Economic research on the returns to R&D investment

Economic research on the returns to R&D investment is sponsored by Economic and Social Research Council (ESRC). Economic research on the returns to R&D investment. Funding opportunity from Economic and Social Research Council (ESRC).

Apply via the UKRI portal.

Economic research on the returns to R&D investment – UKRI Funding opportunity: Economic research on the returns to R&D investment Economic and Social Research Council (ESRC) 10 September 2026 9:00am UK time 19 November 2026 4:00pm UK time Last updated: 14 September 2026 - see all updates Apply for funding to support research that can help develop new measurements of the return on investments in research and development (R&D).

You must be based at a UK research organisation eligible for UK Research and Innovation (UKRI) funding, however, collaborations with international researchers are strongly encouraged. The full economic cost (FEC) of your project can be up to £308,000. UKRI will fund 80% of the FEC.

The duration of this award is 24 months. Projects should start no later than 1 April 2027. This opportunity is open to organisations with standard eligibility.

Check if your organisation is eligible . International researchers As UKRI is a lead funder for this funding opportunity, international researchers can apply as ‘project co-lead (international)’. You should include all other international collaborators (or UK partners not based at approved organisations) as project partners.

Equality, diversity and inclusion We are committed to achieving equality of opportunity for all funding applicants. We encourage applications from a diverse range of researchers. We support people to work in a way that suits their personal circumstances.

This includes: support for people with caring responsibilities alternative working patterns UKRI can offer disability and accessibility support for UKRI applicants and grant holders during the application and assessment process. If you are unsure whether your proposed research falls within the remit of this funding opportunity, email a brief summary to EconomicROI@esrc. ukri.

org and we will get back to you. Demand management is not being applied to this funding opportunity UKRI is seeking to support research that can help develop consensus estimates of the economic and social return on investments in research and development (R&D). This funding opportunity aims to spur rigorous, empirical studies that can narrow the range of existing estimates and inform public and private R&D investment decisions.

This funding opportunity is solely supported by UKRI but has been developed in collaboration with the Alfred P. Sloan Foundation and Coefficient Giving as part of an international research challenge. UKRI award holders will be encouraged to engage with award holders funded directly by the Alfred P.

Sloan Foundation and Coefficient Giving. This funding opportunity is supported through the UK Metascience Unit. Metascience is a rapidly expanding research field that draws on a wide range of disciplinary expertise to understand how research is conducted, funded and supported, and how these practices can be enhanced or improved.

For a deeper understanding of what metascience means to UKRI, please see the UK Metascience Unit’s report . Coined after economist Zvi Griliches, ‘the Griliches Question’ explores the social and economic return on investment in R&D, a measure that has significant policy implications. The UK Government’s science, innovation and technology R&D budget will grow in real terms over the Spending Review period, totalling £58.

5 billion from 2026 to 2027 to 2029 to 2030, with the current best estimate being that, on average, for every £2 of private R&D investment, £8 of net benefits is generated in the long run (BIST R&D plans 2029/2030). Despite a substantial body of evidence on R&D returns, important questions remain about how best to measure these returns and how they vary across sectors, places, technologies, and funding mechanisms.

This programme supports innovative and ambitious research projects to deepen our understanding and improve accuracy in measuring the return on investment in R&D. Given the importance of quantitative evidence in informing UK policy and investment decisions, proposals are encouraged to develop robust estimates and empirical approaches that can strengthen understanding of R&D returns and support evidence-based decision making.

However, applicants may also draw on qualitative and mixed methods approaches where these can help address key evidence gaps, explain underlying mechanisms, contextualise quantitative findings, or contribute to a richer understanding of how R&D generates social and economic benefits.

This funding opportunity aims to generate evidence that can support policymakers, funders and investors in making more informed decisions about the scale, targeting and allocation of future R&D investments.

