Planning for Funding

How do you think of your funding trajectory? Do you have a major project you're looking to fund 5-10 years down the road or are you solely focused on getting the next grant to keep your research going? If you fall in the latter group, you may be shooting yourself in the foot without knowing it. According to Licklider and the University of Missouri Grant Writer Network (2012), those researchers who only start thinking about the next grant when their current grant is ending are those who will likely remain at the same level throughout their tenure.

To make sure that your research isn't stagnant or mediocre, they suggest that you create a long-term funding plan where you start small and grow your funding amounts and sources, and of course your research goals and impact.

Growing and Diversifying
If you're a brand new research faculty member, you may not be quite ready to go after the whopper of all grant awards in your field, so instead start building your research enterprise. A good place to start is looking for what internal grants your institution may offer. At CU Denver, on the Denver Campus, faculty can apply for small grants through the Office of Research Services and the Center for Faculty Development. These smaller grants can get you going on a pilot project, but then you should start looking for other small funds that can build on your preliminary data, and allow you to move up the ladder toward the aspirational grants. Be sure to think about this trajectory early so that you are always moving toward the next level of research and funding to support it.

Get to know possible funders
Susan Fitzpatrick and M. Brent Dolezalek, in their article, "Diversifying Your Funding Portfolio," showed that in a survey of major research articles in a Neuroscience journal, 60% reported having a mix of private and public funding to support the research published. This makes sense; as research funding gets more and more competitive, researchers need to diversify their portfolio to make sure if one well dries up for them, they have others. So, to do this, start by doing a search for agencies with which you should be familiar. ORDE offers personalized fund searches for faculty on the Denver  and Anschutz Medical Campuses. Find out more here.

Consider the threads of your research career
To adequately plan for your robust research career, it's important to work backwards. Start by identifying where you want to be in 5-10 years and then work backward to identify the steps or benchmarks you need to get there. First, you likely need to get funding for your research, but to get that funding, you need to compete for it through grant proposals. Identify when you want to have a grant, and remember you should be working on that grant about a year in advance. To write your best grant, you need to have pilot data to help you form your project, and you need to have publications under your belt to be competitive for those grants.

Once you have a research career plan, be diligent about sticking to it. As you develop as a researcher, more and more opportunities will present themselves. Some of these will fit in your plan and get you where you want to go. Others will distract you and even if they seem great at the time, you will pay a price with the time and effort you would have otherwise spent moving toward your goal. So, make sure in all decisions, you're intentional.

Resources
Diversifying Your Funding Portfolio - Susan Fitzpatrick and M. Brent Dolezalek
Charting a Course for a Successful Research Career - Elsevier