The Simons Foundation recently began a new funding scheme in the United States that I think is a model for turning dollars into research as efficiently as possible. As I understand it, the Foundation offers small ($7000/year) travel grants which are only open to researchers without other sources of travel money. For each of three years, the recipient receives $5000 towards travel, $1000 towards miscellaneous expenses, and $1000 to the department.
Everyone likes getting a big grant, and of course large grants are vital for things like funding postdocs or hosting workshops. However, I think that small travel grants are an extremely effective way to stimulate research across a broader population. A grant like this could fund a visit to a collaborator and attendance at a conference or two, and that could make a tremendous difference in the research output of many capable mathematicians who don’t receive large grants. I think that grants on this scale are uniquely well suited to mathematics, as personal contact, rather than expensive equipment, drives successful work. Incorporating such a scheme into the funding model of Australian mathematics would greatly improve the landscape.