Some questions that can be explored through this grant, but are not limited to include: how the return to R&D should be defined for the purpose at hand, including private vs. social returns and marginal vs. average returns, and which empirical objects best map these concepts what the returns to public spending are and how these vary across different funding designs what the social returns to corporate R&D are, including whether there is evidence of differential returns to applied research and development activities the extent to which public and private R&D investments act as substitutes or complements Spillovers, welfare and policy how knowledge spillovers flow across firms, sectors, and borders and whether new data sources or methods can improve our ability to trace them the rate at which knowledge produced by R&D becomes obsolete and whether this varies across fields how large the welfare gains from R&D are in domains where benefits are poorly captured by GDP how public policy (for example, tax incentives, program design, subsidies) affects the level and productivity of R&D investment what accounts for the wide range of published estimates, and what refinements or reconciliations across approaches might narrow disagreement?

what approaches to decomposing returns across sectors, technologies, and investment approaches can provide decision-relevant insight on the various sources of overall returns? how productivity impacts can be measured in ways that are robust to alternative specifications and research contexts?

how methodologies can better capture R&D activities, sectors, places and impacts that may be overlooked in existing evidence, datasets and measurement approaches Actionable insights for policy and wider public sector organisations should be a goal of the projects awarded through this programme.

Applications that are only theoretical or loosely related to the estimation of returns to R&D are out of scope and will not be eligible for funding. We welcome applications from researchers who have relevant expertise in all disciplines. We strongly encourage those from disciplinary backgrounds which might bring novel methodologies and datasets, qualitative and quantitative, to this funding opportunity.

Grant holders will become part of a cohort of awards funded by UKRI through this funding opportunity and also awards funded by the Alfred P. Sloan Foundation and Coefficient Giving in their Pop-Up Journal initiative. UKRI award holders will be invited to attend networking events with international colleagues in the cohort.

This will comprise of: an annual workshop in Washington DC hosted by National Bureau of Economic Research in October 2027 and October 2028 an annual one-day workshop in London hosted by the British Academy in spring 2028 and spring 2029 You should consider attendance at these events when planning their project activities and budgets. No additional funding will be provided for this purpose.

You are advised to budget for travel and three nights of accommodation for each visit to Washington DC alongside travel to London. Funded researchers will be encouraged to make use of the Pop-Up Journal platform and support the journal’s synthesis efforts. All journal content is expected to be open by default, with replication-ready data and code made available in a public repository.

Access to data and research infrastructure Use of ESRC-supported data resources and infrastructure is not a requirement of this funding opportunity. However, applicants who require access to data may wish to consider the range of ESRC-supported administrative data resources available and whether they could add value to their proposed research.

Administrative data can support analysis of economic outcomes (including productivity, earnings, employment and business growth), as well as wider public sector, health, social and distributional impacts. Researchers should ensure their research questions align with available data sources.

In particular, you may wish to consider Administrative Data Research UK (ADR UK) , an ESRC-supported UK-wide partnership that is transforming access to public sector data for research in the public interest. ADR UK brings together ADR England, ADR Northern Ireland, ADR Scotland, ADR Wales and the Office for National Statistics (ONS) to facilitate secure access to linked administrative data for accredited researchers.

Potentially relevant datasets include: business datasets, such as the Inter-Departmental Business Register (IDBR) and Business Enterprise Research and Development (BERD) data, which may support analysis of productivity, innovation activity, firm growth and business performance earnings and employment datasets, including ADR UK flagship datasets such as Annual Survey of Hours and Earnings (ASHE) linked datasets, which may support research into labour market returns, earnings outcomes, workforce composition and the distribution of economic benefits other ADR UK flagship datasets, including Longitudinal Education Outcomes (LEO) and RAPID: Population interactions with employment, benefits and pensions , which may support research into wider returns through skills development, employment pathways, earnings, employment participation and broader measures of social welfare Access to administrative data is subject to researcher and project accreditation.

You can become an accredited researcher by applying to the People and Project Service (PPS) , which is supported by free training provided by the ONS. Once a researcher is accredited, you will need to have your project accredited to ensure it is feasible, legal, ethical and in the public interest. A project application can be submitted to the ONS SRS via the Project Accreditation Service for the SRS (PASS) platform.

