New UKRI funding call on the economic returns of R&D
The Economic and Social Research Council will shortly open a £2.5m funding opportunity for research into the economic and social return on R&D investments. The maximum individual award available will be £308,000 over 24 months, for projects with a start date no later than 1 April 2027.
The opportunity seeks to incentivise “rigorous, empirical studies” into how the benefits of R&D investment can be measured, with a view to informing both public and private investment decisions. It is noted that there is currently a wide range of estimates – for example, recent research from the Department for Science, Innovation and Technology concluded that £1 of civil public R&D investment might generate £8 in long-term net economic benefits for the UK.
While the opportunity is solely supported by UKRI, it has been developed in collaboration with the Alfred P. Sloan Foundation and Coefficient Giving as part of an international undertaking focused on what is labelled the “Griliches question”, named after economist Zvi Griliches. An accompanying pop-up journal has been established, and UKRI award holders will be invited to make use of this platform and attend networking events with grantholders – workshops are planned in Washington DC and London.
The Griliches question of social and economic returns to R&D is described as having “significant policy implications.” Important questions are said to remain about how best to measure such returns, including how they vary across sectors, places, technologies, and funding mechanisms.
The opportunity, which is supported by the UKRI metascience unit, will open on 10 September, with a closing date of 19 November.