"Hopkins is a university that produces one of the largest number of discoveries in the world," Gupta said. "The question becomes: How do we translate those discoveries into marketable products that create new organizations that employ people and improve the wealth and economic systems of the city?"
Gupta envisions business students studying medical and scientific discoveries produced by Hopkins researchers, then translating them into businesses.
"Then we would encourage them to locate in Baltimore, in our of our science parks," he said.
Tony Cipollone, a vice president of the Annie E. Casey Foundation, which has helped develop the Hopkins-affiliated East Baltimore biotech park, said the city's philanthropic community would welcome Carey's approach.
"I don't think any [existing foundation] has that as a primary focus," Cipollone said. "The establishment of training and experts and financial backing that can lead to new enterprises will be warmly welcomed here."
Lester M. Salamon, a Hopkins researcher and nationally known expert on nonprofits, said Baltimore lags behind other cities in private philanthropy.
"The level of charitable giving, the level of foundations assets, I don't think, are anywhere close in Baltimore to other major cities," he said.
Salamon said the Carey family's long-term commitment to Baltimore could energize the economy, but he cautioned that the city's challenges are enormous and that foundations - though among the most visible donors - play a relatively small role in overall charity.
"Foundations are about 2 percent of all philanthropy, and philanthropy is about 12 percent of the revenue of nonprofits," Salamon said. The dedication of Carey and his relatives is "important and it can be an enormous plus," he said, "but it's not going to change things overnight in some radical fashion."
But Carey believes the city is already on the road to prosperity.
"I'm proud of being from Baltimore," he said. "It's a great city full of wonderful people, and I just want to continue seeing it get better and stronger every day."
gadi.dechter@baltsun.com