Researchers should engage with data providers early to confirm data availability, feasibility and requirements associated with their chosen datasets. Access timelines should be factored into project plans; for datasets accessed through the ONS SRS, project approval can take around ten weeks where applications are sufficiently detailed and requirements are clear.

However, timelines vary depending on project complexity, dataset requirements and time required for data owner approvals. Researchers should also ensure they understand the access constraints associated with their selected datasets, including eligibility requirements, permitted uses, secure access arrangements and any limitations on data outputs.

Research outputs produced using administrative data must go through the relevant output clearance processes before they can be released. For ONS accreditation and approval queries, contact srs. customer.

support@ons. gov.uk For ONS dataset-specific queries, contact adrcuration@ons. gov.uk The duration of this award is 24 months.

Projects must start by 1 April 2027. The FEC of your project can be up to £308,000. UKRI will fund 80% of the FEC.

The remaining 20% is expected to come from the project lead’s research organisation. Mobility: UK and international As research is an increasingly international endeavour, and as this funding opportunity specifically encourages researchers to engage with those funded by parallel international initiatives, we are keen to support grant holders in developing links with leading researchers in their field both in the UK and internationally.

We encourage research visits to one or more internationally leading research organisations – either in the UK or abroad – for the purposes of research collaboration, training, access to data or both, or other resources not available at the your host organisation. We encourage research applications that use and develop international comparative methods. The opportunities provided for mobility should support this.

We also recognise that long-term mobility may be difficult or impossible for researchers with disabilities or caring responsibilities. You will therefore not be disadvantaged for not including a mobility element.

In those instances, you may wish to consider alternative mechanisms for enhancing collaboration through your grant, such as hosting short visits from collaborators, or using information technology to develop and sustain collaborations. Trusted Research and Innovation (TR&I) UKRI is committed in ensuring that effective international collaboration in research and innovation takes place with integrity and within strong ethical frameworks.

Trusted Research and Innovation (TR&I) is a UKRI work programme designed to help protect all those working in our thriving and collaborative international sector by enabling partnerships to be as open as possible, and as secure as necessary. Our TR&I Principles set out UKRI’s expectations of organisations funded by UKRI in relation to due diligence for international collaboration.

As such, applicants for UKRI funding may be asked to demonstrate how their proposed projects will comply with our approach and expectation towards TR&I, identifying potential risks and the relevant controls you will put in place to help proportionately reduce these risks. See further guidance and information about TR&I , including where you can find additional support. ESRC supports a range of data infrastructure.

Where relevant, we encourage applicants to consider whether the use of these resources could add value to the project. See Facilities and resources for information on finding and using ESRC datasets which are available across the UK. Where relevant, details of datasets and infrastructure to be used in your project should be given in the Facilities section.

ESRC recognises the importance of data quality and provenance. Data generated, collected or acquired by ESRC-funded research must be well-managed by the grant holder to enable their data to be exploited to the maximum potential for further research. See our research data policy for details and further information on data requirements .

The requirements of the research data policy are a condition of ESRC research funding. Where relevant, details on data management and sharing should be provided in the Data Management section. See the importance of managing and sharing data and content for inclusion in a data management plan on the UK Data Service (UKDS) website for further guidance.

We expect applicants to provide a summary of the points provided. The UKDS (email: datasharing@ukdataservice. ac.

uk ) will be pleased to advise applicants on the availability of data within the academic community and provide advice on data deposit requirements. Equitable partnership principles When undertaking research and innovation activities outside the UK, you must recognise and address the possible impact of contextual, societal and cultural differences on the ethical conduct of those activities.

Researchers should also follow the principles of equitable partnerships to address inherent power imbalances when working with partners in resource-poor settings. Applying the principles will encourage equitable access, especially in low and middle-income countries (LMICs), while maintaining incentives for innovation. You should consider the principles from the start of the research and development cycle.

