How do you choose the best research funding option?

1 Know your options

The first step to choosing the best research funding option is to know what options are available to you. Depending on your discipline, career stage, and research goals, you may have access to different types of funding sources, such as grants, fellowships, scholarships, contracts, awards, or donations. Each funding source has its own eligibility criteria, application process, budget, duration, and expectations. You should familiarize yourself with the various funding opportunities in your field and identify those that match your research interests, skills, and needs.

2 Assess your strengths and weaknesses

The next step to choosing the best research funding option is to assess your strengths and weaknesses as a researcher and as an applicant. You need to be realistic and honest about your capabilities, achievements, and limitations. You should also consider your track record, reputation, and network in your research community. These factors can influence your chances of success and your suitability for different funding sources. For example, some funding sources may favor early-career researchers, while others may require a strong publication record or a collaborative team.

3 Align your research with the funder's goals

The third step to choosing the best research funding option is to align your research with the funder's goals and priorities. You should understand the funder's mission, vision, and values, as well as their current and future research agendas. You should also research the funder's previous and ongoing projects, as well as their evaluation criteria and feedback. This can help you tailor your research proposal to fit the funder's expectations and demonstrate how your research can contribute to their objectives and outcomes.

4 Compare and contrast different options

The fourth step to choosing the best research funding option is to compare and contrast different options based on their advantages and disadvantages. You should weigh the pros and cons of each funding source in terms of their suitability, feasibility, and sustainability for your research project. You should also consider the risks and opportunities involved in each option, such as the level of competition, the likelihood of success, the amount of funding, the duration of funding, the reporting requirements, and the potential impact.

5 Seek advice and feedback

The fifth step to choosing the best research funding option is to seek advice and feedback from various sources, such as your peers, mentors, supervisors, colleagues, or experts. You can benefit from their insights, experiences, and recommendations on different funding sources and how to prepare a successful application. You can also ask them to review your research proposal and provide constructive criticism and suggestions for improvement. You should also consult with the funder or the funding agency if you have any questions or doubts about their funding scheme or application process.

6 Make a strategic decision

The final step to choosing the best research funding option is to make a strategic decision based on your research, your strengths, your alignment, your comparison, and your advice. You should select the funding source that best suits your research project, your career goals, and your personal preferences. You should also be prepared to justify your choice and explain how it will benefit your research and the funder. You should also be flexible and adaptable, as you may need to revise or modify your research proposal or budget according to the funder's feedback or requirements.

7 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?