Sa ona, Robe o e al.
Wo king Pape
Towa ds a amewo k o a new esea ch ecosys em
JRC Wo king Pape s in Economics and Finance, No. 2024/2
P o ided in Coope a ion wi h:
Join Resea ch Cen e (JRC), Eu opean Commission
Sugges ed Ci a ion: Sa ona, Robe o e al. (2024) : Towa ds a amewo k o a new esea ch
ecosys em, JRC Wo king Pape s in Economics and Finance, No. 2024/2, Eu opean Commission, Isp a
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Towa ds a F amewo k o a
New Resea ch Ecosys em
R. Sa ona
C. M. Albe ini
L. Alessi
I. Baussano
P. Dellapo as
R. Gue a
S. Khozin
A. Modena
S. Peco elli
G. Rasi
P. D. Si ie o
R. M. S ein
2024
JRC Wo king Pape s in Economics and Finance, 2024/2
This publica ion is a Wo king Pape by he Join Resea ch Cen e (JRC), he Eu opean Commission’s science and knowledge se ice. I aims o p o ide
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Con ac in o ma ion
Name: Lucia Alessi
Email: lucia.a[email p o ec ed]a.eu
EU Science Hub
h ps://join - esea ch-cen e.ec.eu opa.eu
JRC134830
Isp a: Eu opean Commission, 2024.
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P.D., and S ein, R.M., Towa ds a F amewo k o a New Resea ch Ecosys em, JRC Wo king Pape s in Economics and Finance, 2024/2, Eu opean
Commission, Isp a, JRC134830.
3
Execu i e summa y
The global COVID-19 pandemic p o ided a “na u al expe imen ” ha demons a ed how in e na ional public-p i a e
collabo a ions can be no only easible bu also e ec i e o add essing wo ldwide eme gencies. The medical and
scien i ic communi ies ha e been b ough oge he and allied o add ess a global heal h c isis, and ha e p oduced
a numbe o e ec i e ea men s and p ophylac ics o con ol COVID-19. A simila coo dina ed app oach, pos -
c isis, could be applied mo e gene ally, o help inc ease in es men s in science, inno a ion, and echnology (SIT).
Howe e , he e emain signi ican challenges.
In pa icula , he high cos s and isks o in es ing in ans o ma i e “long sho s” – ini ia i es wi h some imes una -
ac i e indi idual in es men p o iles, bu which p oduce ou sized e u ns on success – equi e discipline and pa-
ience o be success ul, which can u he complica e decisions o pu sue hese in es men s. As a esul , socie y as
a whole has o en missed po en ial oppo uni ies o eap massi e angible and in angible bene i s om long- e m
scien i ic esea ch, due o a ela i ely sho e - e m in es men ocus coupled wi h a lack o mo i a ion o pu sue
uno hodox, o en isky, app oaches o suppo ing scien i ic p og ess. Mo eo e , agg ega e global go e nmen in-
es men s in basic and ansla ional science is gene ally channeled owa ds suppo ing inc emen al p og ess, and
unde aken la gely wi h-ou he bene i o subs an i e coo dina ion a an in e na ional le el. Finally, since he eco-
nomic alue ha esul s om inno a i e p ojec s is ypically no ully app op ia ed by de elope s/in en o s, he
p i a e sec o ends o unde in es in ambi ious la ge-scale scien i ic p ojec s, e en when hey a e cha ac e ized
as ha ing a ac i e payo s o success, because o he co esponding high up- on de elopmen cos s, high isk
o ailu e, incompa ibili y wi h s anda d wo k- lows, and long ges a ion pe iods.
As an al e na i e o one-o independen in es men s in SIT, s a egies ha encou aged in e na ional coo dina ion,
along wi h public-p i a e collabo a ion ha would combine public unding wi h addi ional p i a e capi al om in-
es men s by ins i u ional in es o s, hold he po en ial o inc ease he scale and e iciency o R&D in es men in
SIT. The key o such s a egies would be o c ea e sys ems and incen i es ha would se e o ca alyze in es men
in ea ly-s age and ansla ional R&D, by using he expe iences o he COVID-19 pandemic esponse o in o m mo e
collabo a i e models.
