Some people may see research work with rose-colored eyes and believe that scientists and medical researchers are making a difference with their newest discoveries and innovative ideas. Although it’s true in many cases, it’s also true that these advancements in medicine, science and technology wouldn’t have been possible without the donations and government grants the researchers received. The equipment alone can be very expensive and the rest of the money is needed to pay the scientists’ salaries and those people who participated as test subjects. Of course, these aren’t the only beneficial purposes of getting much needed funding from benevolent sponsors.
Social Innovation and Crowd Funding
A major benefit from getting sufficient financial backing from charitable donors is the impact it makes on the community’s resources. Generally, the federal government, in cooperation with intermediaries, selects the non-profit organizations they plan to support and guide them through their innovative programs. These programs usually address issues in health care, sustainable livelihood, and education. Most of the time, funding for social innovation is achieved through crowd funding where a collective of like-minded individuals contribute to a community burse.
Corporate Sponsors and Research Grants
Traditionally, research teams working in universities receive their monetary support from private individuals who specify which project receives the money. They often request that researchers mention their names in connection with the project whenever the subject is discussed. Similarly, many corporations have also supported research studies for the same reason. However, they’d rather keep the company’s name out of the discussion because most people think the results of any corporate-sponsored study are unreliable.
Despite the misconception that corporations influence the outcomes of a research project, the medical discoveries and developments that came from these collaborative efforts have been instrumental in advancing the fields of medicine and natural sciences. Corporations rely on academic researchers because it’s more cost-effective to spend millions of dollars into an external endeavor rather than undertake the same project with company employees. Somehow, collaboration between the business sector and the academe increases the available resources while giving young scientists to expand their knowledge and skills in a live laboratory setting.
Government Grants for Community Housing and Small Businesses
Most government grants center around housing and business concerns. Naturally, the local government wants to improve the economic and social welfare of its constituents by giving entrepreneurs the financial support to put up a small business or assist disaster-stricken families to build a new home. In return, these entrepreneurs provide jobs to others in the community, which also benefit from government housing projects.