Blavatnik Foundation awards Yale $10 million grant

NEW HAVEN >> The Blavatnik Family Foundation has awarded Yale University a $10 million grant which will be used to advance entrepreneurship in the life sciences at the institution and expedite the development of breakthrough research.

The multi-year grant provided by the foundation, which is headed by American industrialist and philanthropist Len Blavatnik, will support the Blavatnik Fund for Innovation at the university, which dedicates strategic resources to faculty members and creates ties to outside business interests that turn new discoveries into marketable tools, treatments, drugs and devices, according to a news release.

A portion of the revenue earned in the Blavatnik Fund’s first few years will be reinvested to support the next generation of projects, the release stated.

“I am deeply grateful to the Blavatnik Family Foundation, and especially to Len Blavatnik, not only for this exceptional support, but also for our shared commitment to entrepreneurship as a way to serve some of society’s greatest unmet needs,” Yale President Peter Salovey said in the release. “The fund will foster the next generation of leadership in innovation and help to translate Yale discoveries into real-world applications that can improve people’s lives.”

Read more: http://www.nhregister.com/general-news/20160818/blavatnik-foundation-awards-yale-10-million-grant