Future-proofing costs, but Oxford can cover it

The University of Oxford has secured matched funding for a $50 million (£32.6 million) donation in just one year despite the economic crisis.

Oxford alumnus James Martin, a computer scientist, promised $50 million to the university on the condition that it was matched by pledges from other sources.

A year later, having tapped 30 donors – including charities, corporations and financiers such as George Soros and Adrian Beecroft – for at least $1 million each, the university has hit its target.

Dr Martin’s $50 million pledge is in addition to a $100 million donation he made in 2005, which was used to set up Oxford’s James Martin 21st Century School.

The latest tranche of money will pay for 19 new research projects at the school, which will aim to “address the global problems and opportunities now facing humanity”.

Dr Martin said that the school had “demonstrated that it can identify the most serious dangers and opportunities of our future”.

Andrew Hamilton, Oxford’s vice-chancellor, said: “James Martin and the donors whose funding he has matched have placed their confidence in Oxford as the best place to tackle the global challenges of the 21st century.

“I am delighted that their vision and commitment will enable more collaborative and high-impact research to be developed across Oxford.”

melanie.newman@tsleducation.com