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There are several funding options available for the present-day researcher. These options can be categorized into three major classifications which are research grants, proposal funding, and business plan funding. Grants are sums of money awarded to a particular researching individual or group in order to fulfill a particular research objective made by the researcher (Mello, 2003). This typically involves a complicated screening process whereby the granter scrutinizes possible grantees backgrounds thoroughly in order to ensure that the grantee is capable and sincere I carrying out the research task.
In utilizing funding options for grants, researchers are typically free to spend the money once it is granted which makes it doubly important for granters to ascertain their grantee’s credibility before approving a grant (Martinson, 2004). In a research proposal, the researcher submits a proposal to an institution for approval. Upon approval, the institution authorizes the researcher to begin work on the project and allows the researcher to use funding from the institution (Mello, 2003).
Of course, each time the researcher decides to spend for a particular item, the researcher would have to have this item approved by the institution first.
This means that the institution has more control on the spending of the researcher. However, this also means that the researcher in principle has access to all of the institution’s funding so long as it is approved and is not limited by a certain among unlike the grantee who is financially limited to the grant given. Finally, business proposals are funded by presenting the proposal to investors who would then invest their money if they find the proposal lucrative (Mello, 2003).
In utilizing the funding for the a business proposal, investors typically release an itemized budget.
This means that the researcher is bound by contract to spend for a certain list of items at the beginning of the project and cannot deviate much from this initial list. In conclusion, different funding options over varying levels of freedom and spending power to the researcher in utilizing funding. It is up to the researcher to choose the best option that applies to his particular research problem.
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