Wednesday, 4 January 2017

Funding of Science

The funding of science comes mainly through 2 major sources,  the government and the private companies, usually the research and development department. The government funds can be either carried out by the government itself or through funds provide by outside the government. These people are called research councillors

During the 18th and 19th century, the progress of technology has increased after the Industrial Revolution of 1815 to 1845(1840s), inventors have used their own funds to create their inventions. However, the market had great inventors who became rich or inventors whose products were never interesting, making them little profit.

However, nowadays, the market has a technological advancement, making it tougher as there are more tough competitors.

Private funding can come from philanthropists, crowd funding, private companies etc. These people are know to pour millions of dollars into research. Many large companies have poured billions of dollars to these innovators so that they will have a head start for their company.

Hard money vs Soft money:

In academic contexts, hard money may refer to funding received from a government or other entity at regular intervals, thus providing a steady inflow of financial resources to the beneficiary. The antonym, soft money, refers to funding provided only through competitive research grants and the writingwriting of grant proposal   

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