$FWLRQDEOH.

QRZOHGJH
$5HVHDUFK6\QWKHVLV3URMHFW)RU$IIRUGDEOH+RXVLQJ
'HVLJQ3UDFWLFH

6KHUU\$KUHQW]HQ3K'
$UL]RQD6WDWH8QLYHUVLW\
6WDUGXVW&HQWHUIRU$IIRUGDEOH+RPHVDQGWKH)DPLO\
 $,$5HSRUWRQ8QLYHUVLW\5HVHDUFK9ROXPH

,,QWURGXFWLRQ

,QPDNLQJGHFLVLRQVDERXWDIIRUGDEOHKRXVLQJGHVLJQDUFKLWHFWV
DQGSXEOLFRI¿FLDOVW\SLFDOO\GUDZRQWKHLUH[SHULHQFHLQWXLWLRQSUHYLRXVZRUNRUSURIHVVLRQDO
FRQWDFWV UDWKHU WKDQ D PRUH H[SOLFLW NQRZOHGJH EDVH :LWKLQ FRPPXQLW\ GHVLJQ HIIRUWV ZKLFK
FRQVWLWXWHDVPDOO\HWVLJQL¿FDQWVHJPHQWRIDIIRUGDEOHKRXVLQJSUDFWLFHDFWLRQUHVHDUFKKDVIRXQG
DIRRWKROGLQOLQNLQJUHVHDUFKDQGSUDFWLFH%XWDFWLRQUHVHDUFKLVSURMHFWVSHFL¿FDQGHIIRUWVWR
FRPSLOHDFRPSUHKHQVLYHNQRZOHGJHEDVHDFTXLUHGIURPWKHVHQXPHURXVVLWHVSHFL¿FVWXGLHVKDYH
QRW\HWEHHQDWWHPSWHG
,ZRXOGOLNHWRFRQWULEXWHDQRWKHUZD\RIOLQNLQJDFWLRQDQGUHVHDUFKDFWLRQDEOHNQRZOHGJH
$FWLRQDEOH NQRZOHGJH DV , XVH WKH WHUP PHDQV PRUH WKDQ NQRZOHGJH GHULYHG IURP SHUVRQDO
H[SHULHQFH$FWLRQDEOHNQRZOHGJHIRUDSURIHVVLRQUHÀHFWVDQLQWHJUDWHGDQGFRPSUHKHQVLYH±\HW
DOZD\VHYROYLQJ±ERG\RIV\VWHPDWLFDOO\GHULYHGUHVHDUFKWKDWDGGUHVVHVXVHLQVSLUHGLVVXHVDQG
SUDFWLFHVDQGWKDWLVXVHGE\SUDFWLWLRQHUVDQGSROLF\PDNHUV$VWKHNQRZOHGJHHFRQRP\EHFRPHV
DPRUHSURPLQHQWFRPSRQHQWLQPDQ\FRXQWULHVDQGLQGXVWULHVWRGD\¿UPVDQGDJHQFLHVDUHFDSL
WDOL]LQJRQWKHSD\RIIVUHVXOWLQJIURPLQWHJUDWLQJNQRZOHGJHDQGDFWLRQE\FUHDWLQJPHDQVWREHVW
H[SORLWWKHLUNQRZOHGJHDVVHWV0\IRFXVLQWKLVSDSHULVRQDIIRUGDEOHKRXVLQJGHVLJQSUDFWLFH
$'+3EXWWKHDUJXPHQWVDQGH[DPSOHVPD\EHDSSOLFDEOHWRRWKHUGHVLJQDQGLQGXVWU\W\SHVDV
ZHOO
,QWKH86WKHUHLVQRHVWDEOLVKHGDJHQGDIRURUJDQL]LQJGLVVHPLQDWLQJDQGDGYDQFLQJWKHVWDWH
RINQRZOHGJHRIKRZJRRGGHVLJQLVEHVWHPSOR\HGWRFUHDWHORQJWHUPHFRQRPLFDQGVRFLDOYDOXH
LQDIIRUGDEOHKRXVLQJ7KHUHDUHH[DPSOHVRI³EHVWSUDFWLFHV´EXWPDQ\RIWKHVHSUR¿OHVSURYLGH
OLWWOHHYLGHQFHRUVXEVWDQWLDWLRQRIZKDWPDNHVWKHP³EHVW´RUHYHQHVWDEOLVKWKHFULWHULDIRUZK\
WKH\DUHEHLQJMXGJHGDV³EHVW´$VWXG\E\:ROPDQ+LOODQG)RUGDOHFDOOVLQWRTXHVWLRQWKHXVH
RIH[SHUWVLQLGHQWLI\LQJEHVWSUDFWLFHV:KHQDSDQHORIXUEDQHFRQRPLFGHYHORSPHQWH[SHUWVZDV
DVNHGWRLGHQWLI\WKHPRVWVXFFHVVIXOO\UHYLWDOL]HGFLWLHVRIWKHVWKHLUOLVWLQJIDLOHGWRFRU
UHVSRQGWRWKRVHFLWLHVWKDWUDQNHGKLJKHVWRQFRPSRVLWHREMHFWLYHPHDVXUHVRIUHYLWDOL]DWLRQDQG
UHVLGHQWHFRQRPLFZHOOEHLQJ


 $FWLRQDEOH.QRZOHGJH$5HVHDUFK6\QWKHVLV3URMHFW)RU$IIRUGDEOH+RXVLQJ'HVLJQ3UDFWLFH
,DPQRWVRQDwYHWRWKLQNWKDWSUDFWLWLRQHUVDQGSROLF\
PDNHUVWDNHDFWLRQEDVHGVLPSO\RQUHVHDUFKLQIRUPDWLRQ
FDUHIXOUHDVRQLQJDQGUDWLRQDOWKRXJKW3ROLWLFVSHUVRQDO
GHVLUHSRZHUDQGPRQH\DOODUHIDFWRUV$QGVRLVDIRUP
RIQHRSKRELDWKHHDVHRIGRLQJVRPHWKLQJIDPLOLDUWKH
ZD\ LW KDV DOZD\V EHHQ GRQH /HDUQLQJ VRPHWKLQJ QHZ
DQG VXEVHTXHQWO\ DFWLQJ LQ D GLIIHUHQW PDQQHU LV GLI¿
FXOW QRW VLPSO\ IRU DUFKLWHFWV EXW PDQDJHUV DQG OHDGHUV
WKURXJKRXW YDULRXV LQGXVWULHV $V PDQDJHPHQW H[SHUW
&KULV $UJ\LV FODLPV ³« >6@XFFHVV LQ WKH PDUNHWSODFH
LQFUHDVLQJO\GHSHQGVRQOHDUQLQJ\HWPRVWSHRSOHGRQ¶W
NQRZKRZWROHDUQ:KDW¶VPRUHWKRVHPHPEHUVRIWKH
RUJDQL]DWLRQWKDWPDQ\DVVXPHWREHWKHEHVWDWOHDUQLQJ
DUH LQ IDFW QRW YHU\ JRRG DW LW , DP WDONLQJ DERXW WKH
ZHOOHGXFDWHG KLJKSRZHUHG KLJKFRPPLWPHQW SURIHV
VLRQDOV ZKR RFFXS\ NH\ OHDGHUVKLS SRVLWLRQV LQ PRGHUQ
FRUSRUDWLRQ´  5HVHDUFK E\ $UJ\LV DQG RWKHUV VKRZV
WKDWPDQ\EXVLQHVVDQGSROLF\OHDGHUVUHO\RQZHOOHVWDE
OLVKHGEXWULJLGNQRZOHGJHVWUXFWXUHVWKH\KDYHDFTXLUHG
DQG XVHG H[WHQVLYHO\ PDNLQJ LW DOPRVW LPSRVVLEOH WR
DFTXLUH QHZ LQVLJKWV %XW LI ZH UHFRJQL]H WKH FKDQJLQJ
ZRUOGRIGHVLJQSUDFWLFHSDUWLFXODUO\DVZHWUXO\DGGUHVV
WKH UHVSRQVLELOLW\ RI PRYLQJ WRZDUGV D PRUH LQWHJUDWHG
RQH ZH QHHG WR YDOXH HYLGHQFH DQG GHYHORS DFWLRQDEOH
NQRZOHGJH7KHFUX[LVKRZWRIRVWHUDQHYLGHQFHVHHNLQJ
GHVLJQFXOWXUH7KDWLVDTXHVWLRQ,GRQRWGLUHFWO\DQVZHU
KHUHDOWKRXJKLWLVDIXQGDPHQWDOTXHVWLRQDQGUHTXLUHV
PRUHDWWHQWLRQWKDQWKLVVLQJOHDUWLFOHFDQSURYLGH+HUH
, DWWHPSW WR DGGUHVV KRZ WR VWDUW EXLOGLQJ D IRXQGDWLRQ
IRU HYLGHQFHLQIRUPHG SUDFWLFH ZLWKLQ DUFKLWHFWXUH DQG
$'+3LQJHQHUDO

