Executive Summary
Context: Recognising the significant role academic research plays in advancing Singaporean society, the Singapore Green Finance Centre (SGFC) aims to understand and demonstrate the societal impact of such research. In this report, SGFC and Impact Institute evaluate how academic research influences economic development and informs public policy, providing a foundation for enhancing its contribution to societal progress.
Method: This report systematically analysed various impact frameworks to link academic research with specific societal outcomes. By integrating these frameworks, tailored impact pathways that connect research outputs to measurable economic and policy impacts were developed, and used to assess how effectively research influences public policy and fosters economic growth. Throughout the analysis, a hypothetical research institute was employed to illustrate how research organizations can generate societal impact. Since the research team is based at Singapore Management University (SMU), the Singaporean context was used, drawing on local economic data and policy environments. This approach demonstrates how these frameworks can be applied in real-world settings and adapted elsewhere. Conclusions and limitations are presented for each impact pathway, highlighting how research translates into societal benefits and where measurement challenges remain.
Results: The report offers an initial framework for monitoring and enhancing research contributions to society, identifying key impact pathways and relevant data points that illustrate how academic research can translate into economic and policy benefits. The findings underscore the potential for research to shape public policy and drive economic change, serving as a starting point for quantifying and valuing research impact.
Limitations: The study highlights several challenges, including the difficulty of quantifying research impact beyond GDP measures, the complexity of linking research to economic growth, and the lack of empirical data on the causal relationship between research and policy impact.