Research Funding

There are several sources for funding research and development (R&D). Private and public sectors are major sources of funding R&D. The benefits and the significant impacts of research funding are invaluable assets in research and innovations. In contrast, lack of research funding is detrimental to R&D and perhaps deters continuous advancement of novel innovations. The public sector is an essential unit in research funding, which includes federal or state or regional funded projects. The US government by far is the largest funding source of R&D than any other country in the world. In 2009, the US spent $401.6 billion in research funding, while the European Union and China spent $297.9 billion and 154.1 billion in dollar amount in research funding respectively (Kennedy, 2012). However, based on the percentage GDP estimation, South Korea spent 3.4%, Japan 3.3%, the US 2.9%, European Union 1.9% and China spent 1.7% of its national GDP

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