Why Scientists Need to Embrace Crowdfunding

From the junior physician attempting to start a pilot study to the seasoned researcher in the final years of an academic grant, the harsh reality of medical research funding constantly looms. Young researchers have faced the worst funding in half a century. The competition for public research grants has intensified to the point where less than 15% of proposals obtain funding. The $1.55 billion budget cut to the National Institute of Health (NIH) in 2013 alone resulted in an estimated 640 fewer research studies receiving funding. Researchers are now encouraged to prepare for grant applications years in advance and to expect several rounds of rejection before a project may receive funding. When a project does finally succeed in obtaining a grant, the amount may be less than the proposed budget, resulting in study modifications that may not be able to answer the original question. Faced with such daunting odds, a small but growing number of researchers are turning to crowdfunding as a way to fund projects. Researcher from a wide spectrum of disciplines are using crowdfunding platforms such as Kickstarter or Indigogo to supplement existing research project budgets or even as the sole source of funding for a project. The advent of science specific crowdfunding websites such as Experiment and Consano have allowed researchers to tap into the crowdfunding market. From tagging hammerhead sharks in Hawai'i to large randomized controlled trials in cancer, research program from all dis...
Source: Science - The Huffington Post - Category: Science Source Type: news