In his sho pape we ou line 4 o he key issues ha we ha e iden i ied as c i ical challenges ha mus be
add essed in o de o de elop an en i onmen conduci e o collabo a ion ac oss o ganiza ions and go e nmen s,
while also p ese ing comme cial ewa ds o in es o s and inno a o s:
1. Inc easing unding incen i es h ough lowe isk inancing models;
2. Resea che collabo a ion h ough a ious physical and i ual c oss-disciplina y labo a o ies ha c ea e
bo h incen i es and in as uc u e o sha ing no el esea ch esul s a all s ages o he scien i ic p ocess
3. Dema ca ing speci ic oles and oppo uni ies o go e nmen s and public ins i u ions (GPI), and
4. Re ising egula o y and legal amewo ks o go e nance and con ol o esea ch, including hose o p o-
ec ing and sha ing igh s o IP.
4
Towa ds a F amewo k o a New Resea ch Ecosys em
Robe o Sa ona*,a, C is ina Ma ia Albe inib, Lucia Alessic, Iacopo Baussanod, Pe os Dellapo ase,
Ranie i Gue a , Sean Khozinh, And ea Modenah, Se gio Peco ellia, Guido Rasii, Paolo Daniele
Si ie oj and Roge M. S eink, l
This d a : 5 Feb ua y 2024
Abs ac : A majo gap exis s be ween he
concep ual
sugges ion o how much a na ion should in es in
science, inno a ion, and echnology, and he
p ac ical
implemen a ion o wha is done. We iden i y 4 c i ical
challenges ha mus be add ess in o de o de elop an en i onmen conduci e o collabo a ion ac oss o -
ganiza ions and go e nmen s, while also p ese ing comme cial ewa ds o in es o s and inno a o s, in
o de o mo e owa ds a new Resea ch Ecosys em.
Whe e au ho s a e iden i ied as pe sonnel o he In e na ional Agency o Resea ch on Cance / Wo ld Heal h O gan-
iza ion, he au ho s alone a e esponsible o he iews exp essed in his a icle and hey do no necessa ily ep esen
he decisions, policy o iews o he In e na ional Agency o Resea ch on Cance / Wo ld Heal h O ganiza ion.
*Co esponding au ho . Robe o Sa ona, Dep . o Economics and Managemen , Uni e si y o B escia, C/da S. Chia a
50–25122, B escia, I aly. obe o.sa [email p o ec ed]
aUni e si y o B escia; bCen e o Neu al Science, New Yo k Uni e si y; cEu opean Commission–JRC; dIn e na ional
Agency o Resea ch on Cance (IARC/WHO), Ea ly De ec ion, P e en ion and In ec ions B anch, Lyon, F ance;
eUni e si y College London & A hens Uni e si y o Economics and Business; Na ional Academy o Medicine, I aly;
gUni e si y o Mannheim; hLabo a o y o Financial Enginee ing, MIT, iUni e si y o Rome To Ve ga a; jFa mindus-
ia; kS e n School o Business, New Yo k Uni e si y; lNYU Cen e o Da a Science.
5
“You may ask … How can I be a millionai e and pay no axes …?”
“FIRST: Make a million dolla s …”
S e e Ma in
1 In oduc ion‡
The global COVID-19 pandemic p o ided a “na u al expe imen ” ha demons a ed how in e na ional pub-
lic-p i a e collabo a ions can be no only
easible
bu also
e ec i e
o add essing wo ldwide eme gencies
[1]. A coo dina ed, collabo a i e wo k app oach was ins umen al in secu ing social and economic pandemic
esilience a an in e na ional le el [2]. We lea ned how clea e and mo e coo dina ed scien i ic ad ice would
e lec on mo e e icien policy decisions and public communica ion. We also “measu ed” he po en ial o
public-p i a e pa ne ships, which we e essen ial in he ba le agains he pandemic.
Wins on Chu chill has been quo ed
1
as admonishing ha one should, “ne e le a good c isis go o was e.”
Chu chill was commen ing on he unique se o e en s ha ook place du ing and immedia ely ollowing
Wo ld Wa II ha b ough wo ld leade s oge he o o m he Uni ed Na ions. The medical and scien i ic
communi ies a e now in a simila posi ion, ha ing been b ough oge he and allied o add ess a global
heal h c isis, and ha ing p oduced a numbe o e ec i e ea men s and p ophylac ics o con ol COVID-
19.
Could a simila coo dina ed app oach, pos -c isis, be applied mo e gene ally, o help inc ease in es men s
in science, inno a ion, and echnology (SIT)?
Pe haps. Bu he e emain signi ican challenges.
A signi ican challenge ha hinde s s uc u ed in es men s in SIT is o en he absence o a p essing c isis
ha would jus i y ans o ma i e objec i es. Fu he mo e, he high cos s and isks o in es ing in ans-
o ma i e “long sho s” – ini ia i es wi h some imes una ac i e indi idual in es men p o iles, bu which
p oduce ou sized e u ns on success [8] – equi e discipline and pa ience o be success ul, which can u he
complica e decisions o pu sue hese in es men s.
