Results for “fastgrants”
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In Praise of Tyler Cowen and Patrick Collison

Here’s a great video on FastGrants, the fast funding-institution started by Tyler and Patrick Collison to fund COVID research at a speed that could make a difference on the ground. And it did.

Lots of other people stepped in with funding including Arnold Ventures, The Audacious Project, The Chan Zuckerberg Initiative, John Collison, Crankstart, Jack Dorsey, Kim and Scott Farquhar, Paul Graham, Reid Hoffman, Fiona McKean and Tobias Lütke, Yuri and Julia Milner, Elon Musk, Chris and Crystal Sacca, Schmidt Futures, and others.

The list of funded people and projects is long and impressive and while the grants were fast, the payoff is going to last well beyond the pandemic.

Thanks, Tyler and Patrick!

Blood Money

NYTimes: Around the world, scientists are racing to develop and mass produce reliable antibody tests that public health experts say are a crucial element in ending the coronavirus lockdowns that are causing economic devastation. But that effort is being hamstrung, scientists say, by a shortage of the blood samples containing antibodies to Covid-19, the disease caused by the virus, that are needed to validate the tests.

Recognizing a rare opportunity, some companies are seeking to cash in on the shortages, soliciting blood donations and selling samples at rich markups in a practice that has been condemned by medical professionals as, at the very least, unethical.

“I’ve never seen these prices before,” said Dr. Joe Fitchett, the medical director of Mologic, one of the British test manufacturers that was offered the blood samples. “It’s money being made from people’s suffering.”

I am reminded of Walter Williams who asks his students whether it is wrong to profit from the misfortune of others:

But I caution them with some examples. An orthopedist profits from your misfortune of having broken your leg skiing. When there’s news of a pending ice storm, I doubt whether it saddens the hearts of those in the collision repair business. I also tell my students that I profit from their misfortune — their ignorance of economic theory.

A price is a signal wrapped up in an incentive so if you want a strong signal and a strong incentive you need to let prices rise. The prices in this case don’t even seem that high:

From March 31 to April 22, prices asked by Cantor BioConnect for its cheapest samples — always sold by the milliliter, the equivalent of less than a quarter of a teaspoon — rose more than 40 percent, to $500 from $350.

Bear in mind the costs of collecting the sample, including nurse time and PPE. Some samples which are especially rich in antibodies, do sell for prices that are well above cost which is not surprising as those samples are in high demand as they may offer a cure.

Do the firms willing and able to pay the highest prices necessarily have the best science? No, not necessarily, but on balance the decentralized allocation process offered by markets and civil society will likely be far more effective than centralized, political allocation. We also know from field experiments around the world that higher prices for blood increase supply, a key consideration.

As Hayek said the moral rules of the tribe which appear natural to us–like don’t profit from misery–cannot maintain a civilization so we struggle between what we think is right and what actually works to prevent misery.

There can be no doubt that our innate moral emotions and instincts were acquired in the hundreds of thousand years—probably half a million years—in which Homo sapiens lived in small hunting and gathering groups and developed a physiological constitution which governed his innate instincts. These instincts are still very strong in us. Yet civilization developed by our gradually learning cultural rules which were trans­mitted by teaching and which served largely to restrain and suppress some of those natural instincts.

Rapid progress from Fast Grants

I was pleased to read this NYT reporting:

Yet another team has been trying to find drugs that work against coronavirus — and also to learn why they work.

The team, led by Nevan Krogan at the University of California, San Francisco, has focused on how the new coronavirus takes over our cells at the molecular level.

The researchers determined that the virus manipulates our cells by locking onto at least 332 of our own proteins. By manipulating those proteins, the virus gets our cells to make new viruses.

Dr. Krogan’s team found 69 drugs that target the same proteins in our cells the virus does. They published the list in a preprint last month, suggesting that some might prove effective against Covid-19…

It turned out that most of the 69 candidates did fail. But both in Paris and New York [where the drugs were shipped for testing], the researchers found that nine drugs drove the virus down.

