research integrity/ethics . With the Open Science movement , funding

4088-400: The former, small firms could pre-sell a product or service to start a business whereas in the latter, backers buy a certain amount of shares of a firm in exchange of money. As for reward-based crowdfunding, project creators would set a funding target and deadline. Anyone who is interested can pledge on the projects. Projects must reach its targeted amount in order for it to be carried out. Once

4161-544: The most promising receive funding. It is often measured via Gross domestic expenditure on R&D (GERD). Most research funding comes from two major sources: corporations (through research and development departments) and government (primarily carried out through universities and specialized government agencies; often known as research councils ). A smaller amount of scientific research is funded by charitable foundations, especially in relation to developing cures for diseases such as cancer , malaria , and AIDS . According to

4234-430: The number of grants awarded to the institution. Private funding for research comes from philanthropists , crowd-funding , private companies , non-profit foundations , and professional organizations . Philanthropists and foundations have been pouring millions of dollars into a wide variety of scientific investigations, including basic research discovery, disease cures, particle physics, astronomy, marine science, and

4307-431: The offices in charge of such projects are able to achieve their objectives more effectively than if they had been issued one-time grants. Individual jobs at a research institute may be classified as "hard-money positions" or "soft-money positions"; the former are expected to provide job security because their funding is secure in the long term, whereas individual "soft-money" positions may come and go with fluctuations in

4380-602: The pace of technological progress increased before and during the Industrial Revolution , most scientific and technological research was carried out by individual inventors using their own funds. A system of patents was developed to allow inventors a period of time (often twenty years) to commercialize their inventions and recoup a profit, although in practice many found this difficult. The Manhattan Project (1942 – 1946) had cost $ 27 billion and employed 130,000 people, many of them scientists charged with producing

4453-596: The position of Venus in the sky. In Cairo (-c. 1283), the Mamluk Sultan Qalawun funded a monumental hospital, patronizing the medical sciences over the religious sciences. Furthermore, Tycho Brahe was given an estate (-c. 1576 – 1580) by his royal patron King Frederik II, which was used to build Uraniborg, an early research institute. In 1700–1799, scientific academies became central creators of scientific knowledge. Funded by state sponsorship, societies are still free to manage scientific developments. Membership

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4526-471: The projects ended with enough funds, projects creators would have to make sure that they fulfill their promises by the intended timeline and delivery their products or services. To raise capital , you require funds from investors who are interested in the investments . You have to present those investors with high-return projects. By displaying high-level potentials of the projects, investors would be more attracted to put their money into those projects. After

4599-483: The prominent instrument to fund business R&D, since the financial crisis a shift has taken place in OECD countries in the direction of tax breaks. The explanation seems to lay in the theoretical argument that firms know better, and in the practical benefit of lower administrative burden of such schemes. Depending on the funding type, different modalities to distribute the funds may be used. For regulatory measures, often

4672-514: The research community grows and becomes accessible to a wider, and more diverse group of scientists. The guidelines for R&D data collections are laid down in the Frascati Manual published by the OECD. In the publication, R&D denotes three type of activity: basic research, applied research and experimental development. This definition does not cover innovation but it may feed into the innovative process. Business sector innovation has

4745-607: The results of non-randomized, observational studies . The systematic reviews are published in the Cochrane Library . A 2011 study done to disclose possible conflicts of interests in underlying research studies used for medical meta-analyses reviewed 29 meta-analyses and found that conflicts of interest in the studies underlying the meta-analyses were rarely disclosed. The 29 meta-analyses reviewed an aggregate of 509 randomized controlled trials. Of these, 318 trials reported funding sources with 219 (69%) industry funded. 132 of

4818-405: The same term [REDACTED] This disambiguation page lists articles associated with the title Fund . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Fund&oldid=1257485840 " Category : Disambiguation pages Hidden categories: Short description

4891-453: The so-called brain–drain . Science policy can assist to avoid this as large shares of governmental R&D is spent on researchers and supporting staff personnel salaries. In this sense, science funding is not only discretionary spending but also has elements of entitlement spending . R&D funded and especially performed by the State may allow greater influence over its direction. This

4964-675: The study concluded: "Because authors' published opinions were associated with their financial relationships, obtaining noncommercial funding may be more essential to maintaining objectivity than disclosing personal financial interests." A 2005 study in the journal Nature surveyed 3247 US researchers who were all publicly funded (by the National Institutes of Health ). Out of the scientists questioned, 15.5% admitted to altering design, methodology or results of their studies due to pressure of an external funding source. Private funding also may be channelled to public funders. In 2022,

5037-513: The time involved, and the overall potential of the scientific outcome. The process of grant writing and grant proposing is a somewhat delicate process for both the grantor and the grantee: the grantors want to choose the research that best fits their scientific principles, and the individual grantees want to apply for research in which they have the best chances but also in which they can build a body of work towards future scientific endeavors. The Engineering and Physical Sciences Research Council in

5110-429: The trial design, accessing the raw data, and interpreting the results. The Cochrane Collaboration , a worldwide group that aims to provide compiled scientific evidence to aid well informed health care decisions, conducts systematic reviews of randomized controlled trials of health care interventions and tries to disseminate the results and conclusions derived from them. A few more recent reviews have also studied

5183-627: The use of journal impact factor has generated a publish-or-perish culture and a theoretical model has been established whose simulations imply that peer review and over-competitive research funding foster mainstream opinion to monopoly. Calls have been made to reform research assessment, most notably in the San Francisco Declaration on Research Assessment and the Leiden Manifesto for research metrics . The current system also has limitations to measure excellence in

5256-665: The world) and the sector of performance (all funding sectors with the exception of rest of the world as GERD only measures activity within the territory of a country). The two may coincide for example when government funds government performed R&D. Government funded science also may be measured by the Government budget appropriations and outlays for R&D (GBAORD/ GBARD). GBARD is a funder-based method, it denotes what governments committed to R&D (even if final payment might be different). GERD-source of funding-government and GBARD are not directly comparable. On data collection, GERD

5329-596: Was largely driven by the German ordoliberal school as to eliminate state subsidies advocated by the French dirigiste . Threats to global public goods has refueled the debate on the role of governments beyond a mere market failure fixer, the so-called mission-driven policies. Governments may fund science through different instruments such as: direct subsidies, tax credits, loans, financial instruments, regulatory measures, public procurement etc. While direct subsidies have been

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