September 04, 2008
$400-Million Committed to Science Institute by California Philanthropists
By Maria Di Mento
Eli and Edythe L. Broad will announce this morning that they are pledging $400-million to endow the Broad Institute of Harvard and MIT, in Cambridge, Mass., a biomedical-research center that is jointly run by Harvard University, the Massachusetts Institute of Technology, and the Whitehead Institute for Biomedical Research.
The Broads, who have given more than $1.7-billion in their lifetimes, provided $100-million to start the institute in 2003. Its goal is to bring researchers together from a wide range of disciplines to fight disease and focus on other topics.
Mr. Broad, who made his fortune in the home-building industry, said in an interview today that he and his wife were so impressed with the work that was completed that first year that they decided in 2005 to give an additional $100-million to the institute.
The donation to be announced today brings the total the couple has given to the institute to $600-million. That makes the Broad commitment one of the most-generous philanthropic gestures in higher-education history, according to a ranking of big gifts and grants by The Chronicle of Higher Education.
Spurring Collaboration
The Broad Institute was established five years ago as an experiment in bringing together scientists from a range of disciplines to focus on research related to cancer, chemical biology, genome sequencing and analysis, infectious diseases, and medical and population genetics, in ways the researchers could not do working on their own.
Before the Broads endowed the institution permanently, the couple and the organizations involved in the fledgling institute wanted to find out if it could advance science in any tangible way. Now, the Broads say, researchers at the institute have proven the value of the organization’s approach to stimulating collaboration.
In the last four years, scientists at the institute have cataloged genetic variations among individuals and large populations. They have identified genetic risk factors in autism, bipolar disorder, cardiovascular disease, Crohn’s disease, schizophrenia, Type 2 diabetes, and some cancers. In addition, they have classified human cancers by their genomic alterations and identified the genetic controls that differentiate stem cells, among other successful findings.
“A week doesn’t go by when I don’t see a medical journal or a scientific journal reporting on the activities at the institute or on the work of its scientists,” said Mr. Broad.
Mr. Broad cautioned, however, that more work lies ahead and said the $400-million is only a fraction of what the Broad Institute will need to continue making strides in biomedical research. He said he is counting on other philanthropists and foundations to “step forward as partners in the next phase of this grand experiment.” He said he hopes the institute will eventually amass $1-billion.
Some foundations have already answered Mr. Broad’s philanthropic call. The Stanley Medical Research Institute gave the Broad Institute $100-million last year, and the Juvenile Diabetes Research Foundation International, the Prostate Cancer Foundation, and the Starr Foundation have all contributed to the institute in recent years.
Mr. Broad said the couple planned to provide $100-million from their foundation right away to follow through on the commitment to be announced tomorrow. The remaining $300-million will be paid out in coming years.
The Broads, whose foundation is based in Los Angeles, are one of the nation’s most philanthropic couples. They have appeared six times on The Chronicle’s list of the nation’s most-generous donors since 1998, always ranking in the Top 10.
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Kindly get a grant making source for our girl child educational project Cotonou,Benin where the Project will be laid.It will cost us about USD300,000 for nine months.This project will go a long way in making the communities come out of the dwindling rate of school enrolment.
— Dr N. Djibril Sep 4, 02:42 PM #
It is heartwarming to see this level of generosity accompanied by the strongly held belief that an investment of this magnitude could make such a difference in people’s lives. It certainly appears to be doing so!
Next to the Orlando International Airport, there is a ‘medical city’ that is literally rising from the dirt as we speak. A new VA medical center, a new medical school attached to the University of Central Florida, a children’s hospital, the Burnham Institute for Biomedical Research, a joint venture between Scripps and the University of Florida, and more to come! With that kind of cluster activity developing concurrently, perhaps there will be equal progress being made across a range of medical disciplines. What do you think their chances for success are?
— Greg Schuckman Sep 4, 02:59 PM #