A few tech entrepreneurs and venture capitalists have pledged $10 million to Covid-19 research, seeking to circumvent the tedious grant approval process that academics usually have to witness, Business Insider reported.
The fund commits “Fast Grants of $10,000 to $500,000" that will be awarded to researchers focusing on the areas of Covid-19 treatment and prevention.
From April 12, each application will be accepted or rejected within 48 hours, following which the researchers will be given their payment “as quickly as your university can receive it,” the report said.
The fund is sponsored by Paul Graham, co-founder of Y-Combinator, billionaire entrepreneur siblings John and Patrick Collison, and venture capitalist Reid Hoffman, along with other entrepreneurs and VCs, the report added.
The grants will be issued by George Mason University's Emergent Ventures.
Generally, the process approval of grants for academics is time-consuming and can take up to months and years. But, Fast Grants take into account the speed aspect.
"Science funding mechanisms are too slow in normal times and may be much too slow during the COVID-19 pandemic. Fast Grants are an effort to correct this," the fund's website says.
The fund was inspired by the National Defense Research Committee, an organisation established during World War II that sought to fund emergency scientific research. Between 1940 to 1941, it assigned $6.5 million, or over $120 million when adjusted for inflation, the report added.
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