The Sloan Research Fellowships were established in 1955 to provide support and recognition to young scientists, often in their first appointments to university faculties, who were endeavoring to set up laboratories and establish their independent research projects with little or no outside support. Financial assistance at this crucial point, even in modest amounts, often pays handsome dividends later to society.
Over the first 17 years of the program, Sloan Research Fellowships were awarded in physics, chemistry, and pure mathematics. In 1972, neuroscience was added to the eligible disciplines, and in 1980 applied mathematics and economics were added. In 1993 a decision was made to add the field of computer science to the program.
Selection procedures for the Sloan Research Fellowships are designed to identify those who show the most outstanding promise of making fundamental contributions to new knowledge. Sloan Research Fellows, once chosen, are free to pursue whatever lines of inquiry are of the most compelling interest to them. Their Sloan funds can be applied to a wide variety of uses for which other, more restricted funds such as research project grants cannot usually be employed. Former Fellows report that this flexibility often gives the fellowships a value well beyond their dollar amounts.
Aside from the monetary aspect of the fellowships, less tangible benefits have been cited by former Fellows. The early recognition of distinguished performance which the fellowships confer, after years of arduous preparation, was said to be immensely encouraging and a stimulus to personal and career development. Twenty-four Sloan Fellows have won Nobel Prizes later in their careers, and hundreds have received other honors.
Please refer to the website for more information http://www.sloan.org/programs/fellowship_brochure.shtml