Ever run out of grant money in the middle of a project? My supervisor did and his lab was put on “hold” for 6 months! His technicians were actually tenured and received a paid vacation but the PI’s productivity took a big hit. Another fellow that I know had no idea how much money he had in the “bank” and how much money he was spending on a monthly basis. His responsibilities as a departmental chair took away from the time he needed to manage his finances properly. As a result, he ran a massive deficit which the University funded due to his privileged status.
The granting process is so competitive and often funds are hard to come by. Are you using your funds efficiently?
Watch Morgan from Morgan on Science make a very well thought out point on why universities are failing to utilize their resources properly (i.e. wasting PI time in cash flow management) and an idea for rectifying the problem.
Tags: biotechnology, Grant Funding
[...] to AmericanBiotechnologist for pointing this video [...]