Founded in 1950 by aerospace pioneer James S. McDonnell, the Foundation was established to "improve the quality of life," and does so by contributing to the generation of new knowledge through its support of research and scholarship. The Foundation awards grants via the Foundation-initiated, peer-reviewed proposal processes described in the 21st Century Science Initiative.
Competition among Memes in a world with limited attention
L. Weng, A. Flammini, A. Vespignani and F. Menczer
Scientific Reports 2, Article number: 335 doi:10.1038/srep00335 
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* The Foundation and its predecessors