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'Fast Grants' offer $500K for COVID-19 research, 48 hour turnaround - Business Insider

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A group of tech billionaires is funding ‘fast grants’ of up to $500,000 for COVID-19 research, with every grant decision made in less than 48 hours

"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'sThe fund was inspired by the

, an organization created during World War II that aimed to fund emergency scientific research as quickly as possible. From 1940 to 1941, it allocated $6.5 million, or over $120 million when adjusted for inflation.

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