(QYLURQPHQWDOSODQQHUDQGDWWRUQH\-RVHSK)'LPHQ
WRGLVWLQJXLVKHVWZRW\SHVRIUHVHDUFKLQÀXHQFH,QÀX
HQFHLVLQVWUXPHQWDOZKHQUHVHDUFK¿QGLQJVWUDQVODWHWR
WKHHVWDEOLVKPHQWRIDVSHFL¿FDFWLRQUHJXODWLRQSROLF\
SODQRUGHVLJQ,QVWUXPHQWDOXVHLVZKDWLVW\SLFDOO\FRQ
VLGHUHG ZKHQ WDONLQJ DERXW UHVHDUFK LQÀXHQFLQJ GHVLJQ
RUSROLF\%XW'LPHQWRDOVRVXJJHVWVWKDWFRQFHSWXDOLQ
ÀXHQFHPD\KDYHWKHPRVWORQJODVWLQJHIIHFWRQSROLFLHV
DQG SUDFWLFHV ZKHUHLQ WKH UHVHDUFK FKDOOHQJHV DQG UH
IUDPHVWKHWKLQNLQJRIDSROLF\PDNHUDERXWDSDUWLFXODU
LVVXHRUFRQGLWLRQZLWKRXWQHFHVVDULO\UHVXOWLQJLQGLUHFW
DFWLRQV,QVWHDGDQLGHDHQWHUVSXEOLFRUSURIHVVLRQDOGLD
ORJXH7KHVRFLRORJLVW$QWKRQ\*LGGHQVFODLPVWKDWFRQ
FHSWXDOLQÀXHQFHGHULYHGIURPVRFLDOVFLHQFHUHVHDUFKLV
PRUHLPSRUWDQWWKDQWKHSUDFWLFDOLQVLJKWVWKURXJKWHFK
QLFDODQGQDWXUDOVFLHQFHUHVHDUFKEHFDXVHRIFKDQJHVLQ
SHUVSHFWLYHV DQG QHZ XQGHUVWDQGLQJ$UJXDEO\ RQH RI
WKHPRVWLQÀXHQWLDOERRNVRIWKHODVWTXDUWHUFHQWXU\LQ
XUEDQGHVLJQ-DQH-DFRE¶V7KH'HDWKDQG/LIHRI*UHDW
$PHULFDQ &LWLHV GLG QRW UHVXOW LQ DQ LPPHGLDWH ÀXUU\
RI]RQLQJDQGSODQQLQJFRGHFKDQJHV%XWLWJUHDWO\LQ
ÀXHQFHGDJHQHUDWLRQRISODQQHUVDUFKLWHFWVDQGSXEOLF
RI¿FLDOVWRUHFRQVLGHUWKHPHDQLQJRIXUEDQYLWDOLW\DQG
WKHSK\VLFDODQGVRFLDOEDVHVIRUWKDWZKLFKHYHQWXDOO\
OHGWRDUHWKLQNLQJRIPDQ\XUEDQGHVLJQSUDFWLFHVZLWKLQ
1RUWK$PHULFD , DUJXH WKDW DFWLRQDEOH NQRZOHGJH FDQ
KDYHERWKLQVWUXPHQWDODQGFRQFHSWXDOLQÀXHQFH8VLQJ
$UJ\ULV¶ DQDORJ\ RI WKH WKHUPRVWDW WR UHÀHFW WZR W\SHV
RIOHDUQLQJDWKHUPRVWDWWKDWDXWRPDWLFDOO\WXUQVRQWKH
KHDWZKHQHYHUWKHWHPSHUDWXUHLQDURRPGURSVEHORZ
GHJUHHVLVDJRRGH[DPSOHRIZKDWKHFDOOV³VLQJOHORRS
OHDUQLQJ´ DQG ZKDW UHÀHFWV LQVWUXPHQWDO XVH RI NQRZO
HGJH %XW D WKHUPRVWDW WKDW DVNV ³:K\ DP , VHW DW 
GHJUHHV"´DQGWKHQH[SORUHVZKHWKHURUQRWVRPHRWKHU
WHPSHUDWXUHPLJKWPRUHHFRQRPLFDOO\DFKLHYHWKHJRDO
RIKHDWLQJWKHURRPLVHQJDJHGLQGRXEOHORRSOHDUQLQJ
UHÀHFWLQJFRQFHSWXDOLQÀXHQFH
 6KHUU\$KUHQW]HQ
7RVHWDGLUHFWLRQIRUPRYLQJWRZDUGVDFWLRQDEOHNQRZO
HGJH WKLV SDSHU DGYRFDWHV IRU D SURIHVVLRQDO DSSURDFK
WRZDUGV WKH SURGXFWLRQ DQG SUHVHUYDWLRQ RI DIIRUGDEOH
KRXVLQJWKDWLQFRUSRUDWHVZKDW,FDOOHYLGHQFHLQIRUPHG
GHVLJQSUDFWLFHLQIRVWHULQJKHDOWK\OLYDEOHHQYLURQPHQWV
WKDWUHÀHFWORQJWHUPHFRQRPLFDQGVRFLDOYDOXHIRUUHVL
GHQWVDQGWKHFRPPXQLWLHVLQZKLFKWKH\OLYH7KH¿UVW
VHFWLRQRIWKLVSDSHUDGGUHVVHVWKHTXHVWLRQWRZKDWH[
WHQWFRXOGHYLGHQFHLQIRUPHGSUDFWLFHVEHVLWXDWHGZLWKLQ
WKH DIIRUGDEOH KRXVLQJ GHVLJQ SURIHVVLRQ" 7KH VHFRQG
VHFWLRQIXUWKHUDGGUHVVHVWKLVTXHVWLRQE\FRQVLGHULQJRQH
VWUDWHJ\±5HVHDUFK 6\QWKHVLV±DQG GHVFULEHV D SDUWLFXODU
SURMHFWEHLQJGHYHORSHG
:KDWLV(YLGHQFH,QIRUPHG'HVLJQ
3UDFWLFH"
(YLGHQFHEDVHGPHGLFLQHHPHUJHGDVDPRYHPHQWLQWKH
PLG V VSHDUKHDGHG E\ WKH <RUNEDVHG &RFKUDQH
&HQWUHWREULQJDPRUHVFLHQWL¿FDSSURDFKWRVHHPLQJO\
UDQGRP GLIIHUHQFHV LQ VXUJLFDO WHFKQLTXHV DQG FOLQLFDO
SUDFWLFH LQ KRVSLWDOV7RGD\ WKH HYLGHQFHGEDVHG PHGL
FLQH PRYHPHQW KDV HYROYHG LQWR D PRUH LQFOXVLYH HYL
GHQFHEDVHGKHDOWKSUDFWLFHLQYROYLQJSK\VLFDODQGEH
KDYLRUDOKHDOWKVRFLDOZRUNDQGFKLOGZHOIDUHVHUYLFHV
(YLGHQFHEDVHGKHDOWKSUDFWLFHPHDQVLQWHJUDWLQJWKHEHVW
DYDLODEOHFOLQLFDOHYLGHQFHIURPV\VWHPDWLFUHVHDUFKZLWK
LQGLYLGXDOFOLQLFDOH[SHUWLVH,IZHWDNHRXURZQVHO¿VK
VHOYHVDVH[DPSOHVZKHQZHYLVLWDSK\VLFLDQZHZDQWWR
NQRZWKDWVKHLVFXUUHQWRQWKHODWHVWPHGLFDODQGKHDOWK
UHVHDUFKZKHQFRQVLGHULQJRXUDLOPHQWV%XWZHGRQRW
ZDQWKHUWRVLPSO\WUHDWXVDVDVWDQGDUGWH[WERRNFDVH
:H ZDQW KHU WR FRQVLGHU RXU RZQ LQGLYLGXDO VLWXDWLRQV
KLVWRU\FLUFXPVWDQFHV:HZDQWKHUWRZRUNZLWKXVLQ
GHFLGLQJ ZKHQ EHVW WR DSSO\ PHGLFDO UHVHDUFK ¿QGLQJV
WR RXU SDUWLFXODU VLWXDWLRQ DQG ZKHQ QRW$ SK\VLFLDQ¶V
H[SHUWLVH LV UHÀHFWHG LQ PDQ\ ZD\V EXW SDUWLFXODUO\ LQ
WKH WKRXJKWIXO LGHQWL¿FDWLRQ DQG FRPSDVVLRQDWH XQGHU
VWDQGLQJRILQGLYLGXDOSDWLHQWV¶SUHGLFDPHQWVVLWXDWLRQV
DQGSUHIHUHQFHVLQPDNLQJFOLQLFDOGHFLVLRQVDERXWWKHLU
FDUH,QGHHGLWLVWKDWH[SHUWLVHWKDWGHWHUPLQHVZKHWKHU
WKHUHVHDUFKHYLGHQFHVKRXOGEHDSSOLHGWRWKHLQGLYLGXDO
SDWLHQWDWDOODQGLIVRKRZLWVKRXOGEHLQWHJUDWHGLQWRD
FOLQLFDOGHFLVLRQ

)ROORZLQJDQHYLGHQFHLQIRUPHGGHVLJQSUDFWLFHZRXOG
LQYROYHGHVLJQHUVZRUNLQJZLWKFOLHQWVWRPDNHGHFLVLRQV
EDVHG RQ WKH EHVW LQIRUPDWLRQ DYDLODEOH IURP UHVHDUFK
DQGSURMHFWHYDOXDWLRQVLQFRQMXQFWLRQZLWKWKHVSHFL¿FL
WLHV LQFOLQDWLRQV DQG FRQWH[W RI WKH FOLHQW DQG SURMHFW
7KH UHÀHFWLYH SUDFWLWLRQHUV¶ WKLQNLQJ H[SHULHQFH DQG
FUHDWLYLW\FRQWLQXHVWRSOD\DFHQWUDOUROHLQWKHHYLGHQFH
LQIRUPHGGHVLJQSURFHVVVLQFHWKHVROXWLRQPXVWEHWDU
JHWHGWRWKHVSHFL¿FVRIFOLHQWSURJUDPFRQWH[WDQGVLWH
DQGZLWKLQFRQWH[WVRIFRQWLQXRXVÀX[VXFKDVFKDQJLQJ
GHPRJUDSKLFHFRQRPLFFXOWXUDOWHFKQRORJLFDODQGSR
OLWLFDOFRQGLWLRQV
7KHZKROHVDOHWUDQVIHURIWKLVPRGHOLQWRGHVLJQSUDF
WLFHLVDFRPSOLFDWHGPDWWHU7KHSURFHVVHVWKDWRSHUDWH
RQ FRPPXQLWLHV KRXVHKROGV DQG RUJDQL]DWLRQV±RFFX
SDQWVRIWKHEXLOWODQGVFDSH±DUHPRUHFRPSOH[DQGOHVV
ZHOOXQGHUVWRRGWKDQWKRVHWKDWRSHUDWHZLWKLQWKHKXPDQ
ERG\$QG ULJRURXV FRQWUROOHG H[SHULPHQWV±FRQVLGHUHG
KDOOPDUNVRITXDOLW\UHVHDUFK±DUHPXFKPRUHGLI¿FXOWWR
FRQGXFWLQWKHOLYHGODQGVFDSHWKDQLQFRQWUROOHGPHGLFDO
H[SHULPHQWV&OHDUO\HYLGHQFHLQIRUPHGGHVLJQRSHUDWHV
ZLWKLQDUFKLWHFWXUDOSUDFWLFHZKHQZHFRQVLGHUGHVLJQLQJ
IRUWKHRSHUDWLRQDOYLDELOLW\DQGVDIHW\RXWFRPHVRISDU
WLFXODUVWUXFWXUHVPDWHULDOVDQGHQYLURQPHQWDOV\VWHPV
(YLGHQFHUHVXOWLQJIURPV\VWHPDWLFUHVHDUFKDQGHYDOX
DWLRQLVSRUWUD\HGLQFRGHVDQGVSHFL¿FDWLRQV%XWZKHQ
DGGUHVVLQJ WKH PRUH KXPDQ LPSOLFDWLRQV RI RXU GHVLJQ
GHFLVLRQV±HFRQRPLF VRFLDO EHKDYLRUDO HPRWLYH KHDOWK
±HYLGHQFH LV XVXDOO\ VSRUDGLF VRPHWLPHV LGLRV\QFUDWLF
DQG DW WLPHV QHJOHFWHG7KLV PD\ EH FKDQJLQJ 'HVLJQ
HUV DQG UHVHDUFKHUV ZLWKLQ WKH KHDOWKFDUH LQGXVWU\ DUH
SURPRWLQJ HYLGHQFHEDVHG GHVLJQ SUDFWLFH DQG DUH FRQ
YLQFLQJKHDOWKFDUHDGPLQLVWUDWRUVWRLQYHVWWKHWLPHDQG
PRQH\WREXLOGEHWWHUEXLOGLQJV:LWKVHULRXV¿VFDOOL
DELOLW\VDIHW\DQGKHDOWKLVVXHVDWVWDNHPDQ\DUFKLWHFWV
ZHOFRPHWKHHPHUJLQJUHVHDUFKIRXQGDWLRQRQZKLFKWR
EDVHLPSRUWDQWGHFLVLRQV
 $FWLRQDEOH.QRZOHGJH$5HVHDUFK6\QWKHVLV3URMHFW)RU$IIRUGDEOH+RXVLQJ'HVLJQ3UDFWLFH

