In an unprecedented effort for a research funding agency, the European Research Council (ERC), is using part of its €1.7 billion ($1.9 billion) annual budget to evaluate its impact of the projects that it funds. In a pilot analysis of 199 completed projects, the Council evaluated the impact of science in four major categories: Scientific Breakthroughs, of which 21% of projects were attributed; Major Scientific Advance, of which 50% of projects were attributed; Incremental Scientific Contribution, of which 25% of projects were attributed; and No Scientific Contribution, of which 4% of projects were attributed. Data showed that 10% of past projects had a significant impact on the economy, including policymaking, and that 25% of projects would do the same in the future. The ERC intends to evaluate sections of past projects every year to continue improving its methodologies.

Source: Nature