Currently funding models for applied research funding are in the form of large multi year grants. While in some cases this is appropriate why don’t we take a page out of an investors handbook. That is to ‘plant many seeds’ by providing microgrants.
The idea is to find out which projects are viable by initially conducting POC, pilot or preliminary studies. These are studies which typically can be completed for $30,000 or less. Those that prove successful get further funding. If not, then the researcher still has access to another microgrant to investigate another hypothesis.
Why do this? To ensure a more productive use of R&D spend and improve the flow of science based innovations.
Just a thought.
Graeme @ graemefielder.com