What are the emerging trends in industry research funding?

1 Collaboration and co-creation

One of the most noticeable trends in industry research funding is the increasing emphasis on collaboration and co-creation. This means that researchers are expected to work with industry partners, end-users, and other stakeholders to identify and address real-world problems, and to share the risks and benefits of the research outcomes. Collaboration and co-creation can enhance the relevance, quality, and impact of research, but they also require new skills, such as communication, negotiation, and project management. Researchers need to be able to articulate the value of their research, align their goals with the industry needs, and balance the expectations and interests of different parties.

2 Diversity and inclusion

Another important trend in industry research funding is the growing recognition of the need for diversity and inclusion in research teams, topics, and methods. Diversity and inclusion can foster creativity, innovation, and social responsibility, as well as address the gaps and biases in knowledge production and dissemination. Industry research funders are increasingly looking for researchers who can demonstrate their commitment to diversity and inclusion, such as by engaging with underrepresented groups, addressing relevant social issues, and using inclusive and participatory research approaches. Researchers need to be aware of the ethical, cultural, and political implications of their research, and to seek feedback and input from diverse perspectives and sources.

3 Digitalization and data

A third major trend in industry research funding is the rapid digitalization and datafication of research processes and outputs. Digitalization and data offer new opportunities and challenges for researchers, such as by enabling new forms of collaboration, communication, and dissemination, as well as generating new types of data, insights, and solutions. Industry research funders are increasingly interested in researchers who can leverage digital and data technologies, such as by using online platforms, tools, and networks, applying advanced analytics and artificial intelligence, and producing open and reusable data and code. Researchers need to be proficient in digital and data skills, such as by learning new software, languages, and protocols, ensuring data quality and security, and adhering to data ethics and governance.

4 Impact and sustainability

A fourth key trend in industry research funding is the rising demand for research impact and sustainability. Impact and sustainability refer to the long-term effects and benefits of research for society, economy, and environment, as well as the ability of research to adapt and respond to changing conditions and needs. Industry research funders are increasingly looking for researchers who can demonstrate their impact and sustainability, such as by defining clear and measurable objectives, indicators, and outcomes, engaging with relevant stakeholders and audiences, and integrating sustainability principles and practices into their research. Researchers need to be strategic and proactive in planning, monitoring, and communicating their impact and sustainability, as well as in seeking feedback and improvement.

5 Innovation and entrepreneurship

A fifth significant trend in industry research funding is the growing focus on innovation and entrepreneurship. Innovation and entrepreneurship refer to the creation and exploitation of new ideas, products, services, and processes that can generate value and solve problems. Industry research funders are increasingly interested in researchers who can show their innovation and entrepreneurship potential, such as by identifying and validating market opportunities, developing and testing prototypes and business models, and attracting and mobilizing resources and partners. Researchers need to be creative and entrepreneurial in their research, as well as in their career development and diversification.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?