Monday, 6 June 2011

Philanthropist Plans to Double $100-Million Gift to Israeli Institution


GLOBAL NEWS TICKER June 6, 2011, 11:46 am

Alfred Mann, the billionaire Jewish philanthropist, says he is redistributing his billion-dollar pledge to universities around the world, giving more money to fewer institutions, starting with the Technion-Israel Institute of Technology, in Haifa. He established in 2007 the Alfred Mann Institute at the Technion, which commercializes medical technologies developed at the Technion with a gift of $100-million, but he now intends to double the donation.

“My original plan was to donate $100-million to 12 universities around the world, in other words $1.2-billion altogether,” Mr. Mann told the Israeli business newspaper Globes, “but I now think that I should invest more in fewer institutions, and invest more in each company.”

Some universities in the United States have declined Mr. Mann’s donations because of concerns about the strings attached to them regarding patent rights.

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