Schmidt ’76 donates $25 million for technology fund

The primary function of the Schmidt Fund will be to provide professors with funding to research new technologies that will have a major impact in a particular field or to provide professors with the means to purchase innovative equipment that will alter the course of an established field.

“It is a great day for Princeton when we have an alumnus give such a generous gift to the University,” said Dean of Research A.J. Stewart Smith, who will chair the committee charged with appropriating the funds.

“This fund will allow Princeton’s scientists and engineers to explore truly innovative ideas that need the creation or application of new technologies, including the kinds of technological breakthroughs that most funding sources are too risk-averse to support,” President Tilghman said in a University statement.

“We are deeply grateful to Eric and Wendy not only for providing this support, but for providing the capacity and flexibility to make investments that are likely to have the broadest and most transformative impact,” Tilghman added.

Unlike many university- or government-funded grants, the Schmidt Fund comes with few strings attached, Smith said.

“This grant complements other funding opportunities from government and other institutions,” he explained. “While there are many requirements on these grants, this grant encourages our professors to do something big, to take risks in their research.”

Another unusual aspect of the Schmidt Fund is that it is not directed to a particular department. The money will be broadly distributed among recipients in several fields. There is “no preference for the direction of the gift,” Smith said.

Funds will not necessarily be awarded evenly each year, he said. If there are no compelling projects in a particular year, then no funds will be awarded.

Smith stressed that the Schmidt Fund will “not be paying faculty salaries.” Instead, the grant will “promise tremendous research, challenge our researchers to think outside the box,” he added.

The money from the Schmidt Fund will be allocated through a series of peer-reviewed competitions, the first of which will be announced later this fall. “We don’t know what the competition will involve,” Smith said. “I don’t want to limit ideas by mentioning anything here. We want our professors to take their research to the next level and give us their best shot.”

An internal peer review committee, chaired by Smith, will be created to oversee the appropriation of funds. The panel will be composed of the best engineers or scientists at the University who have not submitted a proposal to the competition, Smith said. “As soon as we know who submits, we will form the committee to review the projects,” he added.

Schmidt, who served as University trustee from 2004 to 2008, could not be reached for comment.