Read UKRI’s guidance on research in a global setting . We are running this funding opportunity on the new UK Research and Innovation (UKRI) Funding Service so please ensure that your organisation is registered. You cannot apply on the Joint Electronic Submissions (Je-S) system.

The project lead is responsible for completing the application process on the Funding Service, but we expect all team members and project partners to contribute to the application. Only the lead research organisation can submit an application to UKRI. Select ‘Start application’ near the beginning of this Funding finder page: Confirm you are the project lead.

Answer questions directly in the text boxes. You can save your answers and come back to complete them or work offline and return to copy and paste your answers. If we need you to upload a document, follow the upload instructions in the Funding Service.

All questions and assessment criteria are listed in the How to apply section on this Funding finder page. Allow enough time to check your application in ‘read-only’ view before sending to your research office. Send the completed application to your research office for checking.

They will return it to you if it needs editing. Your research office will submit the completed and checked application to UKRI. Please be aware that research office and finance teams undertake checks on hosting arrangements and financial eligibility.

The ultimate responsibility for ensuring compliance with all opportunity requirements lies with the applicant. Where indicated, you can also demonstrate elements of your responses in visual form if relevant.

When including images, you must: provide a descriptive caption or legend for each image immediately underneath it in the text box (this must be outside the image and counts towards your word limit) insert each new image on a new line use files smaller than 5MB and in JPEG, JPG, JPE, JFI, JIF, JFIF, PNG, GIF, BMP or WEBP format Images should only be used to convey important visual information that cannot easily be put into words.

The following are not permitted, and your application will be rejected if you include: sentences or paragraphs of text excessive quantities of images A few words are permitted where the image would lack clarity without the contextual words, such as a diagram, where text labels are required for an axis or graph column.

For more guidance on the Funding Service, see: how applicants use the Funding Service how research offices use the Funding Service how reviewers use the Funding Service References should be included within the word count of the appropriate question section. You should use your discretion when including references and prioritise those most pertinent to the application. Hyperlinks can be used in reference information.

When including references, you should consider how your references will be viewed and used by the assessors, ensuring that: references are easily identifiable by the assessors references are formatted as appropriate to your research persistent identifiers are used where possible General use of hyperlinks Applications should be self-contained. You should only use hyperlinks to link directly to reference information.

You must not include links to web resources to extend your application. Assessors are not required to access links to conduct assessment or recommend a funding decision. Generative artificial intelligence (AI) Use of generative AI tools to prepare funding applications is permitted, however, caution should be applied.

For more information see our policy on the use of generative AI in application and assessment . UKRI must receive your application by 19 November 2026 at 4:00pm UK time. You will not be able to apply after this time.

Make sure you are aware of and follow any internal institutional deadlines. Following the submission of your application to this funding opportunity, your application cannot be changed, and submitted applications will not be amended. If your application does not follow the guidance, it may be rejected.

ESRC, as part of UKRI, will need to collect some personal information to manage your Funding Service account and the registration of your funding applications. We will handle personal data in line with UK data protection legislation and manage it securely. For more information, including how to exercise your rights, read our privacy notice .

If you or a core team member need to tell us something you wish to remain confidential, please email EconomicROI@esrc. ukri. org Include in the subject line: [the funding opportunity title; sensitive information; your Funding Service application number].

Typical examples of confidential information include: individual is unavailable until a certain date (for example due to parental leave) additional information about eligibility to apply that would not be appropriately shared in the ‘Applicant and team capability’ section conflict of interest for UKRI to consider in reviewer or panel participant selection the application is an invited resubmission For information about how UKRI handles personal data, read UKRI’s privacy notice .

Institutional matched funding There is no requirement for matched funding from the institutions hosting the project lead, project co-leads or other staff employed on the application, beyond the standard 20% FEC. Expert reviewers and panels assessing UKRI funding applications must not consider levels of institutional matched funding as a factor on which to base recommendations.