As a esul , socie y as a whole has o en missed po en ial oppo uni ies o eap massi e angible and in an-
gible bene i s om long- e m scien i ic esea ch, due o a ela i ely sho e - e m in es men ocus coupled
wi h a lack o mo i a ion o pu sue uno hodox, o en isky, app oaches o suppo ing scien i ic p og ess.
‡We a e g a e ul o Michael Spence and o a o me go e nmen o icial o de ailed commen s and sugges ions on
ea lie d a s. All e o s a e ou own.
1
Though Chu chill does appea o ha e said his, i is no clea ha he was he i s ; he p o enance o he o iginal
quo e is ambiguous.
6
Indeed, in es men s in isiona y esea ch and de elopmen (R&D) p ojec s ha hold he p ospec o eno -
mous social and economic alue a e o en cu ailed due o he empi ical eco d o in es men s in which he
e u ns on such p ojec s can po en ially ake yea s o decades o eme ge.
A he same ime, he long- e m and a iega ed bene i s o basic scien i ic disco e ies, hough ha d o p e-
dic
ex an e
, can ha e signi ican economic, en i onmen al and social bene i s ac oss a wide a ay o appli-
ca ions and ields. His o ically, many basic scien i ic disco e ies ha e ul ima ely esul ed in ou sized im-
pac s on social wel a e, while con e ing ca aly ic e ec s on o he esea ch and in es men oppo uni ies
(and gene a ing a ac i e e u ns o in es o s). In many cases, he u u e impac o a scien i ic disco e y
is only en isioned aguely, i a all, a he ime he ela ed esea ch is unde aken. Some ecen examples
include applica ions o CRISPR gene-edi ing echnology [3], Tesla’s le e aging o ba e y and sola ech-
nologies [4], and he p oduc ion o mRNA accines o COVID-19 and o he condi ions [5].
Despi e hese p oo cases, agg ega e global go e nmen in es men s in basic and ansla ional science is
gene ally channeled owa ds suppo ing inc emen al p og ess, and unde aken la gely wi hou he bene i
o subs an i e coo dina ion a an in e na ional le el [6]. Mo eo e , since he economic alue ha esul s
om inno a i e p ojec s is ypically no ully app op ia ed by de elope s/in en o s, he p i a e sec o ends
o unde in es in ambi ious la ge-scale scien i ic p ojec s [7], e en when hey a e cha ac e ized as ha ing
a ac i e payo s o success, because o he co esponding high up- on de elopmen cos s, high isk o
ailu e, incompa ibili y wi h s anda d wo k lows, and long ges a ion pe iods [8].
While he e u ns on success ul inno a ions can be ex ao dina ily a ac i e, he e y high p obabili y o
ailu e and he long de elopmen ime-ho izon ha e made such in es men s a ac i e o only ew special-
ized p i a e in es o classes, whose unding collec i ely ep esen s only a small ac ion o in es men
capi al mo e b oadly. Fu he mo e, due o egula o y unce ain ies and he po en ial o u u e compe ing
inno a ions, i can be uniquely challenging o es ima e he comme cial iabili y o long- e m de elopmen
p ojec s accu a ely.
The 2015
Repo o he Scien i ic Ad iso y Boa d o he UN Sec e a y-Gene al
[9] epo ed ha many
go e nmen s espoused he iew ha a a ge unding alloca ion o as li le as 1% o global GDP o R&D
was s ill oo high. None heless, he subse o coun ies wi h he s onges SIT sys ems ac ually in es ed as
much 3.5% o na ional GDP in science, inno a ion and echnology esea ch.
As an al e na i e o one-o independen in es men s in SIT, s a egies ha encou aged in e na ional coo -
dina ion, along wi h public-p i a e collabo a ion ha would combine public unding wi h addi ional p i a e
capi al om in es men s by ins i u ional in es o s, hold he po en ial o inc ease he scale and e iciency o
R&D in es men in SIT. The key o such s a egies would be o c ea e sys ems and incen i es ha would
se e o ca alyze in es men in ea ly-s age and ansla ional R&D, by using he expe iences o he COVID-
19 pandemic esponse o in o m mo e collabo a i e models.
