Cornell Tech, the applied sciences graduate school that Cornell University has planned for Roosevelt Island, has received a gift of $133 million that will help it offer an unusual two-year, two-degree master's program.
The gift is for a joint project with the Technion-Israel Institute of Technology that had previously been announced. It will now be known as the Joan and Irwin Jacobs Technion-Cornell Innovation Institute, reflecting the donation from Mr. Jacobs, the founder of Qualcomm, and his wife.
Students at the Innovation Institute will specialize in connective media, healthier living or the built environment. At the end of their study, students will receive one master's degree from Cornell and another from Technion. The concentration in connective media is expected to be available in fall 2014; the other two will follow.
Cornell Tech, which promotes an unusually close relationship between university and industry, was the winning entry in New York City's competition for $100 million in cash and $300 million in real estate to go toward the development of an applied sciences campus. Officials have said they were impressed by the idea of collaboration with a prestigious foreign university, as well as by the amount of private financing that Cornell had already secured, most notably $350 million from Charles F. Feeney, who made his fortune from duty-free stores.
Construction of Cornell Tech is expected to begin early next year and last until 2037, at which time the school expects to have 2,000 graduate students, 600 of whom will enrolled in the institute. For now, the seven students in the school's initial — or beta — class are studying in donated space in Google's Chelsea office.
Joan and Irwin Jacobs, both Cornell graduates who live in San Diego, have previously made significant gifts to both Cornell and Technion. "We are delighted to partner with Cornell and the Technion on this unique educational initiative," they said in a statement. "We believe strongly in the mission of this international collaboration to drive innovation and to foster economic development.."
Cornell's president, David J. Skorton, called the gift "transformative" and said it would "support the distinctive international partnership between Cornell and the Technion that is already creating a new model of graduate tech education in New York City." Technion's president, Peretz Lavie, said that gift would "play a major and decisive role in fulfilling Mayor Bloomberg's vision of creating a leading global center of innovation in the heart of New York, enabling the city to become the technology capital of the world," and that the institute would "serve as a bridge between Israel and the U.S.A. and Haifa and New York."
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