Giving Strategy & History
Schmidt Futures is a philanthropic initiative founded by Eric and Wendy Schmidt in 2019 1. The organization focuses on identifying and supporting exceptional individuals across various fields to solve hard problems in science and society 2. Their mission is to “bet early on exceptional people making the world better” 3. They achieve this by connecting talented individuals, fostering collaboration, and providing resources to scale their ideas and initiatives 1.
Mission, Vision, and Values
Schmidt Futures operates on the belief that exceptional people working together can create positive change. They are committed to the integrity of the natural world and finding ways for humanity to thrive within it 4. Their vision is to create a future where everyone can participate in and benefit from technological advancements 5. They value integrity, collaboration, and a commitment to solving complex challenges 4.
Past Grantees
Schmidt Futures supports a diverse range of projects with grant sizes typically ranging from $500,000 to $1 million 6. Some notable grantees and initiatives include:
Talent Development and Scientific Advancement:
- Rise: A program that identifies and supports promising young people aged 15-17 globally, providing them with scholarships, mentorship, and networking opportunities to serve others 7.
- Schmidt Science Fellows: In partnership with the Rhodes Trust, this program aims to develop the next generation of scientific leaders by providing interdisciplinary exposure and opportunities to make a lasting impact 1.
- Schmidt Science Polymaths: This program supports recently tenured professors in pursuing high-risk, high-reward research across disciplines 8. For example, the program awarded grants to nine professors in 2023, including Dr. Wil Srubar, a faculty member at the University of Colorado, whose research focuses on sustainable construction materials 8.
- Eric and Wendy Schmidt Transformative Technology Fund: This fund at Princeton University provides grants to researchers developing innovative technologies with the potential for significant societal impact 6.
Social Impact and Innovation:
- Technologists for Global Transformation: This program develops and deploys early-career technologists to address systemic global challenges 9.
- Innovation Grants: This program supports individuals and teams with innovative ideas that leverage technology to solve societal challenges 10.
- Families and Workers Fund (FWF): A collaborative effort with over 20 philanthropies, the FWF focuses on creating jobs and improving the public benefits system to build a more equitable economy 11.
Addressing Specific Challenges:
- The bioeconomy: Supporting research and development to create a strong and efficient bioeconomy in the United States and beyond 3.
- Climate change: Funding initiatives like the hybrid heating and cooling window unit developed by Gradient, which reduces carbon emissions 11.
- Social safety net benefits access: Providing grants and technical assistance to organizations improving access to government benefits for underprivileged populations 13.
- Emergency relief: Creating the Ukraine Relief Fund to provide humanitarian assistance to Ukrainians 11.
The Reimagine Challenge
Schmidt Futures also runs the “Reimagine Challenge,” a competition that provides funding and support for innovative solutions to various societal challenges 14. This initiative reflects their commitment to fostering creativity and supporting emerging talent in developing impactful solutions. The Reimagine Challenge has funded projects addressing a wide range of issues, including mental health, telehealth services, education, and global food insecurity 14.
Schmidt Sciences
In 2024, Schmidt Futures launched Schmidt Sciences, a new initiative that consolidates and expands their science-focused efforts 15. This initiative prioritizes research in five key areas poised for revolutionary impact:
- AI and Advanced Computing
- Astrophysics and Space
- Biosciences
- Climate and Science Systems
Schmidt Sciences represents a significant commitment to advancing scientific knowledge and leveraging breakthroughs to address global challenges. This initiative builds on their existing work in supporting scientific research and talent development, signaling a continued focus on science and technology as key drivers of societal progress.
Decision-Making Process & Timelines
While specific details about the grant decision-making process are not readily available, some insights can be gleaned from various sources.
Key Gatekeepers
Eric and Wendy Schmidt, as the founders, likely play a significant role in shaping the overall direction and priorities of Schmidt Futures 16. The organization also has a team of experts who review applications and make recommendations for funding 17.
Steps and Timing
Based on information available for specific programs, the general process appears to involve:
- Nominations/Applications: Potential grantees are often nominated or invited to submit applications 17. For instance, in the Schmidt Science Polymaths program, universities nominate promising candidates who are then invited to apply 18.