7
In his sho no e, we ou line 4 o he
key issues
ha we ha e iden i ied as c i ical challenges ha mus be
add ess in o de o de elop an en i onmen conduci e o collabo a ion ac oss o ganiza ions and go e n-
men s, while also p ese ing comme cial ewa ds o in es o s and inno a o s:
1. Inc easing unding incen i es h ough lowe isk inancing models;
2. Resea che collabo a ion h ough a ious physical and i ual c oss-disciplina y labo a o ies ha
c ea e bo h incen i es and in as uc u e o sha ing no el esea ch esul s a all s ages o he sci-
en i ic p ocess
3. Dema ca ing speci ic oles and oppo uni ies o go e nmen s and public ins i u ions (GPI), and
4. Re ising egula o y and legal amewo ks o go e nance and con ol o esea ch, including hose
o p o ec ing and sha ing igh s o IP.
While hese challenges a e p e alen in a ious o ganiza ional and ins i u ional se ings mo e gene ally,
hey also p esen pa icula oppo uni ies o global esea ch e o s in he scien i ic domain due o hei
unique cha ac e is ics and nuances.
Ra he han o e ing de ini i e solu ions, ou in en ion in wha ollows is o p esen a posi i e (i.e., non-
no ma i e) pe spec i e on hese challenges, and o ou line a basic se o signpos s o s imula e dialogue
among expe s in a ious ields including science, medicine, compu e science, inance, law, policy, and
academia. Ou goal is o encou age global discussion, deba e, and ul ima e ac ion ha can con ibu e o he
design o a new esea ch ecosys em.
2 Fou Challenges
2.1
Challenge #1: Accele a ing Funding
Al hough unding is o en discussed as he p ima y challenge o p ecipi a ing long-sho in es men s, i is
i onically he challenge o which we al eady seem o ha e many o he mos well-de eloped solu ions.
We desc ibe many in es men in SIT p ojec s as being “long sho s” in he sense o Hull, S ein and Lo[8].
Long sho in es men s a e cha ac e ized by (a) a e y low p obabili y o success; (b) long in es men ho i-
zons; (c) subs an ial up on capi al equi emen s; bu which also enjoy (d) ou sized comme cial e u ns
upon success. Empi ically, he majo i y o e ail and ins i u ional in es o s p e e mo e adi ional, less
isky in es men s ha enjoy sho e e u n ho izons and lowe expec ed e u ns, wi h much lowe ou come
unce ain y.
Despi e hese seemingly less a ac i e ea u es, long sho in es men s can o en o e a ac i e e u ns
when success ul. Science- ocused in es men ehicles can po en ially mi iga e his long sho p oblem by
employing esul s om mode n po olio heo y, which p o ides guidance on s uc u ing
po olios
o in-
es men s, such ha he ola ili y ( isk) o he po olio is educed, while s ill main aining a ac i e e u n
p o iles, ela i e o he indi idual in es men s in he po olio. P ope ly s uc u ed po olios o long-sho s
can g ea ly educe he isk o in es o s, while s ill main aining a compa able e u n.
8
Recen wo k by inancial economis s has demons a ed ha isk pooling s uc u es can se e as he basis
o e ec i e unding ehicles ha p o ide longe - e m capi al o esea ch, while also deli e ing
ma ke -
a e
e u ns o in es o s. Said di e en ly, such s uc u es can achie e subs an ial social and scien i ic im-
pac , wi hou equi ing ha in es o s gi e up in es men e u ns.
Mos no ably, a new class o secu i ies, called Resea ch-Backed Obliga ions (RBOs) – namely, deb and
equi y secu i ies backed by he pool o unde lying d ug asse s issued by ‘mega- unds’ o aise capi al and
inance he de elopmen o pipeline d ugs in i s po olio –, a e designed o und po olios o pooled long-
sho esea ch in es men s in candida e medical he apies o cance and a e gene ic diseases by aking
ad an age o po olio di e si ica ion o issue high-quali y (and hus lowe cos ) po olio-le el deb [10],
[11], [12]. Simila ly s uc u ed inancial ehicles could play a key ole in inc easing in es men in o he a eas
o scien i ic esea ch. Impo an ly, hese new s uc u es
do no equi e ha in es o s ade e u n o im-
pac s
. Ra he han o cing in es o s o gi e up in es men e u n o achie e social impac , RBOs can o e
a ac i e isk/ e u n p o iles, while also gene a ing impac .
Howe e , no all R&D challenges a e sui able o ehicles such as RBOs. Fo example, he cu en s a e-
o - he-a in Alzheime ’s esea ch, along wi h he dea h o iable AD (Alzheime Disease) he apy p ojec s
appea s o make unding esea ch in ha a ea ia an RBO s uc u e di icul due o an ex emely high
p obabili y o ailu e and a lack o app op ia e di e si ica ion op ions a he p esen ime [18].
