The world of scientific research funding can seem complex and confusing, but it doesn’t have to be. Researchers can receive many different types of funding from various sources, and each type serves a unique purpose that should help scientists make the most of their research time and energy. If you’re curious about the various ways scientists can receive funding for their work, check out this comprehensive overview of the different types of funding available today.
Project Funding
There are two main ways to receive funding: project funding and research funding. Project funding is meant for researchers who need money to complete a specific task, like building a prototype or conducting field research.
On the other hand, research funding is long-term. It is usually given to individuals in exchange for their commitment to carry out specific lines of research over an extended period. Grant management can be quite complex; researchers should make sure they understand how their grant works before getting started. But with help from places like Blackbaud, you can “Manage, monitor, track, and analyze the status and performance of your grants—all within a single system.”
Seed Funding
This type of funding is essentially risk capital that you can use to develop your product and get it into the market. It’s a great way to fund proof-of-concept and other early-stage development phases. Because, as with any investment, there is always an element of risk involved. Think along the lines of traditional venture capital firms or angel investors.
Investors are generally looking for technologies or products still in early-stage development. They also want to invest in a team that has already demonstrated some potential through prior experience or accomplishments.
Scholarships and Fellowships
These programs offer free funding to students who have shown academic promise and financial need. You’ll typically need to fill out an application and provide your school with proof that you meet eligibility requirements (for example, a FAFSA form). Ask if scholarships are available for off-campus study; many awards are not eligible for use outside of your home state. There are thousands of scholarship opportunities available, so start early and research each opportunity thoroughly.
Center Funding
These tend to be short-term grants, so applicants must have a specific research project with clear aims and defined outcomes. In addition, some funding bodies may provide additional funding for collaborative initiatives. Award amounts range from approx US$405 to 22,500, with some projects being funded jointly by more than one center.
For example, as part of a program grant to fund research at three National Institutes of Health (NIH) Research Centers, the Office of Research and Development will award up to $43 million over five years.
Prizes and Awards
Prizes, grants, and awards are a great way to receive funding for research endeavors. These awards are typically merit-based and can cover anything from travel expenses to stipends for volunteers. For more information on prize money available in your field, search crowdfunding platforms like GoFundMe or WeFunder to find contests and challenges you could compete in. Or reach out to organizations directly—the Association for Psychological Science has a directory of competitions and challenges that might be relevant to your research niche.
If a researcher is looking for funding to conduct research, they should know that three main funding sources are available. Grants, fellowships, and awards provide researchers with money to conduct research.