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In three ceremonial addresses and his farewell speech as president of the Austrian Academy of Sciences, Peter Schuster explores the role of scientific academies in the 21st century. He examines Austria's position in the national and international research landscape, highlighting the high costs associated with contemporary research, particularly in the natural sciences, engineering, and medicine. Given the substantial public funding directed towards research, the demand for clear documentation of its achievements is justified. Schuster delves into various quantitative and qualitative approaches to assessing excellence in research, emphasizing that a fair evaluation of scholarly performance relies on the informed opinions of experts within each discipline. In his farewell address, he addresses the unique challenges faced by the Austrian Academy, which serves both as a society of scholars and an active research institution. Drawing from his extensive experience as a scientist, Schuster shares his insights and encourages reflection on how to enhance the Austrian scientific landscape, ensuring it is well-prepared for an increasingly competitive future. This booklet serves as a thought-provoking contribution to the ongoing discussion about the future of scientific research in Austria.