Module 1: Research Strategy and Planning

2.5 Funding considerations

If you have an idea and you have a potential team to assist you in your research, the next aspect in scoping out your possible project is the need to think about the detailed planning, and who is going to provide funding. For instance, what sort of equipment or infrastructure will you need? Do you or anyone of your team need travel funds? What about extra staff or student scholarships? A clear understanding of what is needed at this stage will save a lot of frustration and angst down the track, and can make the difference in delivering a successful project on time and on budget. If nothing else, you need to tick all the boxes on a mental list. Estimating up-front the cost of your proposal, even at this early scoping stage, is an essential requirement and a skill. In ‘Module 5: Financial, Resource and Risk Management’ you will learn how to properly cost, manage, and report on research projects for which you are responsible.

One of the things you will probably need to consider is attaining multiple funding sources for your project. Different sources may be needed for different items, e.g. an infrastructure grant or a top-up scholarship. This will mean finding compatible sources that will allow you to meet the various requirements associated with each funding source. Obviously this will make your task a little more complicated, and requires additional planning (and thinking strategically and opportunistically). In the next topic we will look at seeking grants and the issues associated with gaining support from funding bodies.

You also need to be aware of the research-related policies of your university as they may relate to funding. For example, the majority of, if not all, universities have restrictions on accepting research funding from the tobacco industry. The following example is from the University of Sydney:

"The University notes the established body of scientific evidence that smoking is harmful to human health and also notes the policies of tobacco companies in the marketing of their products. The University shall not accept funding or other forms of support, other than by taxation or government levies, from any tobacco manufacturing company or foundations primarily funded by such companies, or agents known to be acting on their behalf." (University of Sydney, Tobacco Industry Funding Policy)