The University of Memphis has landed a record haul of research funding, according to a press release put out by the university.
U of M secured $86 million in research awards in FY 2023, which ended June 30. That figure surpassed the previous record amount of $50 million attained in FY 2021. The U of M had $49.38 million in research awards in FY 2022.
"The record-breaking performance is a reflection of the high-quality research ecosystem that our university has cultivated," U of M president Bill Hardgrave, Ph.D., said in the release. “Our 72% increase in research awards from last year to this year is remarkable and could not have been accomplished without a culture that values researcher-led growth. As we move forward with direction from our new strategic plan, Ascend, we will continue to further push and nurture our impressive research efforts.”
In December 2021, the University of Memphis attained R1 status from the Carnegie Classifications of Institutions of Higher Education. Carnegie reevaluates R1 institutions every three years and universities can lose their slot in the top-tier of higher education research. Increases in research awards and activities go toward pushing forward retaining the U of M's first R1 rating.
The U of M noted that the current figure of $86 million marks a 273% increase in awards over the past five years. The comparison to FY 2018 also highlights progress beyond just a raw dollar amount.
Large research grants accounted for more of the funding in FY 2023 versus FY 2018. Five years ago, only two principal investigators had awards over $1 million. In FY 2023, 15 principal investigators had such awards. Similarly, researchers with $500,000 or more in awarded dollars totaled 34 in FY 2023 compared to 15 in FY 2018.
Other notable stats on U of M research awards include average award size going from $109,000 (FY 2018) to $294,000 (FY 2023) and over 40 researchers becoming first-time principal investigators in the past fiscal year. Notably, federal agencies — one of the most significant funders of research across the U.S. — awarded U of M principal investigators at a higher rate than five years ago. In FY 2023, 11 U of M researchers gained the $1 million or above level of federal funding versus four in FY 2018.
“I am truly appreciative of all the hard work and innovative efforts of our faculty researchers and students on campus,” said Jasbir Dhaliwal, Ph.D., U of M professor and executive vice president of Research & Innovation. “They have truly embraced the responsibility that, besides knowledge dissemination, research universities must be bold in leading knowledge creation to advance scientific progress that benefits human development and living standards.”
