Measuring the Economic and Academic Impact of Philanthropic Funding: The Breast Cancer Research Foundation

26 Pages Posted: 12 Jun 2019

See all articles by Detelina Vasileva

Detelina Vasileva

affiliation not provided to SSRN

Larrw Norton

Memorial Sloan Kettering Cancer Center

Marc Hurlbert

Breast Cancer Research Foundation

Andrew W. Lo

Massachusetts Institute of Technology (MIT) - Sloan School of Management; National Bureau of Economic Research (NBER); Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL)

Date Written: May 27, 2019

Abstract

Using survey data gathered from grantees of the non-profit Breast Cancer Research Foundation (BCRF), we investigated the commercial and non-commercial impact of their research funding. We found significant impact in both domains. Commercially, 19.5% of BCRF grantees filed patents, 35.9% had a project that has reached clinical development, and 12 companies have or will be spun off from existing projects, thus creating 127 new jobs. Non-commercially, 441 graduate students have been trained by 116 grantees, 767 post-doctoral fellows have been trained by 137 grantees, 66% of grantees have used funding for faculty salaries, 93% have achieved collaboration with other researchers, and 42.7% have enacted process improvements in research methodology. Econometric analysis identifies BCRF funding and associated process improvements as key factors driving the likelihood to file patents. However, we also found that the involvement of more than one institution in a collaborative project had a negative impact on subsequent development. This may point to frictions introduced by multi-university interactions.

Keywords: Impact Investing; Non-Profit Organization; Patents; Intellectual Property; Venture Philanthropy

JEL Classification: L31, I10, G11, G24

Suggested Citation

Vasileva, Detelina and Norton, Larry and Hurlbert, Marc and Lo, Andrew W., Measuring the Economic and Academic Impact of Philanthropic Funding: The Breast Cancer Research Foundation (May 27, 2019). Available at SSRN: https://ssrn.com/abstract=3395019 or http://dx.doi.org/10.2139/ssrn.3395019

Detelina Vasileva

affiliation not provided to SSRN

Larry Norton

Memorial Sloan Kettering Cancer Center ( email )

New York, NY 10065
United States

Marc Hurlbert

Breast Cancer Research Foundation ( email )

28 West 44th Street
Suite 609
New York, NY 10036
United States

Andrew W. Lo (Contact Author)

Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )

100 Main Street
E62-618
Cambridge, MA 02142
United States
617-253-0920 (Phone)
781 891-9783 (Fax)

HOME PAGE: http://web.mit.edu/alo/www

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL)

Stata Center
Cambridge, MA 02142
United States

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