Private funding for science has overshadowed government funding for basic research in recent years

How can science generate greater value for society? This question lies at the heart of the agenda of the eighth Annual Meeting of the New Champions, taking place in Tianjin, China 10-12 September 2014. One of the most important trends in the pace of innovation involves the funding models and political frameworks that support scientific research. China has been a leader in its emphasis on funding research and development. More than 2% of the nation’s GDP is dedicated to science and technology. In addition, “72.1% of R&D funding is from private sector,” noted Chen Zhangliang, Vice-President, China Association for Science and Technology.While science is a global activity, funding models are typically national. The United States has also seen a shift in recent years towards private funding rather than government support for basic research. This shift has been untimely, according to Thomas R. Insel, Director, National Institute of Mental Health. “The cost of healthcare has continued to grow, but our ability to invest in the science to bring those costs down has really stalled out.” One source of relief is that private funding – from philanthropies to corporations – has increased dramatically in recent years.

The shift in funding has implications for the type of research conducted and the relationships between government, academia and the private sector. Companies are typically less willing to fund risky projects and basic science, which requires a long-term horizon. Governments must still play a role in ensuring funding for fundamental research, as well as in connecting academic science with business opportunity.Ichita Yamamoto, Minister of Science and Technology Policy and Minister of Space Policy of Japan (2012-2014), said one of his roles was trying to create “a new mechanism to work as a bridge between academia and business”. He noted that many countries have tried to replicate the example of Silicon Valley by creating innovation hubs.Fostering connections between scientists and entrepreneurs is also a priority in Singapore. Tan Chorh Chuan, President, National University of Singapore, identified three priorities for improving this connectivity: increasing the flow of people between the two sectors; co-locating scientific research and business; and creating partnership activities to facilitate meetings between scientists and potential investors. Such connections can be mutually beneficial: “Companies don’t just bring R&D dollars. They bring expertise,” Tan said.

Big data has generated a great deal of attention recently for its potential to produce innovation. However, Jean-Pierre Bourguignon, President, European Research Council, Belgium; Mentor of the Annual Meeting of the New Champions 2014 cautioned: “We should not be fooled by the fact this is one problem. It is actually many problems.” He noted that norms and practices vary widely across scientific disciplines. For example, anonymous biological data collected today might later raise privacy concerns, given the potential of future scientific breakthroughs to identify data.As these advances in scientific innovation continue, policymakers must continue to play a role in funding research. “Science is an investment. It’s not a cost,” Thomas Insel noted.