Thus, while he RBO app oach has wide applicabili y in a many scien i ic domains, and has demons a ed
some ea ly successes in biomedical esea ch, he e emain o he a eas which a e no sui able o such an
app oach. In such se ings, gi en he eno mous scale o in es men equi ed and he exceedingly low
ex
an e
p obabili y o success, i may be ha only a well- unded socially mo i a ed en i y, like a go e nmen
agency, can ensu e su icien capi al and in es men discipline o und esea ch. [8]
Be ween hese wo di e en sou ces o unding – public s. p i a e – he e exis s a middle g ound, in which
p ojec s ep esen ing “ul a-long-sho ” esea ch may s ill be a ac i e o p i a e in es o s, bu may no
necessa ily equi e public unding. Fo such in es men s, hyb id inancing app oaches ha e also been in-
oduced in he economics li e a u e. Fo example, an app oach sugges ed by [13], may o e ools ha sup-
po he c ea ion o ehicles o und “ul a-long-sho ” R&D p ojec s by combining in es men s in bo h
high- and low- isk esea ch p ojec s, along wi h in es men s in adi ional low- isk inancial ins umen s
such as go e nmen bonds (albei wi h po en ially lowe expec ed po olio e u ns).
Unde such a hyb id s a egy, a po olio manage ollows a
sea ch and ‘wai o in es ’
app oach: p ojec s
a e o de ed acco ding o a speci ic sco ing o mula, de ined by he po olio manda e o in es men policy
(po en ially augmen ed wi h a
s a egic
conside a ion o he
knock-on con ibu ion o o he o u u e po -
olio p ojec s
o he esea ch). These in es men s a egies equi e ha (a) in es men decisions be in e -
connec ed ac oss ime, geog aphy, and esea ch domains; and (b) po olios a e s uc u ed in o sub-po o-
lios ha di e en ia e be ween connec ed
lead
( iskie ) p ojec s and
backup
(less isky) p ojec s ha se e
o ese e capi al o u u e de elopmen . In some se ings his coupling app oach may educe he isk ha
lead p ojec s ail due o a lack o in e im unding. O cou se, he expec ed e u n on a sub-po olio o less
15
companies, and e en he U.S. A my; and (iii) a small, e icien and poli ically-independen uni ied go e n-
ance s uc u e o ake decisions quickly. This go e nmen al in e en ion was essen ial o accine de elop-
men , i s , by p o iding massi e suppo o p i a e en e p ise, second, by mi iga ing scien i ic as well as
manu ac u ing and ma ke isks ela ed o possibly low demand [24].
I will also be impo an o ecalib a e esea ch incen i es o bo h go e nmen agencies and academic
ins i u ions. I is na u al o esea ch cen e s o push back on collabo a ions ha equi e coo dina ion wi h
o he ins i u ions because many esea che s alue “au onomy” highly, bo h o in ellec ual easons and po-
li ical and o ganiza ional ones.
Fu he mo e, c ea ing incen i es ha encou age in e o ganiza ional collabo a ion can be especially chal-
lenging in academia, whe e da a sha ing is o en inhibi ed by i ue o “publish o pe ish” me i sys ems a
many academic ins i u ions. This ewa d s uc u e can o e shadow many o he mo i es. This incen i e
s uc u e can also skew esea ch quali y and ollow- h ough, since esea che s may ewa ded much mo e
o p oducing “high quali y” publica ions han o acili a ing p agma ic applica ions o hei scien i ic ou -
pu . [25]
Uni e si ies and o he academic and comme cial esea ch o ganiza ions ha choose o pa icipa e in col-
labo a i e esea ch ini ia i es and i ual labs will ha e he oppo uni y, and he impe a i e, o e hink, a a
undamen al le el, how collabo a i e esea ch is ecognized and ewa ded a hei ins i u ions, as well as
he deg ee o which ansla ion o esea ch ideas is weighed alongside inno a ion and b eak h oughs when
esea che s a e e alua ed a di e en poin s in he esea ch li ecycle.
3 Ope a ionalizing a Resea ch Ecosys em
The pu pose o his a icle is o ou line wha we ha e iden i ied as key impedimen s o he o ma ion o
mul i-disciplina y pan-geog aphic collabo a ion p ojec s o add ess c i ical and, in some cases, exis en ial
socie al challenges. We ha e speci ically no a emp ed o p opose omnibus solu ions o any o hese. Such
solu ions equi e many mo e eyes and ideas ha we can b ing o bea in a single a icle, and will some imes
demand esou ces and legal amewo ks which we ha e no s anding o alloca e.
