High Risk – High Reward Research Scheme

The Science and Engineering Research Board started the High Risk – High Reward research scheme under the Department of Science and Technology to support and invite new proposals and ideas that can have a transitional influence on Science and Technology. It is a scheme that promotes transformative research. It is also called high-gain research. It consists of the ideas that have potential but are too diverse, far-fetched, and at an early stage to face peer review. They have a high risk of not producing scientific information that may increase societal or economic knowledge. The idea may crash and burn in the near future.

Objective

The objective of the High Risk – High Reward research scheme supports conceptually new proposals that have a High Risk but, if successful, will result in a significant transformational influence on Science and Technology. This may include new hypotheses or scientific breakthroughs that will help develop new technology. The key components of the objective are as follows-

• Promotion of conceptually new research
• Involvement of multi-disciplines
• Facing fundamental scientific challenges. 

Eligibility

• Applicants should be of Indian origin and reside in India.
• Applicants must be in an academic/research position at a recognised institution.
• Applications can be submitted by an individual applicant or a team of investigators. In the latter case, the team must name a principal investigator. 

Application Process

• Submissions for the High Risk – High Reward research scheme will open simultaneously with the Core research grant. The calls for proposals are made alongside the extramural research scheme. 
• The selection is based on the peer review process approved by the board. 

Nature of the Proposals

• The proposals for the High Risk – High Reward research schemes should be conceptually new, bringing ideas with an out-of-the-box approach. 
• They can have considerable risk as far as they promise the same amount of gain. 
• It is assumed the accepted proposals will have a major directional influence in the field of Science and Technology. 
• The result of the research can be a new hypothesis or a scientific breakthrough, or an advanced experiment that will lead to a new approach in the field of technology.
• Proposals that introduce scientific issues with the aim of having a monetary benefit will not be accepted. The scheme is solely focused on increasing knowledge and work towards advanced research areas. 
• An ideal proposal would have a bold research idea with a considerable risk and the potential to bring about technological change.
• It is a part of the National Institute of Health common fund, which oversees programs that can provide major opportunities to a research enterprise that needs assistance to succeed.

Awards managed under  high-risk, high-reward scheme

The high-risk, high-reward scheme manages the following awards-

• The NIH Director’s Pioneer Award- It was established in 2004. It facilitates investigators at all levels to continue new research in various fields. It also promotes groundbreaking approaches in biomedical, behavioural, and social science.
• The NIH Director’s New Innovator Award-  It was established in 2007. It supports new researchers who bring in innovative ideas and are within 10 years of their final degree but are yet to receive a project grant for their proposals.
• The NIH Director’s Transformative Research Award- It was started in 2009. It facilitates approaches that are interdisciplinary and transformative. They promote individuals as well as groups of researchers.
• The NIH Director’s Early Independence Award- It was established in 2011. It provides opportunities to exceptional junior scientists who have completed their doctoral degree or medical residency recently. It is beneficial to skip postdoctoral training and move immediately to independent research.

Nature of the support

• Budget limit- There is no budget limit. The funding covers research equipment, travel, consumables, contingency, and overhead grants. 
• Duration- The initial duration of the funding is three years, but in rare and exceptional cases, it is extended up to five years after expert committee assessment. 
• Basis of the support- The funding is provided after the proposal is accepted after a thorough peer-review organised by the board. 
• Non-monetary Incentives provided- Apart from monetary incentives, there are a lot of non-monetary incentives in the form of awards and prestige. 

Conclusion

The High Risk – High Reward research scheme, also known as high-gain research, was started to provide research support to an individual or a group of researchers who have exceptional and innovative ideas in the field of research. It is very beneficial for the future of our country as it provides monetary support to continue research in the groundbreaking areas of science and engineering.