The Biomedical Innovation Initiative at Stanford Medicine was created to ignite innovation in today’s challenging funding climate for biomedical research. In this short video, Dean Lloyd Minor, MD, explains the strategy behind this critical effort, which provides independent funding for promising young researchers, competitive seed grants and endowments for visionary faculty.
As Minor notes, funding for the National Institutes of Health has decreased by 25 percent since 2003 and its grant acceptance rate has been cut in half. And so, he points out, “philanthropy is critical for innovation in biomedical research.” Stanford Medicine is now using dollars raised during the campaign to fund high-risk, high-reward research projects.
Officially concluding last August, the campaign raised $1.7 billion from more than 30,000 individuals, corporations and foundations. Learn more about how those funds are making an impact at this website.