Direct and in-kind contributions from third party project partners are encouraged. This policy does not remove the need for support from host organisations who must provide the necessary research environment and infrastructure for award-specific activities funded by UKRI. For example, research facilities, training and development of staff.

ESRC, as part of UKRI, will publish the outcomes of this funding opportunity once all funding decisions have been communicated to applicants. If your application is successful, we will publish some personal information on the UKRI Gateway to Research . In plain English, provide a summary we can use to identify the most suitable experts to assess your application.

We may make this summary publicly available on external-facing websites, therefore do not include any confidential or sensitive information.

Make it suitable for a variety of readers, for example: the wider research community Guidance for writing a summary Clearly describe your proposed work in terms of: the challenge the project addresses potential applications and benefits List the key members of your team and assign them roles from the following: project co-lead (UK) (PcL) project co-lead (international) (PcL (I)) research and innovation associate Only list one individual as project lead.

Find out more about UKRI’s core team roles in funding applications . What are you hoping to achieve with your proposed work?

What the assessors are looking for in your response Explain how your proposed work: is of excellent quality and importance within or beyond the field(s) or area(s) has the potential to advance current understanding, or generate new knowledge, thinking or discovery within or beyond the field or area is timely given current trends, context, and needs impacts world-leading research, society, the economy, or the environment References may be included within this section.

You may demonstrate elements of your responses in visual form if relevant. Further details are provided in the service. How are you going to deliver your proposed work?

What the assessors are looking for in your response Explain how you have designed your approach so that it: is effective and appropriate to achieve your objectives is feasible, and comprehensively identifies any risks to delivery and how they will be managed uses a clearly written and transparent methodology (if applicable) summarises the previous work and describes how this will be built upon and progressed (if applicable) will maximise translation of outputs into outcomes and impacts describes how your, and if applicable your team’s, research environment (in terms of the place and relevance to the project) will contribute to the success of the work Within the Approach section we also expect you to: clearly describe both the framework and specific analysis methods proposed and explain the reasons for their choice.

You should particularly mention any innovation in this or how different methodologies or methods may be combined explain what steps you will take to provide opportunities for users to benefit from your research, and to ensure that your research has maximum economic and societal impact All applicants planning to generate data as part of their grant must complete the separate Data management question.

References may be included within this section. You may demonstrate elements of your responses in visual form if relevant. Further details are provided in the service.

Applicant and team capability to deliver Why are you the right individual or team to successfully deliver the proposed work?

What the assessors are looking for in your response Evidence of how you, and if relevant your team, have: the relevant experience (appropriate to career stage) to deliver the proposed work the right balance of skills and expertise to cover the proposed work the appropriate leadership and management skills to deliver the work and your approach to develop others contributed to developing a positive research environment and wider community You may demonstrate elements of your responses in visual form if relevant.

Further details are provided in the Funding Service. The word limit for this section is 1,650 words: 1,150 words to be used for Résumé for Research and Innovation (R4RI) modules (including references) and, if necessary, a further 500 words for Additions.

Use the R4RI format to showcase the range of relevant skills you and, if relevant, your team (project and project co-leads, researchers, technicians, specialists, partners and so on) have and how this will help deliver the proposed work. You can include individuals’ specific achievements but only choose past contributions that best evidence their ability to deliver this work. Complete this section using the R4RI module headings listed.

Use each heading once and include a response for the whole team, see the UKRI guidance on R4RI .

You should consider how to balance your answer, and emphasise where appropriate the key skills each team member brings: contributions to the generation of new ideas, tools, methodologies, or knowledge the development of others and maintenance of effective working relationships contributions to the wider research and innovation community contributions to broader research or innovation users and audiences and towards wider societal benefit Provide any further details relevant to your application.

This section is optional and can be up to 500 words. You should not use it to describe additional skills, experiences, or outputs, but you can use it to describe any factors that provide context for the rest of your R4RI (for example, details of career breaks if you wish to disclose them). Complete this as a narrative.

Do not format it like a CV. References may be included within this section. The roles in funding applications policy has descriptions of the different project roles.

