The Scheme for funding High Risk – High Reward Research is a project supporting and welcoming a new proposition and suggestion expected to have a criterion transfer impact on Science and Technology. The Scheme for Funding High Risk – High Reward Research focuses on assisting new approaches that are thoughtfully new and precarious. If they came up with success, they would spread a positive impact on science and technology. It might be regarding planning new speculation or scientific leaps that help develop new technological advancements.
“High Risk – High Reward” and “Industry Relevant Research and Development” are two schemes which are launched by SERB (Science and Engineering Research Board).
The Science and Engineering Research Board (SERB) is a legal body formed through an Act of Parliament. Supporting necessary fact-finding in rising fields of science and engineering is the essential and distinguished decree of the Board. The Board works, with both monetary and authoritative powers endow in the Board would empower them to make quick decisions on research issues, substantially improving thereby our responsiveness to the precise needs of the research scientists and the science and technology system.
In recent years, the scientific bodies’ growing concern is that the research-funding operation has become too orthodox and inspires progressive advances in science and technology. As a result, various questions have been raised for amendments in funding processes and increased funding to assist high-risk/high-reward research. However, it’s not merely an issue of financing. At the research system level, problems such as disciplinary and institutional structures, research careers and, cultural norms within the science group, research evaluation, and strategic The concern is about the failure to encourage and to assist research on risky, ‘out of the box’ ideas could jeopardize a country’s longer-time ability to contend economically, to harness science toward finding national and international challenges, and to contribute to the progress of science as a whole. Prioritization processes all affect the kind of research that is being done.
Objective: The Scheme of high risk – high reward research focuses on assisting and helping new and risky new ideas in nature. If they could be implemented, it should positively impact science and technology.
The Scheme of high risk – high reward research is geared toward helping the plans that are up to the minute, which challenges old theories and gives ‘out of box’ thoughts on important science and technology issues. It might carry vital risk components. However, it must promise high rewards if the struggles can be solved in the emergence of science and technology. It is assumed that favorable outcomes can have long term inference in science and technology. The result of such proposals can be up to the mark and important theoretical or experimentally advance, formulation of the latest theories or breakthrough science, which can lead to new technologies. Ideas that notice scientific problems will conclude in ‘tapered’ knowledge will not be assisted. Preferably, the idea must carry bold research thoughts with long-term ranging influence and potential for a new scientific and technological revolution.
Generally, the funding is done for three years, but in some particular cases, it can be done for five years, which will be analyzed by the expert committee.
No financial plan limit is ordered for these projects. The research funding covers equipment in S&T, consumables, contingency, and travel apart for other granting.
Moreover, the present Covid-19 pandemic has activated an unmatched change of the scientific research bodies by national and global administration. This response is distinguished by the launch of an outsized variety of emergency/fast-tracked research finance schemes by public research institutions and foundations and non-public foundations and charities. Also, Aatmnirbhar Sena will actively raise our hand in creating different types of enterprises and startups by supporting in making resources available. Aatmnirbhar Sena will endeavor to promote sustainable proposals for science and technologies to transform the lives in India.