Economic Essay – Admission/Application Essay Example
inserts His/her inserts inserts Grade Research and development The funding of R&D is a very topical issue in several countries across the world. Funding is normally a function of a careful analysis and evaluation of the potential projects through very competitive processes. This is necessitated out of the large number of proposals that are normally submitted with the hope of funding. In most cases, the funding is obtained from governments or from private organization interested in the results. Government funding is provided either directly or through academic and other research institutions. Such funding is never necessarily profit-motivated. On the contrary, funding by private institutions is usually profit motivated. The whole process requires a grant proposal and a thorough evaluation of all the potential projects by grant seekers.
R&D is normally a very delicate process that undergoes a series of procedural requirements before a product or new invention is finally declared a success and commercially or otherwise used. In such a case, different researches require different timeframes to undertake depending on the nature of the process. For instance, in the medical fraternity, R&D takes years before a new drug is released into the market. In other fields like engineering, the process might not take that long. It must be remembered that research is normally a continuous process necessitated by the desire of man to better the environment and his welfare. As such, the element of time becomes quite variable and dependent on other issues (Gellein 45).
Millions of dollars are spent yearly in funding R&D across the world. In the United States, the federal government grants academic institutions like Harvard and MIT millions of dollars each year to undertake research in specific areas. The government spends more funds in R&D than private organizations. Not-for-profit organizations are also known to fund researches across the world. Nevertheless, their funding is normally limited due to strained funds. Research is a very expensive process that requires joint efforts of all the relevant stakeholders to accomplish.
Gellein, Oscar. Accounting for research and development expenditures,. New York: American Institute of Certified Public Accountants, 1973. Print.