How Does FundMyResearch.org Work?
How does FundMyResearch.org work?
Members of FundMyResearch.org (with free membership open to individuals and organizations all over the world) will be able to review and select research proposals posted on-line and directly donate funds in amounts as low as $25. Once the funding goal of the specific research project they donated to is met, funds will be distributed to the researcher’s supporting institution and made available to the researcher. The researchers' funded by FundMyResearch.org will post status reports and updates of their findings on the web site, thereby allowing the donors to be intellectually and emotionally engaged as the project moves forward.
The most similar model for FundMyResearch.org is the inspirational and highly successful micro-lending web site, Kiva.org.
Research projects posted on-line will be very similar to those funded by NSF, National Geographic Society, World Wildlife Fund, and other similar organizations. No projects with profit motives will be eligible for posting, and projects will be carefully screened and evaluated by qualified reviewers prior to posting. Evaluations will be based on the qualifications, background, and experience of the researcher(s), the methodology proposed, the stability of the supporting institution (college, university, or other), the soundness of the research approach, and other relevant factors.
Once a research proposal has been evaluated and accepted by FundMyResearch.org, it will be uploaded to the web site and made available to members for review and funding. Membership in FundMyResearch.org is free, and members will join by registering on the web site. After a proposal is fully funded, the researcher's sponsoring institution will receive the sum of all donations directed at the specific project and the institution will distribute it appropriately to the researcher. FundMyResearch.org will pay indirect, administrative cost to the researcher’s institution on a sliding scale based on the size of the grant. For grants less than $5,000, no administrative fee will be paid. For grants between $5,001 and $25,000, an administrative fee of 5% will be paid to the researcher’s institution. For grants over $25,000, an administrative fee of 10% to the participating institution. Administrative fees cover costs such as laboratory space, internal administrative costs, and general institutional operational costs inherent in providing research facilities as a normal course of their mission. Donors will be fully apprised that a portion of their donation will be devoted to paying these institutional fees.
When the researcher has completed their project, they are strongly encouraged to publish the results in a peer-reviewed journal as well as to educate their donors on the results. Throughout the execution of their project, they will be encouraged to post regular, on-line updates for their donors. This will enable donors to gain insight into the research process and to play an important part in cutting-edge science.