“The things we’re finding are 10 to a hundred times more potent than remdesivir,” Dr. Krogan said. He and his colleagues published their findings Thursday in the journal Nature.

The Krogan team was an early recipient of Fast Grants, and you will find more detail about their work at the above NYT link.  Fast Grants is also supporting Patrick Hsu and his team at UC Berkeley:

And the work of the Addgene team:

Fast Grants update

Fast Grants has now made over 100 grants and contributed over $18 million in funding biomedical research against Covid-19, all in a little over two weeks’ time since project conception.  If you scroll down the home page, you can see a partial list of winners (we are more concerned with getting the money out the door than keeping the list fully updated, but it will continue to grow).

Fast Grants is part of Emergent Ventures, a project of the Mercatus Center, George Mason University.  And I wish to thank again all of those who have contributed to this project, either financially or otherwise.  A partial list of financial contributors can be found at the above link as well.

Partial list of gift recipients from Fast Grants, Emergent Ventures, against Covid-19

Here is part of the list of winners, there are more to follow soon, and I am happy to cite Mercatus Center, George Mason University as home to the project.

I would again like to thank everyone who helped to make this possible, most of all those who have offered very generous financial support.

To date Fast Grants has made 67 awards to support biomedical research.  Fast Grants did not exist as recently as twelve days ago and it already has distributed more than $12 million.

Fast Grants, a project of Emergent Ventures against Covid-19, status update

As you may recall, the goal of Fast Grants is to support biomedical research to fight back Covid-19, thus restoring prosperity and liberty.

Yesterday 40 awards were made, totaling about $7 million, and money is already going out the door with ongoing transfers today.  Winners are from MIT, Harvard, Stanford, Rockefeller University, UCSF, UC Berkeley, Yale, Oxford, and other locales of note.  The applications are of remarkably high quality.

Nearly 4000 applications have been turned down, and many others are being put in touch with other institutions for possible funding support, with that ancillary number set to top $5 million.

The project was announced April 8, 2020, only eight days ago.  And Fast Grants was conceived of only about a week before that, and with zero dedicated funding at the time.

I wish to thank everyone who has worked so hard to make this a reality, including the very generous donors to the program, those at Stripe who contributed by writing new software, the quality-conscious and conscientious referees and academic panel members (about twenty of them), and my co-workers at Mercatus at George Mason University, which is home to Emergent Ventures.

I hope soon to give you an update on some of the supported projects.

Fast Grants against Covid-19, an extension of Emergent Ventures

Emergent Ventures, a project of the Mercatus Center at George Mason University, is leading a new “Fast Grants” program to support research to fight Covid-19.  Here is the bottom line:

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.

If you are a scientist at an academic institution currently working on a COVID-19 related project and in need of funding, we invite you to apply for a Fast Grant. Fast grants are $10k to $500k and decisions are made in under 48 hours. If we approve the grant, you’ll receive payment as quickly as your university can receive it.

More than $10 million in support is available in total, and that is in addition to earlier funds raised to support prizes.  The application site has further detail and explains the process and motivation.

I very much wish to thank John Collison, Patrick Collison, Paul Graham, Reid Hoffman, Fiona McKean and Tobias Lütke, Yuri and Julia Milner, and Chris and Crystal Sacca for their generous support of this initiative, and I am honored to be a part of it.

Meanwhile, elsewhere in the world (FT):

The president of the European Research Council — the EU’s top scientist — has resigned after failing to persuade Brussels to set up a large-scale scientific programme to fight Covid-19.

In contrast:

During World War II, the NDRC accomplished a lot of research very quickly. In his memoir, Vannevar Bush recounts: “Within a week NDRC could review the project. The next day the director could authorize, the business office could send out a letter of intent, and the actual work could start.” Fast Grants are an effort to unlock progress at a cadence similar to that which served us well then.

We are not able at this time to process small donations for this project, but if If you are an interested donor please reach out to [email protected].