)LJXUH)RXU/HYHOVRI(YLGHQFHEDVHG3UDFWLFHIURP+DPLOWRQ

   $ OHDGLQJ SURSRQHQW RI HYLGHQFHEDVHG SUDFWLFH DU 7KHUHLVDQLPSOLFLWDVVXPSWLRQLQ+DPLOWRQ¶VPRGHO

FKLWHFW ' .LUN +DPLOWRQ GHWDLOV IRXU OHYHOV RI VXFK D WKDWOHYHORQHDFWLYLW\±UHDGLQJWKHPDWHULDOWRVWD\FXU
SUDFWLFHHDFKOHYHOUHSUHVHQWLQJDQLQFUHDVLQJO\ULJRURXV UHQWRQHPHUJLQJUHVHDUFK±LVWKHHDVLHVW%XWDFWXDOO\LW
VWDJHRIFRPPLWPHQWDQGPHWKRGVVHH)LJXUH$WOHYHO
SUDFWLWLRQHUVIDPLOLDUL]HWKHPVHOYHVZLWKWKHUHVHDUFK
OLWHUDWXUH RI WKHLU ¿HOG DQG WU\ WR LQFRUSRUDWH UHOHYDQW
HYLGHQFHLQWRWKHLUZRUN/HYHOWZRSUDFWLWLRQHUVK\SRWK
HVL]HWKHH[SHFWHGRXWFRPHVRIGHVLJQLQWHUYHQWLRQVDQG
VXEVHTXHQWO\PHDVXUHWKHUHVXOWV$WOHYHOWKUHHWKH\EH
JLQWRVKDUHWKHLUUHVXOWVSXEOLFO\LQWKHWUDGHDQGSRSX
ODUSUHVV$QGOHYHOIRXUSUDFWLWLRQHUVSHUIRUPWKHVDPH
WDVNVDVWKRVHDWWKHRWKHUOHYHOVEXWDOVRSXEOLVKLQTXDO
LW\ MRXUQDOV WKDW DUH SHHUUHYLHZHG 7KH\ PD\ DOVR FRO
ODERUDWH ZLWK VRFLDO VFLHQWLVWV LQ DFDGHPLF VHWWLQJV ZKR
FRQWULEXWHWRWKHIRUPDODFDGHPLFOLWHUDWXUH

FDQ EH PRVW FKDOOHQJLQJ IRU SUDFWLWLRQHUV ZKHWKHU WKH\
DUHGHVLJQHUVSROLF\PDNHUVRUGHYHORSHUV5HVHDUFKFDQ
RIIHUFRPSOH[DQGVRPHWLPHVFRQWUDGLFWRU\LQVLJKWVGH
PDQGLQJFRPSDULVRQFULWLFLVPHYDOXDWLYHMXGJPHQWDQG
V\QWKHVLVEH\RQGVLPSO\UHDGLQJDVHULHVRIDUWLFOHV0RVW
SURIHVVLRQDOV FDQ KDUGO\ NHHS DEUHDVW RI QHZ UHVHDUFK
GHYHORSPHQWV(YHQZLWKLQPHGLFLQHDSURIHVVLRQZLWK
DVWURQJUHVHDUFKIRXQGDWLRQFOLQLFLDQVIDFHGLI¿FXOWLHV
LQNHHSLQJDEUHDVWRIDOOWKHPHGLFDODGYDQFHVUHSRUWHG
LQSULPDU\MRXUQDOV2QHVWXG\VKRZHGWKDWNHHSLQJFXU
UHQWZLWKWKHUHDGLQJIRUJHQHUDOPHGLFLQHZRXOGUHTXLUH
H[DPLQLQJDUWLFOHVSHUGD\GD\VSHU\HDU
 6KHUU\$KUHQW]HQ
(YLGHQFHEDVHGGHVLJQSUDFWLFHVZLWKLQWKHKHDOWKFDUH
LQGXVWU\KDYHPDGHVLJQL¿FDQWVWULGHVLQWKHODVWGHFDGH
GHYHORSLQJDQGLPSOHPHQWLQJVWUDWHJLHVIRUVXFFHVVIXOO\
EULGJLQJUHVHDUFKDQGGHVLJQSUDFWLFHVDQGUHVXOWLQJLQ
EHWWHU LQIRUPHG GHVLJQ GHFLVLRQV WKDW XOWLPDWHO\ LPSDFW
WKHKHDOWKRISDWLHQWVDQGVWDII7KH$,$&ROOHJHRI)HO
ORZV DZDUGHG LWV  /DWUREH )HOORZVKLS WR &KRQJ
3DUWQHUV$UFKLWHFWXUH .DLVHU 3HUPDQHQWH DQG WKH 8QL
YHUVLW\RI&DOLIRUQLDDW%HUNHOH\IRUDUHVHDUFKVWXG\WKDW
LQFRUSRUDWHVWHFKQLTXHVIURPSV\FKRORJ\VRFLRORJ\DQG
QHXURVFLHQFH7KH UHVHDUFK LQYROYHV DQ XQXVXDO FROODE
RUDWLRQ RI DUFKLWHFW FOLHQW DQG XQLYHUVLW\ WR GHWHUPLQH
KRZKRVSLWDOGHVLJQDIIHFWVWKHUHFRYHU\DQGKHDOLQJIRU
SHRSOHRIGLIIHUHQWFXOWXUHV$QRWKHULPSRUWDQWFROODERUD
WLYHH[DPSOHLV7KH3HEEOHV3URMHFWXQGHUWKHDXVSLFHVRI
7KH &HQWHU IRU +HDOWK 'HVLJQ7KLV SURMHFW RYHU ¿YH
\HDUV ROG SURYLGHV HYLGHQFHEDVHG H[DPSOHV RI KHDOWK
FDUHIDFLOLWLHVZKRVHGHVLJQKDVPDGHDGLIIHUHQFHLQWKH
TXDOLW\RIFDUHDQG¿QDQFLDOSHUIRUPDQFHRIWKHLQVWLWX
WLRQ&XUUHQWO\WKHUHDUHDFWLYHSURYLGHUSDUWQHUVDQG
WKUHHFRUSRUDWHSDUWQHUV(DFKSDUWQHUSD\VDQDQQXDOIHH
RIIRUDWKUHH\HDUPHPEHUVKLS,QUHWXUQWKH\
UHFHLYH SURPSW DFFHVV WR UHVHDUFK LQIRUPDWLRQ DQG H[
SHUWLVHWRTXHVWLRQVWKH\KDYH+LJKOHYHOFRQVXOWLQJDQG
WHFKQLFDODVVLVWDQFHWRIDFLOLWDWHWKHSDUWQHU¶VUHVHDUFKLV
DOVR SURYLGHG DV ZHOO DV D SURSULHWDU\ UHVHDUFK GHVLJQ
PHWKRGRORJ\WHPSODWH0RVWSDUWQHUVDUHKHDOWKFDUHID
FLOLWLHVZLWKRQHRUPRUHIDFLOLWLHVEHLQJGHVLJQHGRUFRQ
WLQXRXVO\UHQRYDWHG
,WLVSHUKDSVQRWVXUSULVLQJWKDWHYLGHQFHEDVHGGHVLJQ
KDVIRXQGDIRRWKROGLQWKHKHDOWKFDUHGHVLJQSURIHVVLRQ
0HPEHUVRIWKHKHDOWKFDUHLQGXVWU\±ZKHWKHUPHGLFDODG
  7KLV LV D GLIIHUHQW DQLPDO IURP WKH KRXVLQJ LQGXVWU\
'HVLUHGRXWFRPHVDUHOHVVDJUHHGXSRQPRUHGLIIXVHDQG
PLQLPDOO\PHDVXUHG7KHKLVWRULFDOEDVHRIWKHLQGXVWU\
LV JHDUHG WRZDUG SUR¿WPDNLQJ DQG HI¿FLHQW H[SHGLHQW
FRQVWUXFWLRQ UDWKHU WKDQ WKH FDUH PLVVLRQ WKDW XQGHUOLHV
WKH KHDOWKFDUH LQGXVWU\ (YLGHQFHEDVHG GHVLJQ DSSHDOV
WRWKHVFLHQWL¿FPLQGVRISK\VLFLDQVDQGRWKHUFOLQLFLDQV
ZKR DUH WU\LQJ WR SUDFWLFH RQ WKH EDVLV RI PHGLFDO HYL
GHQFH7KLVPD\EHDKDUGHUVHOODPRQJKRXVLQJGHYHORS
HUVDQGRWKHUVLQWKHKRXVLQJLQGXVWU\ZKRVHWUDLQLQJKDV
QRWHPEUDFHGDUHVHDUFKSUDFWLFHPLQGVHW%XWHYLGHQFH
LQIRUPHGGHVLJQGRHVKDYHLWVDSSHDOWREXVLQHVVOHDGHUV
DQGSXEOLFRI¿FLDOV,WRIIHUVWKHPWKHSURVSHFWRIUHGXFHG
FRVWV DQGRU LPSURYHG RUJDQL]DWLRQDO SHUIRUPDQFH DQG
FDQSURYLGHMXVWL¿FDWLRQIRUVRPHRIWKHFRVWO\GHFLVLRQV
PDGHRQSURMHFWV
7KHUHDUHOHVVRQVWROHDUQDQGVWUDWHJLHVWRDGDSWIURP
HYLGHQFHEDVHG SUDFWLFHV RI KHDOWKFDUH GHVLJQ )LUVW D
JODQFHDWWKHKHDOWKFDUHIDFLOLWLHVRIWKH3HEEOHV¶SDUWQHUV
GHPRQVWUDWHVWKDWHYLGHQFHEDVHGGHVLJQGRHVQRWUHVXOW
LQ PRQROLWKLF RU VWDQGDUGL]HG GHVLJQ 6HFRQG DV GHP
RQVWUDWHGLQ+DPLOWRQ¶VPRGHOWKHUHDUHQXPHURXVZD\V
WRSUDFWLFHHYLGHQFHLQIRUPHGGHVLJQGHSHQGLQJRQFRQ
WH[WVWDJHRIGHYHORSPHQWUHVRXUFHVDQGRWKHUIDFWRUV
PLQLVWUDWRUVKRVSLWDOVSK\VLFLDQVHWF±KDYHKLVWRULFDOO\
HOHYDWHG VFLHQWL¿F UHVXOWV DV WKH EDVLV RI GHFLVLRQPDN
LQJ7KH\DOVRZRUNZLWKLQHVWDEOLVKHGLQGXVWU\ERUGHUV
KHDOWK IDFLOLWLHV IRU WKH PRVW SDUW DUH LQVWLWXWLRQDOO\
EDVHG

7KLUGDVLQPRVWLQGXVWULHVUHWXUQRQLQYHVWPHQW52,
LVIRUHPRVWLQWKHPLQGVRIWKHVHKHDOWKFDUH&(2VDQGWR
GDWHSUDFWLWLRQHUVKDYHEHHQDEOHWRFRQYLQFHWKHVH&(2V
QRWRQO\RIWKHKHDOWKDQGVRFLDOYDOXHRIWKHGHVLJQGHFL
VLRQVEXWWKHEXVLQHVVFDVHDVZHOO
 $FWLRQDEOH.QRZOHGJH$5HVHDUFK6\QWKHVLV3URMHFW)RU$IIRUGDEOH+RXVLQJ'HVLJQ3UDFWLFH

