Report

Venture Philanthropy Strategies to Support Translational Research. Workshop Summary

Released:: February 23, 2009
Type:: Workshop Summary
Topic:: Biomedical and Health Research
Activity:: Forum on Neuroscience and Nervous System Disorders
Board:: Board on Health Sciences Policy

Note: Workshop Summaries contain the opinion of the presenters, but do NOT reflect the conclusions of the IOM. Learn more about the differences between Workshop Summaries and Consensus Reports.

Many voluntary health organizations--that is, nonprofit charitable organizations, patient advocacy groups, and foundations--fund translational research, helping to seed the development of innovative treatments that commercial pharmaceutical and biotech companies then can advance into the clinic and develop into new therapies. An increasing number of these organizations are looking at venture philanthropy as a critical way to advance their missions of helping patients and working to cure disease.

The concept of "venture philanthropy" stems from venture capitalism, in which third-party sources invest in typically high-risk endeavors. Venture philanthropy, however, is aligned with philanthropic goals and outcomes; the voluntary health organizations employing venture philanthropy strategies are focused on becoming more directly involved with the drug development process while relying on the generosity of foundations, wealthy individuals, and other sources of nongovernmental funding.

A wide range of participants, including representatives from voluntary health organizations, academic investigators, industry representatives, and others gathered on October 3, 2008 at the Beckman Center of the National Academies of Science for a workshop titled "Venture Philanthropy Strategies Used by Patient Organizations to Support Translational Research." Participants with experience in venture philanthropy shared their experiences and lessons learned in order to improve efficiency and effectiveness in translational research

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