Ethics and responsible research and innovation (RRI) What are the ethical and RRI considerations, implications and issues relating to the proposed work? If you do not think that the proposed work raises any ethical or RRI issues, explain why.

What the assessors are looking for in your response Demonstrate that you have identified and evaluated: the relevant ethical and RRI considerations, including both the research or topic area itself and the design and delivery of the project the wider implications of the proposed work, and how you will maximise the positive societal, environmental, and economic benefits arising from the project, while minimising unintended negative impacts, such as research misuse or accidental harm how you will manage these considerations throughout the lifecycle of the project You will be prompted to confirm whether your research will have potential misuse risks.

If yes, you will be prompted to identify those risks and provide mitigation plans for the potential misuse. Please refer to the UKRI position statement on funding ethical research and Responsible innovation for more information around our expectations on ethical and responsible research and innovation. Animal involvement and “3Rs” You must complete this section about how your proposed project will involve or impact animals.

If your project does not involve or impact animals, you will be able to confirm this. what animals you are involving the severity of the procedures you are using where the procedures will take place welfare standards you aim to meet the relevance of your project to the development, validation or dissemination of the 3Rs You may also need to download, complete, and upload at least one set of additional questions.

You will be told how to do this towards the end of this section. To complete this section and check whether your project is in the scope of the questions, refer to the UKRI policy for research and innovation involving animals . UKRI policy relates to all animals in the Kingdom Animalia, including vertebrates and invertebrates.

Genetically modified organisms and biological research You must complete this section if your project will include genetically modified organisms or genetic technologies. If you project does not involve genetically modified organisms or genetic technologies, you will be able to confirm this.

the type of organism your project will involve and the procedures your project will include the intended use of the organism or genetic technology the genetic, biological and environmental risks of your project For more information, see UKRI’s guidance on genetic technologies . Human participation in health-related research You must complete this section about whether your project will include human participation.

If your project does not involve human participation, you will be able to confirm this. what type of human participation your project includes the project design for human participation the phase of the clinical trial whether the project will be in an NHS setting, if so, how the project will be registered whether diversity and inclusion will be considered For more information, see UKRI’s guidance for human participants in research .

Resources and cost justification What will you need to deliver your proposed work and how much will it cost?

What the assessors are looking for in your response Justify the application’s more costly resources, in particular: significant travel for field work or collaboration (but not regular travel between collaborating organisations or to conferences) any equipment that will cost more than £25,000 any consumables beyond typical requirements, or that are required in exceptional quantities all facilities and infrastructure costs all resources that have been costed as ‘Exceptions’ You can request costs associated with reasonable adjustments where they increase as a direct result of working on the project.

For further information see Disability and accessibility support for UKRI applicants and grant holders . Where a funding limit is imposed on the opportunity, requested costs for reasonable adjustments may exceed the maximum funding amount. Assessors are not looking for detailed costs or a line-by-line breakdown of all project resources.

Overall, they want you to demonstrate how the resources you anticipate needing for your proposed work: are comprehensive, appropriate, and justified represent the optimal use of resources to achieve the intended outcomes maximise potential outcomes and impacts For detailed guidance on eligible costs please see the ESRC Research Funding Guide . Add details about any project partners’ contributions.

If there are no project partners, you can indicate this on the Funding Service. A project partner is a collaborating organisation who will have an integral role in the proposed research. This may include direct contributions for example cash, donated equipment and resources, or staff seconded to the project, or indirect and in-kind contributions for example use of project partner’s equipment, datasets, or facilities.

Project partners may be in industry, academia, third sector or government organisations in the UK or overseas, including partners based in the EU.

Add the following project partner details: the organisation name and address (searchable via a drop-down list or enter the organisation’s details manually, as applicable) the project partner contact name and email address the type of contribution (direct or indirect) and its monetary value If a detail is entered incorrectly and you have saved the entry, remove the specific project partner record and re-add it with the correct information.

For audit purposes, UKRI requires formal collaboration agreements to be put in place if an