)RXUWKVRFLDOEHKDYLRUDODQGKHDOWKRXWFRPHVFDQEH
PHDQLQJIXOO\PHDVXUHGWUDQVIRUPHGLQWRUHOHYDQW³PHW
ULFV´WKDWKDYHDQDSSHDOWREXVLQHVVOHDGHUVGHYHORSHUV
DQGSROLF\PDNHUV&ULWLFVRIWHQSRLQWRXWWKHGLI¿FXOW\RI
PHDVXULQJ RXWFRPHV RI VXEMHFWLYH LQWDQJLEOHV OLNH ³VDW
LVIDFWLRQ´ ³SUHIHUHQFH´ DQG WKH OLNH ,Q UHFHQW \HDUV D
QXPEHURIEHKDYLRUDOHFRQRPLVWVKDYHWDUJHWHGWKHLUUH
VHDUFKWRGHPRQVWUDWHKRZKHDOWKDQGKXPDQFDSLWDORXW
FRPHVFDQEHWUDQVODWHGLQWRFRQYLQFLQJ52,DUJXPHQWV
+RXVLQJUHVHDUFKHUVKDYHEHHQPRYLQJWRZDUGVWDQJLEOH
PHDVXUHVWKDWDUHSDUWLFXODUO\VDOLHQWWRKHDOWKRXWFRPHV
DQGKLJKO\YDOXHGVRFLDODQGEHKDYLRUDORXWFRPHVVXFK
DV HGXFDWLRQDO SHUIRUPDQFH )RU H[DPSOH LQ DQ RQJR
LQJ ORQJLWXGLQDO VWXG\ RI KRXVLQJ DIIRUGDELOLW\ SROLF\
UHVHDUFKHUV -RVHSK +DUNQHVV DQG 6DQGUD 1HZPDQ DW
-RKQV+RSNLQV8QLYHUVLW\DUHH[DPLQLQJKRZKRXVLQJ
FRVWVLPSDFWQXWULWLRQUHVLGHQWLDOPRELOLW\DQGSDUHQWDO
VWUHVVZKLFKLQWXUQUHVXOWVLQFKLOGUHQ¶VKHDOWKRXWFRPHV
DQGFRJQLWLYHGHYHORSPHQW:KLOHWKLVVWXG\IRFXVHVRQ
KRXVLQJDIIRUGDELOLW\FRVWVLWLVQRWDVWUHWFKWRVHHKRZ
KRXVLQJTXDOLW\DQGGHVLJQIDFWRUV±IRUH[DPSOHVL]HDQG
OD\RXWRIWKHGZHOOLQJXQLWDQGUHVLGHQWLDOGHYHORSPHQW
GD\OLJKWLQJDFFHVVLELOLW\WKHPDQQHULQZKLFKXQLWVDUH
FOXVWHUHGRQDVLWH±PLJKWUHVXOWLQVLPLODUKHDOWKDQGEH
KDYLRUDORXWFRPHV )XUWKHUFRPSOLFDWLQJWKHPDWWHULVWKHFRPSOH[LW\DQG
7RGDWHHYLGHQFHLQIRUPHGGHVLJQKDVQRWUHDFKHGWKH QRQLQVWLWXWLRQDOQDWXUHRIWKHDIIRUGDEOHKRXVLQJGHVLJQ
DIIRUGDEOHKRXVLQJ¿HOG7KLVLVQRWIRUODFNRIUHOHYDQW
UHVHDUFK 5DWKHU UHVHDUFK LV RIWHQ FRQYH\HG LQ MRXUQDO
DUWLFOHV DQG UHSRUWV WKDW DUH ZULWWHQ IRU UHVHDUFKHUV QRW
IRUGHVLJQHUV$QGDUFKLWHFWVKDYHOLWWOHWLPHWR³WUDQVODWH´
WKHVHRUWRVWD\DEUHDVWRIFXUUHQWUHVHDUFK)XUWKHU¿QG
LQJJHUPDQHUHVHDUFKPD\UHTXLUHRQHWRFXOOWKURXJKVHY
HUDOGDWDEDVHVDQGLUUHOHYDQWDUWLFOHVDQGWKHQVWLOOEHOHIW
ZLWKTXHVWLRQVRQKRZ WRGHWHUPLQHWKHULJRUDQGTXDO
LW\ RI WKH UHVHDUFK :KLOH PDQ\ DIIRUGDEOH KRXVLQJ GH
YHORSHUVDQGGHVLJQHUVZLVKWRPDNHLQIRUPHGGHFLVLRQV
EDVHGRQYDOLGUHOHYDQWHYLGHQFHWKH\PD\EHVW\PLHGLQ
WKHLUHIIRUWVWR¿QGV\QWKHVL]HGZHOOJURXQGHGDQGFRQ
FLVHDFFRXQWVWKDWDUHWDUJHWHGWRLVVXHVDQGTXHVWLRQVRI
WKHLUFRQFHUQ7KHUHDUHJRRGVROLG³GDWDEDVHV´RIKRXV
LQJUHOHYDQWUHVHDUFKUHSRUWVH[DPSOHVLQFOXGH.QRZO
SUDFWLFH$+'3ZKLFKHQFRPSDVVHVDOOWKRVHSDUWLFLSDW
LQJLQWKHGHVLJQDQGGHYHORSPHQWRIDIIRUGDEOHKRXVLQJ
ZKHWKHUWKH\EHLQWKHDUFKLWHFW¶VRUGHYHORSHU¶VRI¿FH
WKH6WDWH+RXVHRU:KLWH+RXVHRQWKHSODQQLQJERDUG
RUDVDFRPPXQLW\RUJDQL]HU'LIIHUHQWFRQVWLWXHQWVDUH
FRQIURQWHGZLWKGLIIHUHQWGLOHPPDVDQGDQHYLGHQFHLQ
IRUPHG$+'3WREHFRPSUHKHQVLYHDQGHIIHFWLYHPXVW
DGGUHVVWKLVGLYHUVLW\
<HWWKHUHDUHFKDOOHQJHVDOOWKHVHFRQVWLWXHQWVIDFHLQ
LPSOHPHQWLQJHYLGHQFHLQIRUPHGDIIRUGDEOHKRXVLQJGH
VLJQ$OO RSHUDWH LQ DUHQDV ZKHUH WLPH LV WLJKW DQG UH
VSRQVHV PXVW EH TXLFN 3ODQQHUV DQG JRYHUQPHQW VWDII
RI¿FLDOVPD\KDYHPRUHOX[XU\RIWLPHZKHQHVWDEOLVK
LQJ RU UHYLVLQJ ORQJWHUP SROLF\ DQG UHJXODWLRQV EXW
HYHQDPRQJWKHVHFRQVWLWXHQWVVXFFLQFWYLVXDOFRPSHO
HGJH3OH[ KWWSZZZNQRZOHGJHSOH[RUJ &DOLIRUQLD¶V OLQJDQGUHOHYDQWHYLGHQFHLVXVHIXOZKHQWU\LQJWRH[
+RXVLQJDQG&RPPXQLW\'HYHORSPHQWKWWSZZZKFG SHGLWLRXVO\FRQYH\WKHLPSRUWDQFHRIWKHSROLF\GHYHORS
FDJRYKSGELEOLRKWPODQGWKRVHZLWKLQ+8'¶V2I¿FH PHQW WR KDUULHG SXEOLF RI¿FLDOV 7RGD\ ZLWK HOHFWURQLF
RI3ROLF\'HYHORSPHQWDQG5HVHDUFKHJ3$7+5HJXOD UHVRXUFHVPXFKPRUHDFFHVVLEOHDQGXVHUIULHQGO\V\Q
WRU\%DUULHUV&OHDULQJKRXVH<HWWKHVHGDWDEDVHVFRQVLVW WKHVL]HGDQGUHOHYDQWUHVHDUFKHYLGHQFHFDQEHH[SUHVVHG
RIUHSRUWVZLWKPLQLPDODWWHPSWDWV\QWKHVLVRIUHVHDUFK DQGWUDQVPLWWHGLQYLVXDODQGFRQFLVHIRUPDWVWKDWFDQEH
DFURVVUHSRUWV UHWULHYHGTXLFNO\


