Innovative Funding Models During COVID-19
This Horizon Scan builds on the previous report “Innovating in the Research Funding Process: Peer Review Alternatives and Adaptations” to highlight how the COVID-19 pandemic accelerated innovations in coordinated, targeted, timely HSR funding.
The COVID-19 pandemic brought into sharp focus the importance of research and scientific advancement in modern society. With the need for research clear and urgent, funders took innovative approaches to direct funds to crucial activities more quickly and effectively. Though crucial in this current context, these new models for funding might also offer lasting insights on ways to improve the effectiveness and efficiency of HSR funding, including:
- Public engagement and crowdfunding
- Flexibility in use of funding and resources
- Adapting application and decision processes to ‘fast-track’ funding
- Coordination and access of research resources