New Patrons of Research

Abstract:

Despite the fact that many US researchers face increasing competition in chasing after federal support that has not kept pace with inflation, the good news is that private support is on the rise. A growing number of wealthy individuals are investing in research areas that reflect their deeply-held passions as their personal philanthropy. They typically are unafraid to take risks, abhor bureaucracy, and nimbly cross disciplinary boundaries. Many put their personal imprimatur on the direction and operation of the ventures that bear their names. However, private funding is not a replacement for federal funding. It is not coordinated. Absent adequate federal support, gaps can develop: between and within fields, in the balance of exploratory, basic, applied, and translational research, and in the support of scientific talent at different levels of training or institutions of different types. The private share remains small and cannot compensate for significant losses in federal dollars. For these reasons, it is important that scientists and philanthropists make the case to our political leadership that private funding does not replace public support. Private funding is and always has been a huge boon to the scientific enterprise. Universities and researchers have for more than a century been successfully merging public and private funds to profit from the advantages of each funding source, accelerate scientific discovery, and benefit humanity. Given the many causes that could engage the attention of these philanthropists, we are fortunate that so many have chosen to give back to society through the geosciences.