 6KHUU\$KUHQW]HQ

5HVHDUFK6\QWKHVLV56DVD6WUDWHJ\
7RZDUGV 'HYHORSLQJ $FWLRQDEOH .QRZO
HGJH
2QFHFRQYLQFHGRILWVYDOXHKRZFRXOGZHFUHDWHSURG
XFWV DQG SURFHVVHV WKDW WDQJLEO\ VXSSRUW HYLGHQFHLQ
IRUPHG GHVLJQ SUDFWLFHV ZLWKLQ WKH $'+3" ,Q SURYLG
LQJ D KLVWRULFDO FRQWH[W RI KRXVLQJ UHVHDUFK GXULQJ WKH
0DFDUWKXU)RXQGDWLRQ¶VDQQRXQFHPHQWRIWKHLUQHZ
PLOOLRQVSRQVRUVKLSRIKRXVLQJUHVHDUFK6DQGUD1HZ
PDQRI-RKQV+RSNLQV¶,QVWLWXWHIRU3ROLF\6WXGLHVQRWHG
WKDW ZH NQRZ D WUHPHQGRXV DPRXQW DERXW KRXVLQJ LQ
WHUPVRIEULFNVDQGPRUWDULVVXHVFRQVWUXFWLRQEXLOGLQJ
   7KH 6WDUGXVW &HQWHU IRU $IIRUGDEOH +RPHV DQG WKH
)DPLO\LVDQHZFRPPXQLW\GHVLJQDQGUHVHDUFKFHQWHU
DW$UL]RQD6WDWH8QLYHUVLW\ZKRVHPLVVLRQLVWRVHUYHWKH
QHHGVRIRUJDQL]DWLRQVQHLJKERUKRRGVDQGSURIHVVLRQDOV
LQFUHDWLQJTXDOLW\KRPHVLQYLEUDQWVXVWDLQDEOHFRPPX
QLWLHV &XUUHQWO\ WKH &HQWHU LV GHYHORSLQJ DQ DFFHVVLEOH
ZHEEDVHG VWUDWHJ\ WR KHOS IRVWHU HYLGHQFHLQIRUPHG
GHVLJQ DPRQJ YDULRXV VWDNHKROGHUV LQYROYHG LQ DIIRUG
DEOHKRXVLQJDQGPL[HGLQFRPHGHYHORSPHQWV,QGRLQJ
VRRQHXQGHUWDNLQJFXUUHQWO\XQGHUZD\LVWKH5HVHDUFK
6\QWKHVLV SURMHFW7KH PHWKRGV DQG SURFHGXUHV IRU WKLV
FRPH IURP KHDOWK FDUH KHDOWK SROLF\ DQG PDQDJHPHQW
SURIHVVLRQV,QWKHVFLHQWL¿FFRPPXQLW\OLWHUDWXUHWUDGL
V\VWHPV ¿QDQFH DQG PDQDJHPHQW ,Q FRPSDULVRQ ZH
NQRZYHU\OLWWOHDERXWWKHUROHKRXVLQJTXDOLW\GHQVLW\
FURZGLQJ DIIRUGDELOLW\ DQG RZQHUVKLS PRGHOV SOD\ LQ
WKH OLYHV RI FKLOGUHQ IDPLOLHV DQG FRPPXQLWLHV$ FXO
WXUDO FKDQJH LQ WKH$'+3 SURIHVVLRQ WKDW ZRXOG YDOXH
HYLGHQFHGLQIRUPHGSUDFWLFHVZRXOGVWULYHWREHWWHUXQ
WLRQDOUHVHDUFKUHYLHZVDUHDVWDQGDUGSUDFWLFHRIVXPPD
UL]LQJ UHVHDUFK<HW WKHVH WUDGLWLRQDO UHYLHZV RIWHQ ODFN
WUDQVSDUHQF\ LQ KRZ WKH UHVHDUFKHUV LGHQWL¿HG DQG FRO
OHFWHGWKHHYLGHQFHWRLQFOXGHLQWKHLUSXEOLFDWLRQV$QG
WKH\ RIWHQ ODFN D XVH RULHQWDWLRQ 0RUH VRSKLVWLFDWHG
WUDQVSDUHQWDQGSUDFWLWLRQHURULHQWHG5HVHDUFK6\QWKH
GHUVWDQGGHVLJQIRUDQGVXEVWDQWLDWHWKHLPSDFWRIKRXV VLV56SUDFWLFHVKDYHEHHQGHYHORSHGDQGUH¿QHGLQ
LQJFRQGLWLRQVDQGGHVLJQIDFWRUVRQRXWFRPHV±LQDGGL WKHODVW\HDUVE\DQXPEHURIRUJDQL]DWLRQVPRVWLQ
WLRQWRVWUXFWXUDOTXDOLW\DQG¿QDQFLDOIHDVLELOLW\±FHQWUDO
WRORQJWHUPHFRQRPLFDQGVRFLDOYDOXHRIWKHUHVLGHQWV
DQGWKHFRPPXQLWLHVZKHUHWKH\OLYHRXWFRPHVVXFKDV
VDIHW\DQGVHFXULW\KHDOWKDQGUHVLOLHQFHVRFLDOFDSLWDO
SULYDF\ OLYDELOLW\ DQG XWLOLW\ DQG HFRQRPLF EHWWHUPHQW
RIKRXVHKROGDQGQHLJKERUKRRG
%XWKRXVLQJUHVHDUFKRQVXFKWRSLFVLVRIWHQFRQYH\HGLQ
MRXUQDODUWLFOHVDQGUHSRUWVWKDWDUHZULWWHQIRUUHVHDUFK
HUVQRWIRUSXEOLFRI¿FLDOVDUFKLWHFWVRUKRXVLQJGHYHORS
HUV3UDFWLWLRQHUVKDYHOLWWOHWLPHWR³WUDQVODWH´WKHVHRUWR
VWD\DEUHDVWRIFXUUHQWUHVHDUFK$QG¿QGLQJUHVHDUFKWDU
JHWHGWRDVSHFL¿FLVVXHPD\UHTXLUHRQHWRFXOOWKURXJK
VHYHUDO GDWDEDVHV DQG LUUHOHYDQW DUWLFOHV :KLOH PDQ\
GHYHORSHUVSXEOLFRI¿FLDOVDQGRWKHUVZLVKWRPDNHLQ
IRUPHGGHFLVLRQVEDVHGRQYDOLGUHOHYDQWHYLGHQFHWKH\
PD\EHKLQGHUHGLQWKHLUHIIRUWVWR¿QGV\QWKHVL]HGZHOO
JURXQGHGDQGFRQFLVHUHSRUWVWKDWDUHWDUJHWHGWRLVVXHV
RIWKHLUFRQFHUQ([LVWLQJKRXVLQJUHVHDUFKZLOOQRWUHDO
L]HLWVSRWHQWLDOXVHLQGHVLJQDQGSODQQLQJSUDFWLFHVLILQ
GLYLGXDOVWXGLHVVLPSO\DFFXPXODWHLQDFDGHPLFMRXUQDOV
(IIRUWV WR VLPSOLI\ GR QRW PHDQ HIIRUWV WR EH VLPSOLVWLF
%ULWDLQ 7KH &RFKUDQH &ROODERUDWLRQ ZDV LQLWLDWHG LQ
WRSUHSDUHDQGPDLQWDLQV\VWHPDWLFUHYLHZVRIUH
VHDUFKLQWRWKHHIIHFWVRIKHDOWKFDUHLQWHUYHQWLRQVDQGWR
PDNHWKLVLQIRUPDWLRQDFFHVVLEOHWRKHDOWKFDUHSUDFWLWLR
QHUV7KH&ROODERUDWLRQKDVJURZQH[SRQHQWLDOO\ZLWK
WKRXVDQGV RI UHVHDUFKHUV DQG QRQUHVHDUFKHUV FRPSOHW
LQJV\VWHPDWLFUHYLHZV,WKDVKDGDSURIRXQGLQÀXHQFH
QRWRQO\RQKHDOWKFDUHGHOLYHU\EXWDOVRRQWKHW\SHRI
UHVHDUFK WKDW LV IXQGHG DQG FRQGXFWHG 1RZ XQGHUZD\
WKH&DPSEHOO&ROODERUDWLRQLVGRLQJWKHVDPHEXWLQWKH
DUHDV RI HGXFDWLRQ MXVWLFH DQG VRFLDO ZHOIDUH ,Q WKH
8QLWHG6WDWHVWKH5REHUW:RRGV-RKQVRQ)RXQGDWLRQLV
SURGXFLQJFRQFLVHEULHIVDQGUHSRUWVWKDWV\QWKHVL]HUH
VHDUFK ¿QGLQJV RQ KHDOWK SROLF\ TXHVWLRQV %ULHI DQG
SROLF\IRFXVHG WKHVH V\QWKHVLV SURMHFWV DUH VWUXFWXUHG
DURXQGSROLF\TXHVWLRQVUDWKHUWKDQUHVHDUFKLVVXHVWKH\
GLVWLOO DQG ZHLJK WKH VWUHQJWK RI UHVHDUFK HYLGHQFH LQ
ULJRURXV DQG REMHFWLYH PDQQHUV DQG WKH\ GUDZ RXW WKH
SROLF\ LPSOLFDWLRQV RI ¿QGLQJV$OVR ZLWK DQ H[WHQVLYH
56 SURJUDP DW WKH 8QLYHUVLW\ RI /RQGRQ WKH (YLGHQFH
IRU3ROLF\DQG3UDFWLFH,QIRUPDWLRQDQG&RFRRUGLQDWLQJ
± EXW UDWKHU GHYHORSLQJ LQQRYDWLYH UHOHYDQW DQG XVHIXO (33,&HQWUHLVGHGLFDWHGWRPDNLQJUHOLDEOHUHVHDUFK
PHWKRGVWRFRQYH\FRPSOH[VHHPLQJO\FRQWUDGLFWRU\UH ¿QGLQJV DERXW KHDOWK HGXFDWLRQ DQG ZHOIDUH DFFHVVLEOH
VHDUFKLQIRUPDWLRQLQDPDQQHUWKDWLVFRPSUHKHQVLEOHVR WRWKHSHRSOHZKRQHHGWKHPZKHWKHUWKH\DUHPDNLQJ
SUDFWLWLRQHUVFDQEXLOGXSRQDQGLQFRUSRUDWH SROLF\SUDFWLFHRUSHUVRQDOGHFLVLRQV


 $FWLRQDEOH.QRZOHGJH$5HVHDUFK6\QWKHVLV3URMHFW)RU$IIRUGDEOH+RXVLQJ'HVLJQ3UDFWLFH

([WUDFW $VVHVV
)LOWHU 'DWD 4XDOLW\RI
6HDUFK 6WXGLHV
6\QWKHVL]H
'RFXPHQW 5HVXOWV
3URFHVV 'HYHORS)$4V
3ROLF\%ULHIV
3DQHO6HWV
4XHVWLRQ

)LJXUH6WHSVLQWKH5HVHDUFK6\QWKHVLV3URWRFRO

3DQHO(VWDEOLVKHV8VH,QVSLUHG5HVHDUFK
4XHVWLRQ

7KH SRVLQJ RI D XVHLQVSLUHG TXHVWLRQ FDQ EH WKH EDVLV

IRU RUJDQL]LQJ DQ HYLGHQFHLQIRUPHG SURFHVV ,QGHHG
SRVLQJRIWKHTXHVWLRQLVWKH¿UVWVWHSLQWKHUHVHDUFKSUR
56LVDFDUHIXOO\FUDIWHGV\VWHPDWLFDQGHIIHFWLYHPHWK
RGRORJ\VWUHVVLQJWUDQVSDUHQF\RISURFHVV,QRXUSURMHFW
ZH FKDUDFWHUL]H 56 DV D UHYLHZ RI D FOHDUO\ IRUPXODWHG
TXHVWLRQ WKDW XVHV V\VWHPDWLF DQG H[SOLFLW PHWKRGV WR
LGHQWLI\VHOHFWDQGFULWLFDOO\DSSUDLVHUHOHYDQWUHVHDUFK
DQGWRFROOHFWDQGDQDO\]HGDWDIURPWKHVWXGLHVWKDWDUH
FHVV&UDIWLQJWKHTXHVWLRQLVIXQGDPHQWDODVLWSURYLGHV
WKHIUDPHZRUNIRUVXEVHTXHQWVWDJHV$SRRUO\FRQFHLYHG
TXHVWLRQFDQOHDGWRORVVRIWLPHDQGHIIRUW$OVRLPSRU
WDQW LV WKH UHOHYDQF\ RI WKH TXHVWLRQ (YLGHQFHEDVHG
UHYLHZV XQOLNH WUDGLWLRQDO DFDGHPLF OLWHUDWXUH UHYLHZV
DUHGULYHQE\DXVHUOHGDJHQGD,QYROYLQJSUDFWLWLRQHUV
DQGSROLF\PDNHUVLQGHYHORSLQJWKLVTXHVWLRQKHOSVHQ
VXUH LWV XVHIXOQHVV DQG UHOHYDQF\ ,Q 6WDUGXVW &HQWHU¶V
56SURMHFWDSDQHORIUHYLHZHUVIURP$+'3±DUFKLWHFWV
ORFDODQGVWDWHKRXVLQJRI¿FLDOVGHYHORSHUVUHDOHVWDWH
VSHFLDOLVWVUHVHDUFKHUVDQGMRXUQDOLVWVZULWLQJDERXWDI
IRUGDEOHKRXVLQJ±IRUPDQDGYLVRU\SDQHOWKDWIRUPXODWHV
DQG SULRULWL]HV TXHVWLRQV WKDW DUH SHUWLQHQW DQG VDOLHQW
LQFOXGHG LQ WKH UHYLHZ 5HVXOWV DUH VXPPDUL]HG LQ D DQGIRUZKLFKWKHUHKDVEHHQVRPHUHVHDUFKFRQGXFWHG
RQHSDJH)$4RULHQWHGRYHUYLHZEWZRWRWKUHHSDJH 7KHSDQHODOVRH[DPLQHVWKHEULHIVDQGWHFKQLFDOUHSRUWV
VXPPDULHV RU EULHIV ZLWK ERWK JUDSKLF DQG QDUUDWLYH VHHVWDJHWRHQVXUHWKHLUTXDOLW\DSSOLFDELOLW\DQGODQ
GHVFULSWLRQDQGFDWHFKQLFDOUHSRUWWKDWSURYLGHVPRUH
GHWDLORIWKHSURFHVVDQGLQGLYLGXDOVWXGLHVWKDWIRUPWKH
EDVLVRIWKHV\QWKHVLV2XUDSSURDFKLVGHULYHGIURPWKH
SURFHVVHVRIWKHVRXUFHVPHQWLRQHGDERYHDVZHOODVWKRVH
LQPDQDJHPHQWSUDFWLFHV2XUSURFHVVFRQVLVWVRIHLJKW
JXDJH+LJKSULRULW\UHVHDUFKTXHVWLRQVLGHQWL¿HGDWWKLV
WLPHDUHOLVWHGLQ)LJXUH
7KH¿UVWRQHEHLQJXQGHUWDNHQLVWKH¿UVWOLVWHGLQ
)LJXUHXQGHUZKDWFRQGLWLRQVGRHVDIIRUGDEOHKRXVLQJ
LPSDFWVXUURXQGLQJSURSHUW\YDOXHVUHIHUUHGKHUHDIWHU
VWHSVGHVFULEHGEHORZDQGRXWOLQHGLQ)LJXUH DVWKH39LVVXH


