The recent economic downturn has caused disruption for many industries. Global recessions and the credit crisis are slowing progress and causing drastic budget cuts. But despite the frightening financial situation, there is one area for investment that experts are saying remains vital to financial recovery: investments in innovation. We spoke to Paul Evans, Senior Vice President of Publishing and Research Relations at Elsevier, about the role of scientific publishing in our investment in the future.

“Everywhere we look, people are finding ways to cut costs,” Evans says. “From family household expenses to multi-million dollar corporate budgets, the credit crisis affects us all, and the most natural reaction is to cut spending.” But Evans says this tendency to tighten our belts and weather the storm should not be allowed to affect innovative scientific developments and healthcare breakthroughs.

“Without investments in science and healthcare innovation, we won’t find long-term solutions to our biggest problems whether in finance, healthcare or the environment,” Evans explains. “Everywhere, companies are looking for faster, cheaper, more efficient technological solutions and faster access to better healthcare. That kind of innovation requires investment and a practical, long-term view.”

Contributing to the change
“A downturn in the business cycle is the most important time to support innovation, which will enable the economy and society to later climb back into growth. This idea was first put forward by the Austrian economist   Joseph Alois Schumpeter in 1911, and has been supported by researchers in innovation studies ever since. It applies just as much to the knowledge-based industries, where publishing sits, as it does to other industries.”

Today, Virgin Group’s leader Richard Branson has invested billions into research for cheaper, more efficient   alternatives to fossil fuels. Intel   recently invested $7 million in their chip plants. Paul Otellini, Intel's chief executive, explained: "we're investing … to keep Intel and our nation at the forefront of innovation.”

“This philosophy also extends to the work we do as scientific publishers,” Evans explains. “We all recognize the impact of scientific publishing on the advancement of science, and the importance of continuing investment in scientific research that can improve not only the quantity of life, but the quality, as well.”

Publish or perish
That’s why it’s not only through continued funding for research and continued support for publishing that make a difference. It’s also through investing in innovative ways to make publishing itself more efficient. Evans explains: “Disseminating the latest research to the widest possible audience is a major political concern, but to best help research outputs and productivity overall, we need to find innovative ways to improve and streamline processes and services. It’s also the best way to ensure that progress continues.”

Publishers, like Elsevier, are exploring options for improving efficiency and scope at every stage of publishing – from identifying research funding and providing better publishing metrics for evaluating scientific progress to all the myriad developments that ensure high quality speedy dissemination of the ‘minutes of science’. Support for programs that examine more efficient submission processes, streamlined peer review exchanges and eco-friendly dissemination are some of the ways they’re trying to help.

Balancing the scales
“What’s most important to keep in mind is that we are clearly not in a position to spend indiscriminately,” Evans continues. “There are limited resources and limited funds. Sensible, practical approaches to innovation are the only ones that will be sustainable over the long term. But there is also a need for optimism: we can be part of shaping a better world, and therefore need to remain steadfast in our efforts.”

Evans says that agility with limited resources is a breeding ground for creativity. It’s a question of ‘thinking inside the box’: finding new and creative solutions within the boundaries of limited funding and key needs.

“In recent years, we’ve even seen increased collaboration between researchers, publishers and librarians – three groups that in recent decades have not always worked fully in harmony. In fact, there has been some considerable friction at times,” Evans says. “The current climate has helped to break down the barriers between these groups, and they’re all working together for better use of resources and faster developments for the industry as a whole.” It is through these kinds of collaborations that solutions can be developed – and brought to the public – faster and more efficiently than ever.

As scientists and scientific publishers, our role is clear: continue to invest in efficient and widespread dissemination of information that will play a key role in a brighter future for us all. The option of a world without innovators, such as scientific publishers, would lead to stagnation of the knowledge industries. Now more than ever, the need to bring forward a new crop of ideas, services and knowledge to feed progress is clear.

To cite this article, please use: Toni Bellanca, “Scientific Investment: balancing optimism and pragmatism”, Elsevier Editors’ Update, Issue 26, May 2009