Grants 360°: High Risk High Reward Mechanism

Overview

High-risk, high-reward research programs are scientific or technological research initiatives that involve taking significant risks in pursuing potentially groundbreaking discoveries or innovations. These programs often require substantial investments of time, money, and resources, and may involve pursuing unconventional or untested ideas that are not guaranteed to succeed.

The potential benefits can be significant, as they can lead to major breakthroughs that transform entire fields or industries. However, the risks are also substantial, as many such programs can fail to produce results or do not live up to their ambitious goals.

Application & Review Process

• Researchers are required to submit a detailed research proposal that includes an overview of the research question or problem to be addressed, the proposed approach or methodology, and a description of the potential impact of the research. This should be written in a manner that makes it easy for people outside of your field to understand.

• There is a 5-10 page application that is scored numerically by a large number of peer reviewers. Most programs don't require a budget justification.

• Interested candidates shouldn't be shy about reaching out to the Program Officer with questions.

• The Pioneer Award reviewers require a proven track record of innovation.

• Your application should be as much about you as it is about your idea and describing how your experiences create a unique perspective. Applicants can use their biosketches to show passion for their idea.

• Be sure to convey great enthusiasm for your idea while articulating how this project differs from your past studies. Striking a balance between confidence and commitment to your idea while also displaying humility will bode well for your interview.

• Mentorship is critical for women and underrepresented minorities.

• The DP2 application requires a narrative format vs. specific aims.

• Intersecting several fields in your application can speak to your innovation.

• The second stage of the application process is an intensive interview that follows a strict agenda of a 10-15 minute presentation followed by a rapid-fire Q&A session. The interviewers are often subject matter experts so it's critical to rehearse your presentation. Conversely, it's just as important to practice your presentation in front of those who are unfamiliar with your area of study.

After Funding is Secured

• High-risk, high-reward grants can not be renewed but do provide supplements for various incorporations.

• Most high-risk, high-reward programs provide full funding in the first year making budgeting challenging, especially over a several-year period. DP1 and DP2 grants do not allow for a cost extension.

• Researchers are required to commit a substantial amount of effort to the program (DP is 50% FTE) and you will need to maintain such effort over the length of the grant.

• You’re able to add new collaborations and subparts after funding is secured. Some describe high-risk, high-reward funding as an “idea factory with substantial recourses”.

• Spending for the DP2 grant can be difficult but the approval for spending is flexible.

Resource Links

https://commonfund.nih.gov/highrisk

https://commonfund.nih.gov/highrisk/diversity/2022

Recording