The Austrian Science Fund’s (FWF) 1000 Ideas program was created to support radically novel, high-risk, high-reward (HRHR) basic research that is unlikely to be funded through conventional peer-reviewed schemes. It offers small, time-limited grants to explore bold ideas at an early stage, using double-blind assessment and partial randomization (lottery) to reduce bias and increase tolerance for unconventional proposals. This evaluation was commissioned by FWF and conducted by Technopolis between September 2025 and January 2026. It uses a mixed-methods approach combining surveys of applicants and awardees, qualitative interviews with researchers and decision-makers, program data, and econometric analysis of bibliometric outcomes. The program is benchmarked against FWF’s Principal Investigator (PI) program, which serves as the mainstream model for competitive project funding. The evaluation addresses six core questions: originality and risk, seed-funding effectiveness, differences in outputs, failure, the suitability of the selection process, and whether a standalone program is needed. see also the statement by the Austrian Science Fund (FWF): https://www.doi.org/10.5281/zenodo.20302733