Current funding models have high risks and low accountability. Public–private partnerships offer a better way, says Michael Hill, Head of Grant Management for the Swiss National Science Foundation
As head of grant management at the Swiss National Science Foundation, I have spent a lot of time thinking about how grants are used to fund research, through processes that have changed little since the 1940s. Funders award grants to the most-promising proposals or on the basis of researchers’ or organizations’ past achievements. These approaches assume that the recipient will do great research, but have no guarantees and limited accountability. The funder bears the full risk.
Although as yet untested in academia, they would follow the same model as social impact bonds , which some governments use to achieve social-policy goals. For instance, say the Swiss government promises to pay up to one million Swiss francs to service providers that achieve a measurable outcome, such as reducing illiteracy in a certain population by 5%, within a specified number of years.
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