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| Philanthropy |
Commercial Concerns
Samantha Marshall
05/03/2004
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Since she and her late husband
established the Iris and B. Gerald Cantor Foundation in 1978, Cantor’s style of
hands-on giving has evolved. At first, she backed projects with a strong
visceral appeal, like a mammography center in Los Angeles; her sister had died
of breast cancer at 29. As the projects grew bigger and more ambitious, however,
the Cantors’ business acumen increasingly came into play.
“I go where my
emotions lead me, and my head follows,” Cantor says. She has been a hands-on
micromanager of the decor and details at the center. “It has to be a place where
women will want to go,” she says. The walls had to be the perfect shade of warm,
sunny yellow. The terry cloth robes patients wear between procedures had to be
fluffy, just like the ones at the Ritz-Carlton.
“Donors like Mrs. Cantor have to be nimble to serve people in a meaningful way and still keep the lights on.”
—Douglas Bauer |
In order to attract more
philanthropic dollars, and serve its patients, Cantor wants the center to become
an important venue for medical research. The facility is negotiating with
a major pharmaceutical company to conduct clinical research to determine if
women benefit more from cardiac care at a women’s health center than they do in
a more traditional specialist setting. The center is also boosting its
expertise; it recently added a cardiologist to its staff, along with an
echocardiogram facility, and plans to further expand its diagnostic cardiac
services.
Cantor is relying largely on her fund-raising ability to galvanize
other high-profile donors. The Hearst Corp., Credit Suisse First Boston, JP
Morgan Private Bank and the Starr Foundation are several of the benefactors that
have contributed millions in funds to the Women’s Health Center. Since opening,
the facility has attracted an additional $5 million to $6 million in donations.
Its most recent fund-raising dinner, at which Tony Bennett performed, added
another $1 million to the center’s coffers. But despite these fund-raising
efforts, it is the success or failure of the center’s business strategy that
will determine whether Cantor’s goals are achieved.
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