- Review: Applications undergo a rigorous review process by a team of experts 17. This review often involves evaluating the applicant’s CV, past accomplishments, research proposals, and letters of recommendation from references who can attest to their creativity and potential 17.
- Selection: A small percentage of applicants are selected based on the quality and potential impact of their proposals 17.
- Final Approval: Final approval likely involves key decision-makers within Schmidt Futures, potentially including Eric and Wendy Schmidt.
The timelines for this process can vary depending on the specific program. For example, the Schmidt Science Polymaths program typically collects nominations from June to mid-August, with applications due in October and decisions shared in April 17.
To illustrate this process, consider a hypothetical researcher applying for a grant through the Schmidt Science Polymaths program. After being nominated by their university, the researcher submits a detailed application, including their CV, research proposal, and letters of recommendation. A panel of experts reviews these materials, assessing the researcher’s qualifications, the originality of their proposed research, and its potential for scientific breakthroughs. If selected, the researcher receives funding and support to pursue their interdisciplinary research.
Personal/Organizational Motivations & Hot-Button Issues
Motivations
Schmidt Futures is driven by a desire to improve societal outcomes through the development and application of emerging science and technologies 19. They believe in the power of exceptional people to solve complex challenges and are motivated to support their efforts through various means, including grants, investments, and network building 19.
Areas of Interest
Schmidt Futures has shown a strong interest in several key areas:
- Talent development: Identifying and supporting talented individuals across disciplines and geographies 20. This emphasis on talent development is central to their mission of “betting on people” to drive positive change 19. By investing in exceptional individuals early in their careers, they aim to create a network of leaders who can tackle complex challenges and contribute to a better future.
- Science and technology: Investing in research and development in areas like AI, advanced computing, bioeconomy, and climate change 21.
- Shared prosperity: Promoting economic mobility and reducing disparities through initiatives like the Families and Workers Fund 9.
- Connectivity and access: Expanding access to high-speed internet and leveraging it to improve access to public benefits 22.
Hot-Button Issues
Schmidt Futures has actively engaged with several pressing societal issues:
- Climate change: Supporting research and initiatives to address global warming and its impacts 23.
- Education: Investing in programs like Rise to foster talent development and improve educational opportunities for young people 24.
- Global health: Funding research and development of solutions to combat diseases and improve health outcomes 14.
- Social safety net: Working to improve access to government benefits for underprivileged populations 14.
- Digital equity: Promoting digital inclusion and addressing digital divides 25.
Network & Influence
Schmidt Futures has built a strong network of collaborators and co-investors, including:
Collaborators
- Rhodes Trust: Partnering on initiatives like the Schmidt Science Fellows and Rise programs 26.
- Amideast: Collaborating on the Rise program to support promising young people in the Middle East and North Africa 26.
- Universities and research institutions: Working with institutions like Cambridge University, Georgia Institute of Technology, and Johns Hopkins University on various research and talent development programs 27.
- Nonprofits: Supporting organizations like the National Digital Inclusion Alliance and the Albany Public Library through grants and partnerships 28.
Co-investors
- Ford Foundation: Co-chairing the Families and Workers Fund 12.
- Ken Griffin: Committing $50 million to support scientific breakthroughs 29.
- Yalda Hakim Foundation: Partnering on the Afghan Future Fund to support Afghan refugees 12.
Current Financial Position & Capacity
Specific details about Schmidt Futures’ current financial position are limited. However, some information suggests a significant capacity for philanthropic activities:
- $1 Billion Commitment: Eric and Wendy Schmidt have committed $1 billion to identify, develop, and support global talent 30. This commitment signals a substantial financial capacity for funding various programs and initiatives.
- Diverse Funding Sources: Schmidt Futures utilizes a range of funding sources, including gifts, grants, investments, and startup activity 31. This diversified approach allows for flexibility and potentially greater impact 31.
While precise figures for assets under management and the annual philanthropic budget are not available, the scale of their commitments and the scope of their activities suggest a substantial financial capacity for supporting new projects.
