Researchers in the United States have suggested an alternative way to allocate science funding.
The method, which is described in EMBO reports, depends on a collective distribution of funding by the scientific community, requires only a fraction of the costs associated with the traditional peer review of grant proposals and, according to the authors, may yield comparable or even better results.
“Peer review of scientific proposals and grants has served science very well for decades. However, there is a strong sense in the scientific community that things could be improved,” said Johan Bollen, professor and lead author of the study from the School of Informatics and Computing at Indiana Univ. “Our most productive researchers invest an increasing amount of time, energy, and effort into writing and reviewing research proposals, most of which do not get funded. That time could be spent performing the proposed research in the first place.” He added: “Our proposal does not just save time and money but also encourages innovation.”
The new approach is possible due to recent advances in mathematics and computer technologies. The system involves giving all scientists an annual, unconditional fixed amount of funding to conduct their research. All funded scientists are, however, obliged to donate a fixed percentage of all of the funding that they previously received to other researchers. As a result, the funding circulates through the community, converging on researchers that are expected to make the best use of it. “Our alternative funding system is inspired by the mathematical models used to search the internet for relevant information,” said Bollen. “The decentralized funding model uses the wisdom of the entire scientific community to determine a fair distribution of funding.”
The authors believe that this system can lead to sophisticated behavior at a global level. It would certainly liberate researchers from the time-consuming process of submitting and reviewing project proposals, but could also reduce the uncertainty associated with funding cycles, give researchers much greater flexibility, and allow the community to fund risky but high-reward projects that existing funding systems may overlook.
“You could think of it as a Google-inspired crowd-funding system that encourages all researchers to make autonomous, individual funding decisions towards people, not projects or proposals,” said Bollen. “All you need is a centralized website where researchers could log-in, enter the names of the scientists they chose to donate to, and specify how much they each should receive.”
The Latest on: Science funding
via Google News
The Latest on: Science funding
- Liberia: NPHIL Boss to Share Global Health Experiences With London School of Economics and Political Scienceon June 29, 2020 at 5:40 am
Upon his invitation by the London School of Economics and Political Science, the Director General of the National Public Health Institute of Liberia (NPHIL), Dr. Mosoka P. Fallah will on today, Monday ...
- Molineaux and Manders's Viewpoint: Region's life sciences industry plays leading role in fighting Covid-19on June 29, 2020 at 4:04 am
Life Sciences Pennsylvania is committed to supporting public-private partnerships like these to protect our national security and public health from domestic and foreign biological threats.
- Collaborative Data Science Company Cape Privacy Secures $5 Millionon June 28, 2020 at 11:12 pm
Cape Privacy — a privacy platform for collaborative data science and machine learning — announced that it raised $5 million in seed funding.
- Indian EdTech Billionaire’s Byju’s Becomes Decacorn After Funding Round From Mary Meekeron June 28, 2020 at 10:42 pm
India’s largest ed tech company, Byju’s, has achieved that much-coveted decacorn status following the latest funding round led by Silicon Valley venture capitalist Mary Meeker’s Bond Capital.
- Ag tech and life sciences strongest sectors in NZ start-up ecosystem: reporton June 28, 2020 at 11:02 am
A collaborative ecosystem and government support are two reasons to move a start-up to New Zealand, says Start-up Genome report.
- NIH funding part of script for college program's successon June 26, 2020 at 12:28 pm
“It's not about chasing a number. It's making sure that we get enough funding that our people who are doing this important research are able to continue to make great discoveries and move forward ...
- BRIEF-Alpine Immune Sciences And Abbvie Announce Option And License Agreement For Development And Commercialization Of ALPN-101on June 26, 2020 at 12:46 am
ALPINE IMMUNE SCIENCES AND ABBVIE ANNOUNCE OPTION AND LICENSE AGREEMENT FOR THE DEVELOPMENT AND COMMERCIALIZATION OF ALPN-101 * ALPINE IMMUNE SCI ...
- Cape Privacy Launches Privacy Platform for Collaborative Data Science and Machine Learning; Raises $5 Million in Seed Fundingon June 24, 2020 at 12:16 pm
Cape Privacy, a privacy platform for collaborative data science and machine learning, announces today the launch of its open source platform as it secures $5 million in seed funding. The funding was ...
- Amazon Funding Computer Science Education For All 154 Elementary Schools in Dallas Independent School District, Benefitting More Than 78,000 Students in Needon June 23, 2020 at 4:48 am
Amazon Funding Computer Science Education For All 154 Elementary Schools in Dallas Independent School District.
- Streamlit Raises $21M in Series A Funding From GGV Capital and Gradient Ventures to Amplify the Impact of Data Science and Machine Learningon June 16, 2020 at 7:38 am
Streamlit, the creators of the fastest and most powerful app framework for machine learning and data science, announced that it has secured $21 million in Series A funding. The investment was co-led ...
via Bing News