This article addresses the question how philosophy should be evaluated in a research‐grant funding environment. It offers a new conception of philosophy that is inclusive and builds on familiar elements of professional, philosophical practice. Philosophy systematically questions the questions we ask, the concepts we use, and the values we hold. Its product is therefore rarely conclusive but can be embodied in everything we do. This is typical of explorative research and differentiates it from exploitative research, which constitutes the bulk of funded research activity. This article argues that exploratory research is crucial for long‐term progress and requires a distinct evaluative regime.