Relationship Strength & Competitive Landscape
Existing Relationships with Nonprofits
Schmidt Futures actively cultivates relationships with nonprofits through various programs and initiatives. They provide funding, technical assistance, and networking opportunities to support organizations working in their areas of interest. Examples include:
- Associate Product Manager Program: Placing early-career technologists in nonprofits to support their work and develop their skills 5. This program not only benefits the nonprofits by providing skilled personnel but also helps Schmidt Futures identify and nurture emerging talent in the technology sector.
- Innovation Grants: Providing funding and support to nonprofits with innovative ideas to address societal challenges 28.
- Partnerships: Collaborating with nonprofits on specific initiatives, such as the New York Digital Inclusion Fund 28.
Preferred Communication Style
While specific information about their preferred communication style is limited, Schmidt Futures emphasizes collaboration and knowledge sharing. They aim to “translate complex technical concepts into comprehensible ‘plain text’” for various stakeholders 22. This suggests a preference for clear, concise, and accessible communication.
Synthesis and Conclusion
Schmidt Futures has emerged as a significant force in the philanthropic landscape, with a unique approach that emphasizes talent development, scientific advancement, and collaborative problem-solving. Their focus on identifying and supporting exceptional individuals, coupled with their substantial financial capacity and diverse funding sources, positions them to make a significant impact on a wide range of global challenges.
Their recent launch of Schmidt Sciences highlights a renewed commitment to scientific research and development, particularly in areas like AI, advanced computing, and climate change. This, combined with their ongoing support for talent development programs like Rise and the Schmidt Science Polymaths program, suggests a long-term vision for fostering innovation and driving progress in science and technology.
What sets Schmidt Futures apart from many other philanthropic organizations is their explicit “betting on people” strategy 7. Rather than solely focusing on funding specific projects, they invest in exceptional individuals with the potential to become leaders and innovators in their respective fields. This approach reflects a belief in the transformative power of human talent and a commitment to nurturing that talent to address complex challenges.
While this approach has garnered praise for its potential to drive innovation and create lasting change, it has also raised concerns about the potential for elitism and the focus on “exceptional” individuals 32. Critics argue that this approach may inadvertently exclude or undervalue individuals who may not fit the traditional definition of “exceptional” but still possess valuable skills and contributions.
Despite these potential criticisms, Schmidt Futures has demonstrated a commitment to addressing a wide range of societal challenges, from climate change and education to global health and digital equity. Their strong network of collaborators and co-investors further enhances their ability to leverage resources and expertise to achieve their goals.
In conclusion, Schmidt Futures represents a dynamic and evolving philanthropic initiative with a clear mission and a commitment to making a lasting impact on society. Their focus on talent, science, and collaboration positions them as a key player in shaping a better future for all. As they continue to evolve and expand their efforts, it will be crucial for them to address potential criticisms and ensure that their “betting on people” strategy remains inclusive and equitable.
Works cited
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- Schmidt Futures – Wikipedia, accessed January 5, 2025, https://en.wikipedia.org/wiki/Schmidt_Futures
- Schmidt Futures Publishes Groundbreaking New Bioeconomy Strategy, Calls for Strategic Investment, Workforce Development, and Infrastructure to Bring Innovations from Lab to Market, accessed January 5, 2025, https://www.schmidtfutures.org/schmidt-futures-publishes-groundbreaking-new-bioeconomy-strategy-calls-for-strategic-investment-workforce-development-and-infrastructure-to-bring-innovations-from-lab-to-market/
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- Fact Sheet for Partners April 2022 – Schmidt Futures, accessed January 5, 2025, https://www.schmidtfutures.org/wp-content/uploads/2022/04/SchmidtFutures_FactSheet_20220413-Final_sm.pdf
- Eric and Wendy Schmidt Transformative Technology Fund | Office of the Dean for Research, accessed January 5, 2025, https://research.princeton.edu/funding/dean-research-funding/eric-and-wendy-schmidt-transformative-technology-fund
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- Schmidt Futures Announces Expanded Benefits Access Grants to Improve U.S. Social Safety Benefits Access, accessed January 5, 2025, https://www.schmidtfutures.org/schmidt-futures-announces-expanded-benefits-access-grants-to-improve-u-s-social-safety-benefits-access/
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32. Eric Schmidt’s influence on U.S. science policy | Hacker News, accessed January 5, 2025, https://news.ycombinator.com/item?id=31058075