 6KHUU\$KUHQW]HQ

8QGHUZKDWFRQGLWLRQVGRHVDIIRUGDEOHKRXVLQJLPSDFWSRVLWLYHO\RUQHJDWLYHO\VXUURXQGLQJSURSHUW\YDOXHV"

:KDWW\SHRILQFOXVLRQDU\]RQLQJSROLFLHVDQGZLWKLQSDUWLFXODUHFRQRPLFDQGKRXVLQJFRQWH[WVUHVXOWLQ
VLJQL¿FDQWLQFUHDVHVLQDIIRUGDEOHKRXVLQJXQLWVIRUKRXVHKROGVZRUNLQJLQWKHDUHD"

:KDWDVSHFWVRIKRXVLQJTXDOLW\DQGGHVLJQLPSDFWFKLOGUHQ¶VKHDOWKDQGGHYHORSPHQW"

:KDWDVSHFWVRIDIIRUGDEOHKRXVLQJLPSDFWFKLOGUHQ¶VHGXFDWLRQDOSHUIRUPDQFH"

8QGHUZKDWFRQGLWLRQVHJVRFLRHFRQRPLFVLWHEXLOGLQJDQGXQLWGHVLJQFXOWXUDOGRHVKLJKHUGHQVLW\

DIIRUGDEOHKRXVLQJDIIHFWFULPHDQGVDIHW\"

:KDWDVSHFWVRIKRXVLQJTXDOLW\DQGGHVLJQLPSDFWQHJDWLYHO\SRVLWLYHO\KRXVHKROGVWUHVV"

:KDWDUHWKHPRVWVXFFHVVIXOUDWLRVRIPDUNHWWRDIIRUGDEOHXQLWVLQDPL[HGLQFRPHGHYHORSPHQW0,'WKDW

UHVXOWLQSRVLWLYHVRFLDOLQWHUDFWLRQDQGVHQVHRIFRPPXQLW\":KDWLPSRUWDQWVLWHGHVLJQDQGHTXLSPHQWHJ
SOD\JURXQGIHDWXUHVLQ0,'UHVXOWLQSRVLWLYHVRFLDOLQWHUDFWLRQDQGVHQVHRIFRPPXQLW\"

:KDWDUHWKHFRVWVDQGEHQH¿WVWRUHVLGHQWVWRQHLJKERUKRRGVWRFRPPXQLW\RIDFFHVVRU\XQLWV"
)LJXUH3RWHQWLDO5HVHDUFK4XHVWLRQVIRU5HVHDUFK6\QWKHVLV
'RFXPHQWWKH3URFHVV
7KHPHWKRGVIRUWKHV\VWHPDWLFUHYLHZDUHPDGHH[SOLFLW
LQDSURWRFROZLWKDFOHDUGHVFULSWLRQRIWKHSURFHVVHV
WDEOLVKLQJUHVHDUFKTXHVWLRQFRPSUHKHQVLYHVHDUFKDQG
UHWULHYDO RI WKH UHOHYDQW UHVHDUFK GDWD H[WUDFWLRQ DQG
TXDOLW\DVVHVVPHQWRIWKHSULPDU\VWXGLHV7UDQVSDUHQF\
RIWKHSURFHVVQRWRQO\HQVXUHVWKDWXVHUVRIWKHUHYLHZ
FDQTXHVWLRQWKHGHFLVLRQVDQGMXGJPHQWVPDGHE\WKHUH
YLHZHUVEXWDOVRHQFRXUDJHVFULWLFDOVHOIUHÀHFWLRQ:KLOH
QRVHWRISURFHGXUDOFDQRQVFDQPDNHWKHUHYLHZSURFHVV
LPPXQHWRWKHUHYLHZHUV¶ELDVHVZKDWFDQEHGRQHLVWR
UHTXLUHWKDWUHYLHZHUVPDNHWKHLUSURFHGXUHVH[SOLFLWDQG
RSHQVRWKDWUHDGHUVFDQMXGJHIRUWKHPVHOYHVWKHDSSUR
SULDWHQHVVRIWKHSURFHVVIRUWKHLUSXUSRVHV

&RPSUHKHQVLYH6HDUFKIRU5HVHDUFK6WXGLHV
7KH VHDUFK QHHGV WR EH FRPSUHKHQVLYH DQG V\VWHPDWLF
\HWVWLOOWDUJHWHGWRDQVZHULQJWKHUHYLHZTXHVWLRQ$V\V
WHPDWLFVHDUFKEHJLQVZLWKWKHLGHQWL¿FDWLRQRINH\ZRUGV
DQGVHDUFKWHUPVWKDWDUHGHULYHGIURPWKHOLWHUDWXUHDQG
GLVFXVVLRQV ZLWKLQ WKH DGYLVRU\ SDQHO (OHFWURQLF GDWD
EDVHVHDUFKLQJLVHVVHQWLDOEXWQRWWKHRQO\VRXUFH$OVR
GRQHLVKDQGVHDUFKLQJRIMRXUQDOVDQGFRQIHUHQFHSUR
FHHGLQJVVHDUFKLQJRIUHOHYDQWZHEVLWHVLQWHUQHWVHDUFK
HQJLQHVHDUFKLQJDQGSHUVRQDOFRQWDFWV5HYLHZHUVNHHS
DµVHDUFKORJ¶WRUHFRUGWKHGHWDLORIZKLFKGDWDEDVHVDQG
VRXUFHVZHUHVHDUFKHGDVZHOODVVHDUFKWHUPVXVHG7KH
VHDUFKVWUDWHJ\VKRXOGEHUHSRUWHGLQGHWDLOVXI¿FLHQWWR
HQVXUHWKDWWKHVHDUFKFRXOGEHUHSOLFDWHG7KHRXWSXWRI
WKHLQIRUPDWLRQLVDIXOOOLVWLQJRIDUWLFOHVUHSRUWVERRNV
DQGRWKHUUHVHDUFKGRFXPHQWV
)RUWKH39LVVXHDWRWDORIVWXGLHVDUWLFOHVDQGUH
SRUWVZHUHLGHQWL¿HG
 $FWLRQDEOH.QRZOHGJH$5HVHDUFK6\QWKHVLV3URMHFW)RU$IIRUGDEOH+RXVLQJ'HVLJQ3UDFWLFH

([FOXGHG
3XEOLVKHGEHIRUHRIWKH
'RHVQRWUHÀHFWSULPDU\UHVHDUFKVWXG\RIOLWHUDWXUHUHYLHZHJQHZVSDSHUDFFRXQWRIDUHVHUDFKUHSRUW
 DQQRWDWHGELEOLRJUDSK\

([FOXGHGIURP6\QWKHVLVEXW5HWDLQHGIRU2WKHU3XUSRVHV
)RUODWHUUHIHUHQFHFKHFNRIV\QWKHVL]HGUHVXOWV
2IVSHFLDOL]HGKRXVLQJW\SHVPD\EHUHOHYDQWWRDIXWXUHUHVHDUFKTXHVWLRQRUVXETXHVWLRQHJQXUVLQJ
 KRPHVWUDLOHUSDUNVVXSSRUWLYHKRXVLQJIRUVSHFLDOSRSXODWLRQVPL[HGLQFRPH

,QFOXGHGIRU6\QWKHVLVRIWKH
3XEOLVKHGLQRUODWHU
3ULPDU\UHVHDUFKDUWLFOHUHSRUW
$IIRUGDEOHKRXVLQJFKDUDFWHUL]HGDVHLWKHUSXEOLFKRXVLQJWD[FUHGLWUHQWDOGHYHORSPHQWDIIRUGDEOHKRXVLQJ
 IHGHUDOO\DVVLVWHGKRXVLQJORZLQFRPHKRXVLQJVXEVLGL]HGRUQRQVXEVLGL]HG
&DQLQFOXGHQHZGHYHORSPHQWVUHKDEVRIH[LVWLQJGHYHORSPHQWV
6WXG\QHHGVWRH[DPLQHDWOHDVWRQHRIWKHIROORZLQJVDOHVSULFHDSSUDLVHGSULFHRURWKHUSURSHUW\YDOXH
 LQIRUPDWLRQRIVXUURXQGLQJSURSHUW\

)LJXUH,QFOXVLRQDQG([FOXVLRQ&ULWHULDIRU39,VVXH

'DWD([WUDFWLRQ

)LOWHULQJ6WXGLHV8VLQJ(OLJLELOLW\&ULWHULD $W WKH GDWD H[WUDFWLRQ VWDJH UHVXOWV DQG GHWDLOV RI
LQGLYLGXDOVWXGLHVDUHH[WUDFWHGDQGVWRUHGLQRQHSODFH
6HDUFKHV PD\ UHVXOW LQ D YHU\ ODUJH QXPEHU RI VWXGLHV (DFKVWXG\LVVFUXWLQL]HGV\VWHPDWLFDOO\XVLQJWKHVDPH
(DFK VWXG\ QHHGV WR EH FRPSDUHG DJDLQVW LQFOXVLRQ DQG VHWRISUHGHWHUPLQHGFDWHJRULHV7KHVHFRQWDLQJHQHUDO
H[FOXVLRQFULWHULD7REHLQFOXGHGLQWKHUHYLHZDVWXG\ UHIHUHQFHLQIRUPDWLRQWLWOHDXWKRUSXEOLFDWLRQFLWDWLRQ
QHHGV WR PHHW DOO LQFOXVLRQ FULWHULD DQG QRW PHHW DQ\ DQG GHWDLOV RI UHVHDUFK LQWHQW RU K\SRWKHVHV UHVHDUFK
H[FOXVLRQFULWHULD7KHPRVWLPSRUWDQWLQFOXVLRQFULWHULRQ GHVLJQDSSURDFKDQGPHWKRGVHJVDPSOLQJDQGVDPSOH
LVJHUPDQHQHVVWRWKHUHVHDUFKTXHVWLRQ([FOXGHGVWXGLHV RSHUDWLRQDOL]DWLRQ 7KH H[WUDFWLRQ IRUP  SURYLGHV D
PD\KDYHDYHU\XVHIXOFRQWULEXWLRQWRPDNHHOVHZKHUH± YLVXDOUHSUHVHQWDWLRQRIWKHIRUPXODWHGUHYLHZTXHVWLRQ
D UHIHUHQFH FKHFN RI WKH V\QWKHVL]HG UHVXOWV HJ LI WKH DQGWKHSODQQHGDVVHVVPHQWRIWKHLQFRUSRUDWHGVWXGLHV
DUWLFOHLVDQDFDGHPLFOLWHUDWXUHUHYLHZDVDVRXUFHIRU DFWVDVDKLVWRULFDOUHFRUGRIWKHGHFLVLRQVPDGHGXULQJ
DGGLWLRQDO UHVHDUFK VWXGLHV RU DV DQ LQGLFDWRU RI D QHZ WKH SURFHVV DQG  EHFRPHV WKH GDWD UHSRVLWRU\ IURP
UHVHDUFKTXHVWLRQ ZKLFKWKHDQDO\VLVZLOOHPHUJH2QFHH[WUDFWHGGDWDDUH
)LJXUHRXWOLQHVWKHGLIIHUHQWHOLJLELOLW\FULWHULDIRUWKH RUGHUHGLQRQHSODFHLWEHFRPHVHDVLHUWRV\QWKHVL]HWKH
39SURMHFWVSHFLI\LQJWKHQXPEHURIDUWLFOHVIRULQFOXVLRQ ZKROHDVZHOODVWRHQDEOHUHYLHZHUVWRDVVHVVWKHTXDOLW\
H[FOXVLRQRUODWHUUHIHUHQFH DQGUHOHYDQFHRIWKHLQGLYLGXDOVWXGLHVVHHQH[WVWHS


