The section below provides a summary of the approach taken when seeking co-funding depending on the type of innovation being pursued; optimisation, incremental and radical.

research-optimisation

Driver for change: Make the most of today’s railway

Rationale for funding arrangement: Public funds ensure the independence of the findings. The lack of commercial opportunity post-research significantly limits the scope for third-party cash co-funding.

Funding source: In-kind contribution from industry supports grant funding. Private co-funding in select cases, in addition to in-kind contribution. Public co-funding in select cases in addition to in-kind contribution.

research-incremental

Driver for change: Enable system improvements

Rationale for funding arrangement: Public funding is used to overcome market failures. Private cash co-funding is sought when there are tangible and near-term benefits for specific stakeholders. 

Funding source: Private co-funding in select cases, in addition to in-kind contribution.

research-radical

Driver for change: Unlock fundamental change

Rationale for funding arrangement: Funding for solutions at low technology readiness levels is often public, to de-risk future commercial development.

Funding source: Public co-funding in select cases in addition to in-kind contribution.