Build a Dynamic Funding Portfolio
In a competitive funding landscape, it’s critical to consider many possible avenues available to support your research. The information below provides resources and tools to help you learn about available funding mechanisms, including where to locate them.
In early 2023, Harvard Catalyst hosted a webinar featuring researchers who received funding from the NIH and other government agencies, industry partners, foundations, and philanthropic donors. Explore the video excerpts and resources below to learn more about how to balance your research funding portfolio.
- Niroshana Anandasabapathy, MD, PhD, associate professor, Department of Dermatology, Weill Cornell Medical College
- Ana Carrizosa Anderson, PhD, Albert H. Coons Professor of Neurology, Harvard Medical School
- Marcus DaSilva Goncalves, MD, PhD, associate professor, Department of Medicine, NYU Langone Health
- Shruti Naik, PhD, associate professor, Department of Immunology and Immunotherapy and Department of Dermatology, Icahn School of Medicine at Mt. Sinai
Introduction to Growing Your Funding Portfolio
For researchers and physician scientists, the funding environment can be broad and complex, with several factors affecting your likelihood of securing funding from one or more sources.
In this video, moderator Niroshana Anandasabapathy, MD, PhD, explains the challenge of relying exclusively on NIH funding and unpacks the various funding mechanisms available to researchers.
Below, we list and define the major categories of funding you may explore as you craft a funding portfolio appropriate to your research area and career stage.
- The National Institutes of Health (NIH) – Part of the U.S. Department of Health and Human Services, the NIH is the primary agency responsible for biomedical and public health research. Funding is available through many different agencies within NIH, including the National Cancer Institute and the National Institute of Allergy and Infectious Diseases.
- Other government agencies – In addition to the NIH, the National Science Foundation, the Department of Veterans Affairs, and the Patient-Centered Outcomes Research Institute (PCORI) also fund research
- Foundations – Typically centered around charitable missions, foundations tend to be independent and funded by a few sources. Examples of foundations that fund research include the Bill and Melinda Gates Foundation, the Doris Duke Foundation, and the Coca-Cola Foundation.
- Philanthropy – Philanthropic funding may be provided by individual donors or as a mechanism within a foundation. Examples include direct patient/family giving such as the Wellcome Trust and Gate Philanthropic Partners, a division of the Bill and Melinda Gates Foundation.
- Industry – Industry refers to for-profit companies, including pharmaceutical companies, life sciences companies, and device developers. Examples of industry funding sources: Pfizer, AbbVie, Novartis, and Johnson & Johnson.
Harvard Catalyst On-Demand features four self-paced courses that will introduce you to funding across these popular mechanisms. On-Demand courses are free for Harvard-affiliated faculty and researchers.
- NIH Funding: Navigating the R01 & K Grant Submission Process – A comprehensive walkthrough of the NIH grant writing, scoring, and review process.
- Non-NIH Government Agency Funding: Grant Submission Process – An introduction to funding opportunities available through government agencies, including strategies for identifying and responding to calls for applications.
- Funding your Research: How to Obtain Foundation and Philanthropic Grants – Introductory course focused on opportunities available through foundations and philanthropy, including strategies for identifying and responding to calls for applications.
- Industry Funding: Application Process & Establishing Industry Relationships – An introduction to funding opportunities available through industry, including strategies for establishing relationships with industry partners.
Examples of Dynamic Funding Portfolios
Growing a funding portfolio requires strategy, risk, flexibility, and luck.
In the video below, each of the panelists provides a snapshot of their funding portfolios, sharing how their funding strategies have evolved over time and how they’ve pivoted to embrace new opportunities.
Locating and Evaluating Funding Opportunities
As you begin to explore available funding from a variety of sources, you may consider a two-part strategy: (1) locating active applications relevant to your research area and career stage, and (2) establishing relationships with potential funders, including individual investors and foundations.
In this video, the panelists provide guidance for exploring and evaluating funding opportunities, including resources they recommend for identifying organizations and individuals who may be interested in funding your research.
The following websites offer searchable databases of current and upcoming funding opportunities across mechanisms.
- GrantWatch.com – Includes grants available from foundations, corporations, states, locales, and the federal government. Search by interest, location, funding source, keyword and/or grant ID.
- Grants.gov – Lists grants from a variety of government agencies, including NIH, Department of Defense, National Science Foundation, Centers for Disease Control, and others.
- Edge for Scholars – National research funding and award opportunities. Search by topic or deadline.
- Non-NIH Funding Opportunities – Lists international grants and fellowships in biomedical and behavioral research, with additional funding opportunities available to those in the field of global health research.
- Stanford Medicine at Stanford University – Search grant and fellowship funding opportunities by sponsor, research topic, eligibility requirements, or deadline.
- John Hopkins University – Search grant opportunities based on career level, student level, and project type, as well as a specific list of foundation grants.
- Foundation Directory Online (FDO) – View information on private and corporate foundations and government grantmakers that fund national and international projects. Available information includes the foundation’s application process, recently awarded grants, the number and dollar amount of grants made each year, geographic focus, specified areas of interest, contact information, and more.
- Grow your network. Embrace opportunities to form new relationships with potential funders by attending conferences, asking colleagues to facilitate connections, and reaching out to organizations of interest. Explore our extensive guide to networking to learn strategies for getting the most out of new connections.
- Know your elevator pitch. You may find yourself encountering potential investors in unexpected circumstances. Preparing and practicing your elevator pitch in advance will empower you to capitalize on these situations. Explore our elevator pitch resources, and consider applying for a workshop to hone and practice your pitch.
- Share your science on social media. Communicating your science to the public allows potential investors to find you and your work. Share important research progress, publications, and awards on social media to broaden your reach. Learn more about creating a social media strategy.
Navigating Challenges and Nuances
As you explore the possibility of expanding your funding portfolio, it is important to consider key questions such as: How do reporting expectations vary between funding agencies? What operational challenges might I face with a more dynamic portfolio? What funding opportunities are available for those who are underrepresented in science?
In this video, the panelists answer additional questions featuring these topics and more.