 6KHUU\$KUHQW]HQ

0HWKRGRORJLFDO4XDOLW\DQG,QWHUJULW\YDOLGLW\WUXVWZRUWKLQHVVRULQWHJULW\LHWKHH[WHQWWRZKLFKWKHPHWKRGV
RIWKHVWXG\KLJKTXDOLW\VWDQGDUGVRIWKHUHVHDUFKGHVLJQDSSURDFK

0HWKRGRORJLFDO5HOHYDQFHDSSURSULDWHQHVVRIWKHXVHRIWKHVWXG\UHVHDUFKGHVLJQIRUDGGUHVVLQJWKH56¶V
UHVHDUFKTXHVWLRQ

7RSLF5HOHYDQFHDSSURSLDWHQHVVRIIRFXVDQGVFRSHRIWKHUHVHDUFKFRQVWUXFWVDQGYDULDEOHVIRUDQVZHULQJWKH

UHVHDUFKTXHVWLRQ

6DPSOH5HOHYDQFHH[WHQWWRZKLFKVWXG\VDPSOHVDUHUHSUHVHQWDWLYHRIVSHFLDOL]HGSRSXODWLRQVHJRISHRSOH
VHWWLQJVKRXVHW\SHVJHRJUDSKLFDUHDVRURIPRUHLQFOXVLYHSRSXODWLRQFKDUDFWHULVWLFV

)LJXUH$VVHVVPHQW&ULWHULD

4XDOLW\$VVHVVPHQW
$IWHU H[WUDFWLQJ GDWD IURP WKHVH VWXGLHV DQ DVVHVVPHQW
RIWKHTXDOLW\DQGUHOHYDQFHRIWKHUHVHDUFKVWXGLHVDQG
¿QGLQJVLVPDGH0HWKRGRORJLFDODGHTXDF\LVHYDOXDWHG
$VVKRZQLQ)LJXUHWKH¿UVWWZRFULWHULDDVVHVVWKH
PHWKRGRORJ\ RI WKH VWXG\ 7KH ¿UVW±0HWKRGRORJLFDO
4XDOLW\DQG,QWHJULW\±UHVSRQGVWRWKHGHJUHHRIVRXQGQHVV
DQG LQWHJULW\ RI WKH VWXG\¶V PHWKRGRORJ\ LQ PDQDJLQJ
VXEMHFWLYLWLHV PLQLPL]LQJ ELDVHV DQG FRQIRXQGLQJ
IDFWRUV GRFXPHQWLQJ YHUL¿DEOH DQG V\VWHPDWLF
SULPDULO\ RQ WKH EDVLV RI WKH H[WHQW WR ZKLFK WKH VWXG\
GHVLJQ DQG PHWKRGV PLQLPL]H ELDV DQG FRQIRXQGLQJ
IDFWRUV DQG H[SODQDWLRQV ,Q GLVFLSOLQHV ZLWK D VWURQJ
VFLHQWL¿F WUDGLWLRQ VXFK DV PHGLFLQH KLHUDUFKLHV RI
HYLGHQFH IRU HVWDEOLVKLQJ VXFK YDOLGLW\ RI VWXGLHV DQG
PLQLPL]LQJ SRWHQWLDO ELDV DQG FRQIRXQGLQJ IDFWRUV DUH
UHODWLYHO\VWUDLJKWIRUZDUGIROORZLQJDVWDQGDUGVFLHQWL¿F
KLHUDUFK\%XWLQ¿HOGVVXFKDV$+'3ZKLFKHQFRPSDVV
PXOWLSOHUHVHDUFKGLVFLSOLQHVWKHUHDUHPXOWLSOHFULWHULDRQ
ZKLFKWRDVVHVVWKHTXDOLW\DQGLQWHJULW\RIUHVHDUFKVWXGLHV
IROORZLQJGLIIHUHQWSDUDGLJPVDQGUHVHDUFKDSSURDFKHV
SURFHGXUHV HJ 7KH VHFRQG FULWHULRQ±0HWKRGRORJLFDO
5HOHYDQFH±UHVSRQGVWRWKHH[WHQWWRZKLFKWKHUHVHDUFK
GHVLJQDSSURDFKLVDSSURSULDWHIRUDQVZHULQJWKHUHYLHZ
TXHVWLRQ)RUH[DPSOHTXDOLWDWLYHREVHUYDWLRQDOVWXGLHV
PD\QRWEHDSSURSULDWHIRUDVVHVVLQJSURSHUW\YDOXHVD
TXDQWL¿DEO\GH¿QHGPHWULF
6\QWKHVLV
2QFH KLJK TXDOLW\ VWXGLHV KDYH EHHQ LGHQWL¿HG IURP
7KH&HQWUHIRU5HYLHZVDQG'LVVHPLQDWLRQ&5'DWWKH WKH TXDOLW\ DVVHVVPHQW V\QWKHVLV EULQJV WRJHWKHU
8QLYHUVLW\RI<RUNZKLFKKDVEHHQXQGHUWDNLQJH[WHQVLYH VXPPDUL]HVDQGZHLJKVWKH¿QGLQJVRIWKHVHVWXGLHVVR
UHVHDUFK V\QWKHVLV VLQFH  HVWDEOLVKHV VHSDUDWH WKDWFRQFOXVLRQVRIWKHUHYLHZDUHEDVHGXSRQWKHVWXGLHV
DVVHVVPHQW FULWHULD IRU GLIIHUHQW UHVHDUFK GHVLJQV RU DV D ZKROH ,Q WKH V\QWKHVLV FRQFOXVLRQV DUH TXDOL¿HG
DSSURDFKHVH[SHULPHQWDOVWXGLHVREVHUYDWLRQDOVWXGLHV E\WKHOLPLWDWLRQVRIWKHVWXGLHVFRQGXFWHGWRGDWHHJ
TXDOLWDWLYHUHVHDUFKDQGHFRQRPLFHYDOXDWLRQV2XU56 UHVHDUFKVHWWLQJVPD\WHQGWROLHLQFHUWDLQUHJLRQDODUHDV
SURWRFRO VLPLODUO\ IROORZV WKLV UHVHDUFK GHVLJQVSHFL¿F RULQXUEDQFRQGLWLRQVDQGQRWUXUDORQHVKHQFHDSSOLFDEOH
DVVHVVPHQWRIIRXUFRPPRQFULWHULD WRRQO\FHUWDLQSRSXODWLRQV


 $FWLRQDEOH.QRZOHGJH$5HVHDUFK6\QWKHVLV3URMHFW)RU$IIRUGDEOH+RXVLQJ'HVLJQ3UDFWLFH

)LJXUH)$4,QWURGXFWLRQ3DJHIURP2QHRI(33,¶V563URMHFWV
5HSRUWLQJ
1R ULJLG IRUPXOD IRU SUHVHQWLQJ 56 LV SUHVFULEHG DV
IRUPDWVPXVWEHDGDSWHGWRWKHUHVHDUFKEHLQJUHYLHZHG
DQG WKH SUDFWLWLRQHUV LW LV WDUJHWHG WRZDUGV :KDW ZH
SURSRVH IROORZV WKH VWUXFWXUH RI (33,¶V PXOWLVWDJH
UHSRUWVDRQHSDJHVXPPDU\WKDWLVIRUPDWWHGWRUHÀHFW
&KDOOHQJHV &RQFOXVLRQV
&OHDUO\ WKHUH DUH FKDOOHQJHV DKHDG 2QH WKDW DULVHV LV
KRZWRWXUQWKHVH56EULHIVDQGUHSRUWVLQWRFRPSRQHQWV
RISUDFWLFHQRWGLPLQLVKLQJWKHLPSRUWDQFHRISHUVRQDO
H[SHULHQFHDQGSUREOHPVROYLQJVNLOOVEXWVWLOOYDOXLQJ
DQG LQFRUSRUDWLQJ UHVHDUFK HYLGHQFH DQG DFWLRQDEOH
NQRZOHGJH LQ WKHLU RZQ ULJKW (QFRXUDJLQJ D ODUJHU
QXPEHURISUDFWLWLRQHUVWRVHWVSHFL¿FTXHVWLRQVIRUUHYLHZ
DQGWRHQJDJHLQWKHSURFHVVPD\KHOSLQGHYHORSLQJD
PRUHDSSURSULDWHFRQWH[WIRUXVH
)$4V IUHTXHQWO\ DVNHG TXHVWLRQV D VKRUW  SDJHV
SROLF\EULHIZKLFKVXPPDUL]HVWKH¿QGLQJVDQGFRQWH[W
RIWKHUHYLHZDQG¿QDOO\DWHFKQLFDOUHSRUWWKDWSURYLGHV
GRFXPHQWDWLRQRISURFHVVDQGPRUHGHWDLOHGGHVFULSWLRQ
RILQGLYLGXDOVWXGLHVDQGHYDOXDWLRQRIWKHP$OLVWLQJRI
WKH LQFOXGHG VWXGLHV LV LQFOXGHG LQ WKH WHFKQLFDO UHSRUW
7KHVHDUHWREHZHEDFFHVVHGUHSRUWV6LQFHWKHUHYLVHG
6WDUGXVW &HQWHU ZHE VLWH ZLOO QRW EH DYDLODEOH XQWLO ODWH
-XQHRUHDUO\-XO\DQH[DPSOHRIDRQHSDJH)$4IURP
(33,LVVKRZQEHORZLQGLFDWLQJWKHW\SHRIIRUPDWWLQJ
ZHZLOOXVH

   7RGD\¶V HYLGHQFHEDVHG GHVLJQ SUDFWLFH UHFDOOV
HIIRUWVRIWKHVDQGVWRLQWHJUDWHUHVHDUFKDQG
GHVLJQ 7KRVH HIIRUWV ZKLFK FRQWLQXH WRGD\ KDYH QRZ
WDNHQ RQ QHZ PDWXULW\ ZLWKLQ WKH KHDOWKFDUH GHVLJQ
¿HOGLQSDUWEHFDXVHRIWKHJURZLQJVRSKLVWLFDWLRQDQG
PDWXULW\RIWKHUHVHDUFKDVZHOODVDQLQIRUPHGFOLHQWHOH
VHHNLQJ VXEVWDQWLYH HYLGHQFH IRU GHFLVLRQ PDNLQJ WKDW
ZLOO SURGXFH EHWWHU EXLOGLQJ RXWFRPHV 7KH 56 SURMHFW
SUHVHQWHGKHUHLVRQO\RQHVPDOOVWHSWRZDUGVIRVWHULQJ
DQG HQKDQFLQJ DQ HYLGHQFHLQIRUPDQW GHVLJQ FXOWXUH
ZLWKLQ$'+3
 6KHUU\$KUHQW]HQ
1RWHV

