Google CEO and Chairman Eric Schmidt earned a BSEE in 1976 from Princeton University. Now he’s giving back a lot more to Princethan than he did in tuition money back in the 1970’s. Eric and his wife Wendy are donating $25 million to the Princeton in order to create an endowment fund for supporting technology research. The new endowment is called The Eric and Wendy Schmidt Transformative Technology Fund.
The Fund will give away awards for peer-reviewed competitions. “The Schmidt Fund will be used to support the invention or implementation of entirely new technologies that will have a major impact on a field of research or to acquire a piece of equipment or an enabling technology that will change the direction of research in a field,” stated Princeton in a press release.
Schmidt is on the board of trustees at Carnegie Mellon University and Princeton University. Schmidt was an advisor to Barack Obama during his presidential campaign.