Why grants and funds are important
Public investment in research and innovation yields a big return in economy overall. Research funding influences the volume of the research activities as well as the productivity of researchers within the field and grants are often a significant part of a research project's completion and success.
The importance of the topic is prominent and to apply for grants and securing research funding is an essential part of conducting research. Given that available infrastructure to conduct research is a key component to a project's successful execution, funding opportunities tend to become a primary goal for researchers before embarking to any research project.
Luckily, there is a growing interest among public and private institutions and agencies to support financially R&I projects and we see that funding for higher education and research have therefore also grown significantly. Different types of grants fit different situations:
Scholarships and fellowships are offered to individuals and vary on the duration as they usually support a small scale research or project.
Seed funding focuses on a brand new idea, to help with getting started on a project. There can be an initial phase where the project begins, and then it gradually develops.
Project funding is the most common form of funding, with grants that fund a skilled researchers to work on a viable project (often a collaborative one) for an extended period of time.
Prizes and awards signify the excellence by rewarding and promoting it.