Posted on June 20, 2010

American Technion Society Receives $10 Million From Taub Foundation

The Henry and Marilyn Taub Foundation in Teaneck, New Jersey, has awarded $10 million to the American Technion Society, the U.S. fundraising arm of the Technion-Israel Institute of Technology in Haifa, the Wall Street Journal reports.

Awarded as part of a $1 billion fundraising campaign completed this week by the society, the grant will support faculty recruitment and provide scientists with additional funding to set up research laboratories. The campaign also attracted $50 million from Business Wire founder Lorry Lokey and $30 million from Qualcomm co-founder Irwin Jacobs, among other large donations.

The Taub Foundation, which has assets totaling nearly $100 million, was established by Automatic Data Processing founder Henry Taub, who has been a member of the society since the 1970s, and his wife, Marilyn, to support a range of organizations, including community groups in Paterson, New Jersey, focused on education reform. The foundation also gave $10 million to create the Taub Institute for Research on Alzheimer's Disease and the Aging Brain at Columbia University.

"The Technion is critical to the economy and security of Israel," Taub told the Journal. "The university has made tremendous contributions to the development of the nation. More than 80 percent of Israeli companies listed on stock exchanges are led by Technion graduates....Successful research isn't like a vending machine where you put in a quarter and get a Hershey bar back. You need the right combination of motivated individuals and tools of technology to get a return on your investment."