An impact statement is a short document that explains the significance of your research work. Researchers or students often use impact statements to answer questions related to the impact of their research on the current knowledge in that field or socioeconomic/environmental outcome. The impact statement is used to inform and convince different stakeholders. Who are these stakeholders? Stakeholders are often the people in charge of allocating funds—university administrators, grant program facilitators, or government policy makers. Therefore, it justifies why researchers need to further their current research or pursue a new area of interest.