7KHUHDUHPDQ\GH¿QLWLRQVRIDFWLRQUHVHDUFK7KHW\SH,UHIHUWR
KHUHUHÀHFWV³DUHVHDUFKVWUDWHJ\WKDWSXUVXHVDFWLRQDQGNQRZOHGJH
LQDQLQWHJUDWHGIDVKLRQWKURXJKDF\FOLFDODQGSDUWLFLSDWRU\SURFHVV
,QDFWLRQUHVHDUFKSURFHVVRXWFRPHDQGDSSOLFDWLRQDUHLQH[WULFDEO\
OLQNHG´,WDGGUHVVHVSUDFWLFDOSUREOHPVJHQHUDWHVNQRZOHGJHHQDFWV
FKDQJHLVSDUWLFLSDWRU\DQGUHOLHVRQDF\FOLFDOSURFHVV6HH2¶/HDU\
6HHQRWHDERYH

,XVHWKHWHUP³HYLGHQFHLQIRUPHG´UDWKHUWKDQWKHPRUHFRPPRQ
WHUP³HYLGHQFHEDVHG´XVHGLQWKHKHDOWKSURIHVVLRQDO¿HOGVWRVWUHVV
WKDWZLWKLQDIIRUGDEOHKRXVLQJSUDFWLFHDQGDUFKLWHFWXUHLQJHQHUDO
UHVHDUFKHYLGHQFHDORQHLVLQVXI¿FLHQWDQGLQFRPSOHWHWKDWLWUHÀHFWV
RQO\RQHEDVLVIRUGHFLVLRQPDNLQJDOEHLWDQHVVHQWLDORQH
=(VVHQWLDO*XLGHWR'RLQJ5HVHDUFK7KRXVDQG2DNV6DJH 

 =ORWQLN-/ *DODPERV&1RYHPEHU(YLGHQFHEDVHG
SUDFWLFHVLQKHDOWKFDUH6RFLDOZRUNSRVVLELOLWLHV(GLWRULDO+HDOWK

([FHSWLRQLVLQWKH8.PRVWQRWDEO\WKHZRUNGRQHE\&$%( DQG6RFLDO:RUNKWWSVWDJLQJNQRZOHGJHSOH[RUJQHZVKWPO
&RPPLVVLRQIRU$UFKLWHFWXUHDQGWKH%XLOW(QYLURQPHQW6HHIRU

H[DPSOH&$%(7KH9DOXHRI+RXVLQJ'HVLJQDQG/D\RXW 6DFNHWW'/5RVHQEHUJ:0&*UD\-$0+D\QHV%5 
/RQGRQ&RPPLVVLRQIRU$UFKLWHFWXUHDQGWKH%XLOW(QYLURQPHQWDQG 5LFKDUGVRQ:6-DQXDU\(YLGHQFHEDVHGPHGLFLQH:KDWLWLV
&$%(+RXVLQJ$XGLW$VVHVVLQJWKH'HVLJQ4XDOLW\RI1HZ
+RXVLQJLQWKH(DVW0LGODQGV:HVW0LGODQGVDQGWKH6RXWK:HVW
/RQGRQ&RPPLVVLRQIRU$UFKLWHFWXUHDQGWKH%XLOW(QYLURQPHQW

DQGZKDWLWLVQ¶W%ULWLVK0HGLFDO-RXUQDOKWWSEPMEPMMRXUQDOV
FRPFJLFRQWHQWIXOO"HDI5

)RUH[DPSOHVHHKWWSZZZKHDOWKGHVLJQRUJ
:ROPDQ++LOO(: )XUGHOO.(YDOXDWLQJWKHVXFFHVV

RIXUEDQVXFFHVVVWRULHV,VUHSXWDWLRQDJXLGHWREHVWSUDFWLFH" +DPLOWRQ'.1RYHPEHU7KHIRXUOHYHOVRIHYLGHQFH
+RXVLQJ3ROLF\'HEDWH EDVHGSUDFWLFH+HDOWKFDUH'HVLJQ0DJD]LQHKWWSZZZ
KHDOWKFDUHGHVLJQPDJD]LQHFRP3DVWB,VVXHVKWP",' 

$UJ\ULV&7HDFKLQJVPDUWSHRSOHKRZWROHDUQ+DUYDUG

%XVLQHVV5HYLHZS ,ELG

 
*U¡QKDXJ.,VPDUNHWLQJNQRZOHGJHXVHIXO"(XURSHDQ +DPLOWRQDOVRZDUQVRI³OHYHO]HURSUDFWLWLRQHUV´WKRVHZKR
-RXUQDORI0DUNHWLQJ DFNQRZOHGJHWKDWWKHUHLVUHVHDUFKWKDWGHPRQVWUDWHVWKDWWKHGHVLJQHG
HQYLURQPHQWKDVDQHIIHFWRQSHRSOH%XWWKH\FXWFRUQHUV7KH\WDNH

'LPHQWR-)0XFKDGRDERXWHQYLURQPHQWDOVWUHVVRU DVLQJOHUHVHDUFKDUWLFOHRUFRQIHUHQFHSUHVHQWDWLRQPDNHDSHUVRQDO
UHVHDUFK3ROLF\LPSOLFDWLRQV,Q*:(YDQVHG(QYLURQPHQWDO LQWHUSUHWDWLRQWKDW¿WVWKHLUGHVLJQELDVDQGFODLPWKHVXEVHTXHQW
6WUHVV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV GHVLJQLVHYLGHQFHEDVHG7KH\UDUHO\UHDGWKHRULJLQDOUHVHDUFKGR
QRWXQGHUVWDQGKRZWRGUDZYDOLGLQIHUHQFHVIURPQDUURZDQGSUHFLVH

*LGGHQV$,Q'HIHQVHRI6RFLRORJ\&DPEULGJH3ROLF\ VWXGLHVDQGPLVDSSO\LPSRUWDQWSULQFLSOHV
3UHVV

,ELG

-DFREV-7KH'HDWKDQG/LIHDQG*UHDW$PHULFDQ&LWLHV

1HZ<RUN5DQGRP+RXVH 6HHQRWHDERYH


 $FWLRQDEOH.QRZOHGJH$5HVHDUFK6\QWKHVLV3URMHFW)RU$IIRUGDEOH+RXVLQJ'HVLJQ3UDFWLFH


0XFKRIWKLVGLDJUDP¶VGHOLQHDWLRQLVGHULYHGEXWH[SDQGHGIURP
WKDWRIWKH5REHUW:RRGV-RKQVRQ)RXQGDWLRQ¶V6\QWKHVLV3URMHFWVHH
QRWHDERYH

 
ZZZKHDOWKGHVLJQRUJUHVHDUFKSHEEOHRYHUYLHZSKS &ODUNH0 2[PDQ$'HGV&RFKUDQH5HYLHZHUV¶
 +DQGERRN>XSGDWHG2FWREHU@2[IRUG7KH&RUFKUDQH

)RUH[DPSOHVHH1REHO/DXUHDWH-DPHV+HFNPDQ¶VFRPSHOOLQJ /LEUDU\
HFRQRPLFPRGHOVDQG52,DUJXPHQWVIRULQYHVWLQJLQHDUO\FKLOGKRRG

OHDUQLQJ+HFNPDQ-- .UXHJHU$%,QHTXDOLW\LQ$PHULFD 'DYLHV+72 1XWOH\607KHULVHDQGULVHRIHYLGHQFH
:KDW5ROHIRU+XPDQ&DSLWDO3ROLFLHV"&DPEULGJH0$0,73UHVV LQKHDOWKFDUH3XEOLF0RQH\ 0DQDJHPHQW

 
+DUNQHVV- 1HZPDQ6-+RXVLQJDIIRUGDELOLW\DQG ZZZ\RUNDFXNLQVWFUG
FKLOGUHQ¶VZHOOEHLQJ(YLGHQFHIURPWKH1DWLRQDO6XUYH\RI$PHULFD¶V

)DPLOLHV+RXVLQJ3ROLF\'HEDWH 'HULYHGLQSDUWIURP(33,VHHQRWHDERYH

 
6HHZHEFDVWRI³+RXVLQJDQG$PHULFD¶V)XWXUH´KHOGDWWKH $QXPEHURIUHIHUHQFHVWKDWLGHQWLI\TXDOLW\LQWHJULW\YDOLGLW\
)XUPDQ&HQWHURQ)HEUXDU\KWWSZZZPDFIRXQGRUJVLWH DVVHVVPHQWVIRUGLIIHUHQWUHVHDUFKGHVLJQDQGDSSURDFKHVWKDWDUH
FON/;-04.U+EN''$IIRUGDEOHB+RXVLQJBB+RXVLQJB XVHGKHUHLQFOXGH%LFNPDQ/ 5RJ'-HGV+DQGERRN
DQGB$PHULFDVB)XWXUHB3DQHOB'LVFXVVLRQKWP RI$SSOLHG6RFLDO5HVHDUFK0HWKRGV7KRXVDQG2DNV&$6DJH
&DPSEHOO'7 6WDQOH\-&([SHULPHQWDODQG4XDVL

6RPHWLPHVDOVRUHIHUUHGWRDV%HVW(YLGHQFH6\QWKHVLV ([SHULPHQWDO'HVLJQVIRU5HVHDUFK1HZ<RUN+RXJKWRQ0LIÀLQ
 &UHVZHOO-:5HVHDUFK'HVLJQ4XDOLWDWLYHDQG4XDQWLWDWLYH

ZZZFRFKUDQHRUJ $SSURDFKHV7KRXVDQG2DNV6DJH*URVRI06 6DUG\+
$5HVHDUFK3ULPHUIRUWKH6RFLDODQG%HKDYLRUDO6FLHQFHV1HZ<RUN

ZZZFDPSEHOOFROODERUDWLRQRUJ $FDGHPLF3UHVV1HXPDQ:/6RFLDO5HVHDUFK0HWKRGV
 4XDOLWDWLYHDQG4XDQWLWDWLYH$SSURDFKHV7KLUGHGLWLRQ%RVWRQ

ZZZUZMIRUJSXEOLFDWLRQVV\QWKHVLVDERXWWKHBSURMHFWLQGH[KWPO $OO\Q %DFRQDQG2¶/HDU\VHHQRWHDERYH:KHQWKHUHYLHZHUV¶
 UDQNLQJVGLIIHUGLVFXVVLRQDQGVXEVHTXHQWUHYLVLRQHQVXHVXQWLO

ZZZHSSLLRHDFXN FRQVHQVXVLVUHDFKHG

 
)RUH[DPSOH7UDQ¿HOG''HQ\HU' 6PDUW37RZDUGV 5HI(33,SDJHHSSLLRHDFXNFPV'HIDXOWDVS["WDELG 
DPHWKRGRORJ\IRUGHYHORSLQJHYLGHQFHLQIRUPHGPDQDJHPHQW

NQRZOHGJHE\PHDQVRIV\VWHPDWLFUHYLHZ%ULWLVK-RXUQDORI )RUH[DPSOH=HLVHO-,QTXLU\E\'HVLJQ&DPEULGJH
0DQDJHPHQW &DPEULGJH8QLYHUVLW\3UHVV