Howe e , he e a e hings ha can be done o s a his p ocess. Fo example, one way o begin such e o s
is o c ea e a esea ch ecosys em a chi ec u e (see Figu e 2).
As an ini ial, much less demanding o ay in o such planning and discussions, i is easonable o smalle
g oups o esea che s and o he pa icipan s o unde ake a se o pilo s udies o explo e wha is cu en ly
easible o add essing he ou challenges we ha e ou lined in his a icle. Such pilo s would include
expe s om a ious ele an pa ies – academic, indus ial, go e nmen and inance – wi h he goal o
igo ously explo ing – and pe haps compe ing – heo e ical, echnical, and ins i u ional amewo ks o he
add essing speci ic aspec s o he challenges we ou lined ea lie .
16
Because such an app oach would equi e new con ex s, such g oups could be made mo e p oduc i e and
agile by c ea ing sandbox-based p ocesses ha would pe mi hem o expe imen in li e en i onmen s, bu
wi h sa egua ds in place o ensu e ha such expe imen s did no esul in unin ended consequences in soci-
e y and he economy mo e b oadly.
I seems bo h p oduc i e and easible o conside explo ing se e al b oad se s o ques ions in pa allel. Fo
example, di e en pilo g oups migh unde ake opics ela ing o:
Ma ke place o Ideas and ansla ional IP: The manda e o his pilo would be o ealize a decen-
alized ma ke whe e inno a o s would be able o sell ideas o en ep eneu s and ins i u ional in-
es o s using inancial s uc u es and ins umen s whose p o i abili y was con ingen on hose ideas.
(challenge #1 and #4). Exis ing examples a e EIC Ma ke place (h ps://eic.ec.eu opa.eu/eic-com-
muni ies/eic-ma ke place_en), In es EU Po al (h ps://ec.eu opa.eu/in es eupo al/desk op/en/in-
dex.h ml), Inno a ion Rada (h p://inno a ion- ada .ec.eu opa.eu), e c.
Resea ch Collabo a ion Pla o m: The manda e o his pilo would be o c ea e a amewo k o
building “knowledge maps” ha would allow esea che s ac oss disciplines o mo e easily unde -
s and how inno a ions ou side o hei co e ield migh be aluable o achie ing a speci ic scien i ic
goal. This would na u ally p ecipi a e scien i ic collabo a ions ac oss esea che s and ideas (chal-
lenge #2).
Regula ion and Supe ision: The manda e o his pilo would be o d a a o mal se o easible
op ions, bo h wi hin cu en amewo ks ha could be achie ed by in oducing o modi ying egu-
la ion and laws. This p olog would also enume a e and iden i y he oles and ac o s equi ed o
e ec ua e a esea ch ecosys em supe ision mechanism (challenge #3 and #4).
Table 1 summa izes his example o he di e en pilo s and how hey i oge he as pa o he ecosys em.
In addi ion, i gi es examples o how each main ac o (Uni e si y P esiden s, Resea ch Labs, Resea che s,
In es men Funds, Funding Agencies, Technologis s, Go e nmen s) migh pa icipa e, and how hey should
in e ac wi h each o he wi hin he main challenges (Ma ke o Ideas, Resea ch Collabo a ion, Regula ion
& Supe ision).
Again, ou in en ion he e is no o se ou a p esc ip i e o mula o achie ing a esea ch ecosys em. Ra he
i is o s imula e dialogue among expe s in a ious ields, encou aging global ac ion and con ibu ing o
he design o a new esea ch ecosys em. In ha ega d, we ake he posi ion ha local s ake-holde s in hei
own o geog aphies and ins i u ions, will a enua e he scope and scale o a pilo in he manne app op ia e
o hei geog aphy, ins i u ion and discipline.
4 Conclusion
A he end o 2020, UNESCO es ima ed ha global spending in R&D no malized by GPD (R&D/GDP)
was oughly 1.9% wo ldwide. I ins ead, all coun ies we e o in es on pa wi h he mos ad anced coun-
ies eco ded, i.e., a 3.5% o GDP, hen based on global GDP a he end o 2021 (a ound 96 illion USD)
na ions would need o close an R&D unding gap o a ound 1.5 illion USD. Howe e , e en i he e we e
17
he will o do so, i is s ill unclea , wi hou mo e obus coo dina ion, whe he he 3.5% obse ed is he igh
a ge , o is oo low (o oo high); and whe he he addi ional capi al would be deployed in an e en mode -
a ely e icien manne .
