The Faroese Research Council administers the government funded Research Foundation, which funds research, and research driven innovation projects connected to the Faroe Islands.
The Research Foundation receives a yearly funding from the Faroese government. The funding for 2016 is DKK 7.2 million.
Grants are given to Faroese researchers and research students, research and development at or associated with Faroese research institutes and commercial enterprises, and research and development which has significance in the Faroese context.
Funding through the Research Council is allocated once a year. The application deadline is mid February. It is required that at least one third of the total cost is funded by others than the Faroese Research Council.
Faroese Research Foundation