High Risk – High Reward research scheme: To encourage and support new concepts and ideas that could have a transformative impact on science and technology. The Science and Engineering Research Board established the High Risk, High Reward research scheme under the Department of Science and Technology. This plan encourages transformational research. Another name for it is high-gain research. It comprises concepts with promise but needs to be more varied, fantastical, and undeveloped to be subjected to peer assessment. They run a significant risk of failing to produce scientific data that could advance societal or economic understanding. The concept can fail shortly.

Objective of High Risk, High Reward Research Scheme

The High Risk, High Reward research program aims to promote theoretically novel concepts that carry a high degree of risk but, if successful, will have a profoundly transformative impact on science and industry. New theories or scientific discoveries that will aid in creating new technologies may fall under this category. The following are the objective’s main elements:

• Promotion of conceptually new research
• Involvement of multi-disciplines
• We are facing fundamental scientific challenges.

Eligibility Criteria for High Risk, High Reward Research Scheme

• Candidates must be Indian citizens who currently reside in India.
• Candidates must hold a post in academia or research at an accredited institution.
• A solitary candidate or a team of investigators may apply. The latter scenario requires the team to select a primary 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 will happen based on the peer review process approved by the board.

The Types of Proposals

• The ideas that are brought forth in the submissions for the High Risk – High Reward research programs should be novel conceptually.
• They can include significant risks as long as they guarantee the same benefit.
• The approved suggestions are anticipated to change the course of science and technology significantly.
• The research outcomes could be a new theory, a scientific discovery, or a sophisticated experiment that will result in a new technology-related strategy.
• The introduction of scientific issues for financial gain will not be permitted in proposals. The program only aims to increase knowledge and work in specialized research fields.
• A research project that meets these criteria would be bold, risky, and have the potential to advance technology.
• It is a component of the National Institutes of Health common fund, which manages initiatives that can offer significant prospects to a research business in need of support.

Benefits of Scheme

• Typically, the period for a grant is three years. The expert group has determined that the period may be up to 5 years in rare circumstances.
• For initiatives of this nature, there is no set spending cap. In addition to overhead grants, the research grant covers supplies, consumables, contingencies, and travel.

How to Apply for High Risk, High Reward Research Scheme

The following points may be highlighted for the application’s successful online submission:

• The applicant(s) must register on the online application’s website first. Register here by clicking. Click here to register.
• After logging in, go to Menu –> Proposal Submission –> Form Submission. Select the scheme “High-Risk High Reward (HRR)” and Click on the “Start Submission” Button.
• If you have CO-PI in your proposal, then it is to be ensured that all the CO-PI are registered in the SERB online portal and have filled all mandatory fields in the “Profile Details” section under “Menu” ->“User Profile” after login.
• The project title (maximum 500 characters), project summary (maximum 3000 characters), keywords (maximum 6), project objectives (maximum 1500 characters), expected output and outcome of the proposal (maximum 1500 characters), and budget (research personnel, consumables, travel, equipment, contingencies, and overheads) are some of the details that must be included when submitting the proposal.
• Additional pertinent material regarding the proposal must be supplied as another technical document (OTD) in a single PDF file no larger than 10 MB. Get the Template. Download Template

Conclusion

The Scheme for Funding High Risk: High Reward Research seeks to fund ideas that are theoretically challenging and risky and, if successful, are anticipated to have a paradigm-shifting impact on science and technology. This paradigm shift could be in developing new hypotheses or making discoveries that help new technologies arise.

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