In he pas hal cen u y, a numbe o igo ous heo e ical esul s ha e eme ged in he economics li e a u e,
and p o ided explana ions o
why
in es men s in no el, g ound-b eaking scien i ic p ojec s d i e inc eases
in o e all wel a e [26]-[27]. Howe e , ansi ioning om no ma i e heo e ical esul s o conc e e ope a ional
measu es is no s aigh o wa d, since he ajec o y om cons ella ions o o en dispa a e disco e ies and
heo ies o he explici economic g ow h hey p oduce is complex, non-linea , mul idimensional and slow.
Fu he mo e, a majo gap exis s be ween he
concep ual
sugges ion o how much a na ion “should” in es
in co e R&D, and he
p ac ical
implemen a ion o wha is done. (Conside again he gap be ween he 3.5%
o GDP in es ed in SIT by
he mos ad anced
coun ies s. he
a e age
o only 1.9% ac oss na ional go -
e nmen s o e all [9]).
One key eason o his gap is he di icul y ha in es o s (and he public sec o ) ha e in ading o sho -
e m cos s agains long- e m planning and in es ing bene i s.
A ela ed issue, known as ‘ he agedy o he ho izon’[28], has al eady been iden i ied as a ga ing ac o in
he con ex o clima e change, whe e he de as a ing consequences o policy and in es men decisions made
oday will, agically, no be el by socie y un il imes ha ex end well beyond he ho izons no mally con-
side ed by in es o s and poli icians. In o de o eo ien in es o s, mo e wo k mus be done o a icula e he
inancial isks ha a e posed by clima e change and o he SDG (Social De elopmen Goals) ela ed sho -
alls. In pa allel, we need clea e a icula ion o he oppo uni ies in es ing in such ini ia i es can p o ide.
In his sho no e, we ha e o e ed a coa se oadmap o some o he issues ha we see as c i ical, and which
mus be d i en o consensus in ull o in pa o mo i a e a mo e agg essi e and ulsome scien i ic and
inancial ans o ma ion and edeploymen o esou ces.
Ou oadmap only p o ides o a guide o he
haza ds
in his ough e ain, a he han a
cou se
h ough
hem.
None heless, i hese issues can be esol ed, and ini ia i es o he so we ha e ske ched he e we e adop ed
on a la ge mul ina ional and mul idisciplina y scale, a massi e science-o ien ed po olio alloca ion could
po en ially open he doo o new ways o esea ch collabo a ion.
Achie ing such scale will equi e ha p i a e in es o s a e ( inancially) mo i a ed o channel hei capi al
owa ds science-based unding by in es ing in inancial ehicles ha can achie e adequa e (i.e., ma ke -
le el) isk- e u n p o iles while also p o iding posi i e socie al impac s. While hese inancial issues and
s uc u es appea o be ela i ely easie o add ess, compa ed o hose o go e nance, and so o h, his
inancial s uc u ing i sel is by no means i ial.
18
Fo policymake s in go e nmen and a academic ins i u ions, he message is simila ly clea : collabo a i e
hinking and planning in ol ing indus y, academic and go e nmen decision make s is a p ecu so o de-
eloping egula o y, policy and academic incen i es ha enable such b oad in es men ehicles o o m
and ope a e a scale.
Howe e , wi h hese ehicles in place, capi al om p i a e sec o in es o s will na u ally low owa ds
unding scien i ic esea ch in o de o achie e a ac i e isk/ e u n p o iles, while also p o iding asse -
class di e si ica ion. Such in es men , in conce wi h public alloca ions, may well enable public-p i a e
pa ne ships ha would encou age in es men a le els ha oday appea p ac ically iable o only he
mos ad anced economies.
Coming ull ci cle hen, we conclude by e ising he joke a he beginning o his a icle o e lec ou
conclusions abou he cu en s a e o play o he ou challenges we discused:
“How can we c ea e an in as uc u e ha sol es he p oblems o o ganizing la ge-scale scien i ic
esea ch communi ies and hen und i ?
