Monetization Canvas Framework to Efficiently Assess the Impact of Research Outcome

Abstract

In the current dynamically changing demands and aspirations of populations across the globe, nations are putting up impetus on innovations and entrepreneurship. There is huge disparity in demand as third world countries are struggling to fulfil the demands and developed nations are poised to fulfil aspirations while maintaining a balance with existing demands. Global economy has always been driven by innovation and in line with the Paris Agreement to create a sustainable business in different sectors while being responsible towards climate change. Inclusion of different policies such as Internal Carbon disclosure and policies to promote them through rebates at various levels. Adoption of science-based targets in sustainability is a buzz word these days. While these practices are creating a niche for the responsible organizations and nations, core still remains at development of innovative solutions to meet both demand and aspirations. Economies across the globe are spending a significant amount of their budget, after defense and healthcare, on research and development which acts like a pillar for this economic growth. It is significant to mention that the budget expenditure on research and development attracts a lot of attention and governments across the globe face wrath due to low percentage of return on investment. This happens majorly because the framework to assess the outcome of this investment is very vague and is scenario specific. It depends on many factors such as human resource, state of infrastructure, identifying needs, projection of need and many more. To understand the issue better we first need to gather information regarding the total spending by different nations from different strata of the economy. It helps us to understand that there is an urgent need to narrow down on outcome-based research, rather than lurking for some miracle to happen. A well-structured outcome-based framework, which is easy to adopt while framing the policies needs to be in place which can assess the impact and hence help in carving out the policies further. At least ninety countries around the world spent more than USD50 million based on Wikipedia (2022). The top ten countries spent over USD38 billion. The United States, China, Japan, Germany, India and South Korea amount to 70 % of the global Research and Development (R&D) spent, while the United States and China account for 50% of the spending. Based on The World Bank (2022) South. Korea and Israel are well ahead in terms of gross domestic product (GDP) spending on research the two largest economies U.S. and China are lacking in terms of GDP percentage. A report by the Organization for Economic Co-Operation and Development (OECD) (2015) reports not much impact on the economy of government funded R&D. Private R&D funding had an impact on the economy and University Research did have an impact. It also reports that private funding had a better impact on basic research compared to applied research. This paper describes a research monetization canvas to enhance research output in particular academic institutions.

Keywords: R&D, Adapted canvas, funding, economic impact

DOI: 10.54941/ahfe1001509