I'm surprised by the unreasonable effectiveness of giving people a small amount of money.
When I launched the "Fast Biology" microgrants, people told me that:
1. You can't do anything in science with $1,000.
2. Nobody would submit good ideas, because good ideas are worth much more than $1,000.
#1 is mostly true, and #2 is partially true, but neither is absolute. I did get many excellent ideas, especially from people who are too time-constrained to work on them. In some cases, $1,000 was enough to build an entire prototype (especially in hardware.)
There seem to be a few benefits in giving microgrants, though:
1. They can subtly nudge people toward working on problems they normally wouldn't (and this can, in rare circumstances, take them down strange rabbitholes that then change the course of their whole life.)
2. They act as a vote of confidence, making it easier to raise additional funds from other sources. People tend to just follow the examples of others; VCs often copy investments made by other VCs, for example, and giving someone even a fake, made-up award seems to elevate their "prestige" in a tangible way.
3. They allow the funder to find interesting people. Giving out these grants connected me with ~6 super intelligent people who I was not familiar with ahead of time. Small amounts of money are a mechanism to surface talent.
I continue to meet people who are working on super important or beautiful problems, and yet who struggle to raise even $10,000 for their ideas, simply because they are a) bad at explaining their ideas or b) not working on a problem that is clearly VC- or philanthropically-fundable. I'd like to support as many projects as possible. Therefore, in the next week or so, I'll open up another ~$100K in microgrant funding. (When this goes live, you'll hear about it at my new microgrant website, tinybio[dot]org.
More people with wealth should consider giving microgrants. If you'd like to do this for biology, but don't have time to allocate funds, I'd be glad to support or advise directly. My email is nsmccarty3 [at] gmail [dot] com.