Observations in Philanthropy spoke with Dana Ball, Director of the Iacocca Foundation, regarding a dramatic research breakthrough: Dr. Denise Faustman, of Massachusetts General Hospital, recently reported that juvenile diabetes had been cured in mice following injections with spleen cells. Dr. Faustman's research received its early funding from the foundation, founded in 1984 by auto executive Lee Iacocca in memory of his wife Mary, who died at age 57 from complications of diabetes.
OIP: I suppose the first thing we'd want to know is how it feels to know that a significant breakthrough has resulted from research the Iacocca Foundation has funded.
Ball: Very exciting!
OIP: Foundations increasingly speak of hoping to make successful "bets" on projects they fund. Were there any signs pointing to this research as a likely success when you decided to back it?
Ball: Lee Iacocca was ahead of the curve. He had been introduced to Dr. Faustman by a doctor he knew from his wife's treatments. Dr. Faustman began her islet cell transplant research 20 years ago. Mr. Iacocca was interested in promising and innovative research. Three years ago, she published her first paper on regeneration; she was attempting islet transplantation without immunosuppressant drugs and discovered this science in the process. Back then, people were raising eyebrows; they said it can't be true.
OIP: And the Iacocca Foundation was her only funder when she began?
Ball: Yes, other people have said they supported her but the Iacocca Foundation is her primary source of support.
OIP: How much has the foundation given to Dr. Faustman's work?
Ball: To date, $6 million. There is a total commitment of $8 million, extending out over the next four years.
OIP: It must be a somewhat scary choice to make, deciding where to make such a major commitment of resources?
Ball: It is a difficult decision, so we rely on brilliant people to help guide us. The hardest part is to ensure the funds are well spent, and that they will have an impact. We try to always consider; what is the highest and best use of the money? We know what we can do - let's see what we can't do.
This is a great example of what bold, committed philanthropy can do. As the parents of two young girls who are challenged with Type I diabetes, we especially appreciate the efforts of the Iacocca Foundation. It would have been easy for Lee Iacocca to bask in the afterglow of a successful business career. We are honored and humbled that he has committed his time, money and talents to curing diabetes.
Thank you.
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Lee Iacocca
