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Another Massive Gift to Boston Schools and Research

Once again, Harvard and MIT are the destination for a very large research endowment, in this case $600 million. The gift will turn a 10-year experimental biomedical research project into a permanent foundation. This is a result of the tremendous advances and success of the program. The project is essentially a continuation of the Human Genome Project. This money will continue to fund the foundation and create opportunities in furthering the research. Over 1200 staff from both schools are affiliated with the project. It shows how schools in Boston work well with each other. This foundation will continue to bridge the gaps between schools. Boston has become the center for biomedical research funding, and this is another piece of evidence for that. 

 

 

Eli and Edythe L. Broad endow the Broad Institute of Harvard and MIT with additional $400 million

Latest gift brings Broad’s underwriting of Institute to $600 million

September 3, 2008

Los Angeles-based philanthropists Eli and Edythe Broad today declared theBroad Institute of Harvard and MIT  an unprecedented success as an experiment in science and philanthropy, and announced that they have increased their total gift to the Broad by $400 million to $600 million.  The $400 million will be an endowment to convert the institute — which was originally launched as a 10-year “venture” experiment — into a permanent biomedical research organization aimed at transforming medicine.

The total $600 million commitment is the largest to support biomedical research activity at universities anywhere in the world. The gift also reflects a new model for venture philanthropy, for collaboration among universities, and for doing biomedical science.

The Broad Institute was launched in 2004 — just after the completion of theHuman Genome Project (HGP) — with the mission of fulfilling the promise of genomics for medicine and the goal of sustaining the collaborative spirit that propelled the HGP. The institute aimed to bring scientists together to tackle major interdisciplinary problems related to cancer, metabolic diseases, infectious diseases, psychiatric diseases, and other conditions.

Rather than calling a single university home, the Broad Institute was launched as a new kind of research organization spanning the entire Massachusetts Institute of Technology and Harvard communities, including the 17 Harvard-affiliated teaching hospitals. As a result, scientists from the various institutions — and from diverse disciplines, including biology, medicine, chemistry, and computer science — created collaborative teams to tackle problems beyond what any of them could do alone. The Broad Institute was also committed to scientific openness, including rapid and free sharing of data and research tools. Today, more than 1,200 scientists and professional staff from across Harvard and MIT are affiliated with the institute.

Read the whole story here.

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December 9, 2008 - Posted by | Uncategorized

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