Research funding Liikesivistysrahasto Foundation for Economic Education Johanna Vesterinen CEO, D.Sc. (Econ.) Aalto University School of Business, Helsinki LIIKESIVISTYSRAHASTO Foundation for Economic Education

In 2012 Finnish foundations promoted art and sciences by over 330 M euros Start-up funding, ‘second opinion’ for public funding Since 1919, the Finnish business sphere has been active in promoting higher business education in Finland through Liikesivistysrahasto – The Foundation for Economic Education. LIIKESIVISTYSRAHASTO Foundation for Economic Education

To achieve its goal, the Foundation provides grants to individuals and groups engaged in scientific research in the field of business economics. Moreover, the Foundation supports high quality business education projects with an international and/or domestic dimension. LIIKESIVISTYSRAHASTO Foundation for Economic Education

Our annual (2013) budget for grants is 3 million euros. The grants are rewarded upon application. According to Finnish Law, our grants are tax-free with some minor exceptions. The same is true for our investments as well as for donations.

Most grants focus on scientific research carried out domestically and abroad within the international research community in the field of business economics. Also non-Finnish citizens’ high quality grant applications are considered in the Foundation’s grant application process, particularly if the application indicates support to the Finnish research and / or business community. LIIKESIVISTYSRAHASTO Foundation for Economic Education

The electronic grant application system should be filled in Finnish or English and the very essential one-page-long project description and all other information will be accepted in Finnish, English or Swedish.

Grant Supporting Elements in an Application The theme and research problem is, at least potentially, beneficial for the Finnish business environment The potential of the research to open new avenues for research or new business opportunities Based on the application only, it should be clear to which question(s) and how the applicant is seeking an answer The applicant’s previous (research) activities and her academic instructor’s statement are essential for PhD candidates The candidate’s success in presenting herself: Why should this grant be awarded to me? LIIKESIVISTYSRAHASTO Foundation for Economic Education

Research Plan Should Include Name(s) of Researcher(s), Name and Place of Research Project Background Research Motivation Methodology and Data Collection A project schedule and total project cost information incl. estimated completion Research collaboration: international / national Anticipated results / impact / risks

Writing a good application, points to remember Articulate the big questions (research phenomenon), not just emphasizing the underlying case Research settings often asymmetrical: go for symmetry instead Be Innovative: new knowledge, new research methods or new practices to be generated? Clarity in articulation: limited time for reviewers / evaluators to be given for each application LIIKESIVISTYSRAHASTO Foundation for Economic Education

A Grant Process - Foundation for Economic Education Amendments to the Electronic Application System Advertisements are published in Local Newspapers Grant Application Submission Period Grant Applications are scanned to the Grant System upon Arrival Grant Applications are Grouped by Theme, Discipline, etc. The Project Descriptions Are Sent to Regional Committees Regional Committees Give Feedback

A Grant Process - Foundation for Economic Education Regional Committees give feedback All Grant Applications are Evaluated by Scientific Advisors A Proposal will be sent to the Grant Committee Grant Committee grades the Applications Administration allocates Grants to suitable Special Funds Special Funds accept or reject a Grant Proposal Board of Directors approve of/ reject the Proposal Letter of approval from LSR

LIIKESIVISTYSRAHASTO Foundation for Economic Education Thank you and good luck with your research !