Prominent Businessmen Make Gifts to the Institute for Genomic Biology

Local real estate developer Peter Fox and noted venture capitalist G. Steven Burrill have pledged a total of $200,000 to support the Institute for Genomic Biology and a new program called the Certificate in Entrepreneurship and Management for Life Scientists. University officials announced the program – a joint effort of the IGB and the College of Business - during a ceremony to mark the occasion on February 20, 2008. The gifts will establish the Peter and Kim Fox Scholarships for Entrepreneurial Leadership in the Life Sciences, and the G. Steven Burrill Scholarships for Entrepreneurship in the Life Sciences.

Fox and Burrill are both know for their entrepreneurial spirit and willingness to think creatively about business opportunities, said Harris Lewin, director of the Institute. Both men were instrumental in founding “startup companies”– companies that have grown and flourished – and both have a history of supporting fledgling businesses and philanthropic causes.

“We are very grateful for the gifts by Peter Fox and Steven Burrill to support scholarships and internships in the new certificate program,” Lewin said. “These gifts say a lot about the men behind them, both of whom have been enormously successful in the business world, yet recognize the tremendous importance of supporting cutting-edge interdisciplinary teaching and research.”

The program will equip entrepreneurially minded MD, DVM, and PhD students in the life sciences with the necessary skills to meet the challenges of managing biotechnology ventures. The curriculum consists of six modules and draws from various disciplines, including management, law, regulatory policy, ethics, marketing, and finance. Students will learn the traditional ins and outs of entrepreneurship, such as creating a business plan and managing intellectual property, but they will also study topics specific to the life sciences, such as managing the FDA approval process and conducting clinical trials. The program also offers internships, corporate site visits, networking opportunities, and guest speakers. Classes will begin in fall 2008.

“The life scientists who benefit from these gifts will gain important career skills that will help them succeed as new entrepreneurs and managers, fueling future economic development in Champaign-Urbana and across the nation,” Lewin said.

Peter Fox will donate $50,000 a year for three years to the IGB. Fox is the founder of Fox Development Corporation (FDC), a real estate development and investment firm. FDC develops, manages, and leases more than one million square feet of office and retail space in Champaign, and provides startup capital through its subsidiary, Fox Ventures, for technology firms such as iCyt Visionary Bioscience, IllinoisVENTURES, Intersymbol Communications, Nanodisc, Nextumi, RiverGlass, Strata Decision Technology, and SmartSpark. Fox also serves as manager of Fox/Atkins Development, LLC, developer and manager of the University of Illinois Research Park in Champaign.

Fox said that he was pleased to support the scholarships because the program will encourage entrepreneurial thinking.
“In our work with the Research Park, we have been impressed by entrepreneurs – like Gary Durack at iCyt Visionary Bioscience – who have taken technology from the genomics lab and translated it into a successful business through hard work and creativity,” Fox said. “We want to support individuals who are passionate about creating new business ideas and innovative thinking for the advancement of the life sciences.”

G. Steven Burrill will donate $50,000 to the IGB. Burrill has been involved in the growth and prosperity of the biotechnology industry for over 40 years. An early pioneer, Mr. Burrill is one of the original architects of the industry and one of its most avid and sustained developers. He currently serves as Chairman of the Board of Pharmasset and is a member of the Boards of Directors of Catalyst Biosciences, DepoMed, Intranasal, Phytomedics, Proteogenix, Proventys, Targacept, and XDx. Prior to founding Burrill & Company in 1994, he spent 28 years with Ernst & Young, directing and coordinating the firm’s services to clients in the biotechnology/life sciences/high technology/manufacturing industries worldwide. In 2002, Burrill was recognized as the biotech investment visionary by the prestigious Scientific American magazine.

“The new Certificate Program in Entrepreneurship and Management for Life Scientists is precisely the kind of program that is needed to continue our country's leadership in the biotechnology revolution,” said Burrill. “We need more PhDs with the skill set necessary to take inventions from the lab to the marketplace. This program directly addresses that need and I am most pleased to provide scholarship support and internships for worthy students.”

Visit the Certificate website www.igb.uiuc.edu/cem