- Money to Knowledge - Knowledge to Money will address challenges funders face in providing early estimations of the potential economic outcomes from RDI
- The project will develop data-driven scientometric indicators for funding bodies to provide better evidence about the economic benefits of publicly-funded RDI
A new UKRI-funded project seeks to create tools to better estimate the economic benefits of publicly-funded Research Development and Innovation (RDI).
Despite increased political focus around Research, Development, and Innovation (RDI) policies as a tool for generating economic growth, it is often difficult for public funding bodies to predict the wider economic outcomes of a research project.
Developments including business growth, new technologies, or spinout companies can be hard to anticipate, particularly where there is a significant time gap between a project being funded and the impacts of its outputs becoming visible.
Amidst growing pressure for funders to demonstrate the economic contribution of their investments, researchers from the School of Economics will develop new tools to support the decision making process.
Funded as part of the UKRI Metascience sandpit, Money to Knowledge - Knowledge to Money will address these challenges. Dr Enrico Vanino will lead a team of researchers to develop new data-driven scientometric indicators that estimate both the likelihood and potential economic value of research projects before their outcomes are fully realised.
Advanced analytical methods will be used to identify patterns linking early-stage project characteristics to later economic outcomes and use robust econometric methods to identify more credible causal relationships. The project will also produce open-source analytical tools, datasets, and policy-relevant summaries to support transparency, dissemination, and wider use.