FIRST: C ea e an in as uc u e ha sol es he p oblems o o ganizing la ge-scale scien i ic e-
sea ch communi ies …”
19
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21
Table 1: Example high-le el plan o opics and ac o s in Resea ch Ecosys em Implemen a ion Wo king Pilo s
Ma ke o Ideas
Resea ch Collabo a ion
Regula ion & Supe ision
Uni e si y P esiden s
IP ag eemen s: join owne ship
and o eg ound. Fo ming spe-
cial independen ehicles o
selling ideas in he ma ke
Fo ming and pa icipa ing in
domain-speci ic academic e-
sea ch conso ia
Fo ming s akeholde g oups
wi hin he Ma ke o Ideas
Boa d and con ibu e o de ine
ma ke egula ion p o ocol. In-
e ac wi hin egula o y sand-
box pla o ms (Go e nmen s)
Resea ch Labs
Fo ming Conso ia o Resea ch
Labs
Resea che s
C ea e and es amewo k o
Vi ual Labs o pilo wo king
esea ch p ojec s (pe haps se-
lec ed and e alua ed by Go -
e nmen s)
P opose equi emen s o and
s uc u e o Vi ual Labs, po-
en ially o ming small scale
p oo -cases.
In es men Funds
S uc u e and launch in es -
men ehicles such as mega-
unds o Science-Based Funds,
pe haps h ough p i a e-public
ini ia i e
Ne wo king wi h solici ed and
unsolici ed esea che s (mee -
ings, on-line pla o ms, open
con es s) o de ec new o ms
o esea ch combina ions and
s a wi h new cu iosi y- o
mission-d i en p ojec s
Funding Agencies
P o ide unding o Ma ke o
Ideas in as uc u e
P o ide unding o ealizing
Vi ual Labs. De ining mis-
sion-o ien ed p ojec s. P o ide
unding and scien i ic coo di-
na ion o mee ings and ac i i-
ies
Go e nmen s
D a easible mechanisms o
p o iding a ious o ms o
downside p o ec ion o in es-
o s (di ec gua an ees, di ec
in es men s, e c.)
P o iding independen p ojec
e alua ion. Realizing p ojec
pooling. Designing app op ia e
IP ag eemen s
Design po en ial s uc u es o
egula o y sandbox pla o ms,
including app op ia e sa e-
gua ds o con ain ine iciencies
and main ain he o e all sa e y
and soundness o he esea ch
ecosys em
22
Figu e 1: Science-Based Fund
No e: The Figu e depic s he o ganiza ional s uc u e o a Science-Based Fund. In es men s a e di e si ied
be ween P i a e Asse s (Pu e and Seconda y Ma ke o success ul Ven u e Capi al, namely P i a e Equi y
and S a -up) and Low Risk Asse s (in es men s in liquid asse s o p o ide
in e im
e u ns o he und and
educe he o e all po olio isk). P i a e Asse s a e in es men s in heal hca e and enginee ing sec o s,
spanning om Alzheime , Cance , Chemis y, Gene ic Diseases, Vaccines, on he one hand, o Nano ech-
nology, Elec onics, Robo ics, Ene gy, on he o he . High and low isky esea ch p ojec s a e combined
wi h low isky inancial ins umen s unde a c oss- unding app oach in which e u ns om inancial ehi-
cles and backup (low isky) in es men s oge he wi h o a ional po olio ealloca ions a e used o success-
ully und lead (high isky) p ojec s.
•Low Ri sk
Asse s
•P i a e
Asse s
•Enginee ing•Heal hca e
Alzheime
Cance
Chemis y
Gene ic
Diseases
Vaccines
Nano ech
Elec onics
Robo ics
Ene gy
Liquidi y
In l-linkedBonds
Impac & G
Bonds
P i a e Equi y
S a -up
Ven u e
Capi al
23
Figu e 2: A Hypo he ical Resea ch Ecosys em A chi ec u e
No e: The Figu e shows a hypo he ical Resea ch Ecosys em A chi ec u e wi h he 3 main ac o s: (1) Uni-
e si ies & Resea ch Labs; (2) Science-Based Fund; (3) Go e nmen & Public Agency. Uni e si ies &
Resea ch Labs ealize domain-speci ic academic esea ch conso ia and h ough ad anced echnology (AI
Ins umen s) de ec and clus e esea ch ideas he eby o ming Vi ual Labs. Resea ch P ojec s come om
Vi ual Labs, a e e alua ed by a Public Agency and incen i ized (R&D Incen i es) by he Go e nmen . S-
Based Funds in es in Resea ch P ojec s, bene i om go e nmen incen i es and collabo a e wi h he Vi -
ual Labs. A possible ac ion plan o ope a ionalize his Resea ch Ecosys em A chi ec u e is epo ed in
Table 1.
Vi ual Lab
Uni e si ies Resea ch Labs
Go e nmen
Resea ch P ojec s
Public Agency
R&D Incen i es
AI Ins umen s
Science-BasedFund
24
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