Even though Research and Development (R&D) is a key driver of economic growth and development, the contribution to R&D as a proportion of Gross National Income (GNI) is less than 1% in developing countries, including Botswana. This suggests that there is limited internally sourced funding for research, making external donors the major source of research funding in most developing economies. This study assessed dynamics in external research funding at the Okavango Research Institute (ORI) since the last 15 years. Data were sourced from project contracts from the institute’s archives. Results revealed that external research funding has had a significant contribution to Botswana’s research strategy. The key research area that received most funding was ecological research, while the International Development Research Centre and the EU were the most dominant research funding organizations at ORI. Donor agencies from only four continents contributed to research funding at ORI while there were none from South America and Australia. Furthermore, there was minimal research funding from multi-lateral and bi-lateral donors of which the Botswana government is a signatory. One key recommendation from this study is that government and academics should forge close partnerships to optimize leveraging of external research funding. This will ultimately drive R&D initiatives in the country, which is pivotal to economic growth and development.