Not so fast with fast funding

In the wake of the COVID-19 pandemic, many have become increasingly dissatisfied with how science funding is distributed. Traditional grant funding processes are seen as stifling the creativity of researchers, in addition to being bureaucratic, slow, and inefficient. Consequently, there have been increasing popular calls to make "fast funding" - fast, unbureaucratic grant applications - a new standard for scientific funding. Though this approach to funding, implemented by Fast Grants, has been successful as a pandemic response strategy, we believe there are serious costs to its wide-scale adoption, particularly for transparency and equity, and that the purported benefits - increased creativity and efficiency - are unlikely to materialize. While traditional funding mechanisms are certainly not perfect, scientific communities should think twice before adopting fast funding as a new standard for funding.