The Eric And Wendy Schmidt Fund For Strategic Innovation

The Eric and Wendy Schmidt Fund for Strategic Innovation — now operating programmatically through Schmidt Sciences (rebranded from Schmidt Futures in 2024) — is a talent-first, impact-obsessed funder that backs exceptional people and high-leverage scientific infrastructure rather than conventional project grants. With $1.59 billion in assets and $228.7 million in total giving in FY2024 alone, it ranks among the most significant private science philanthropies in the United States. Eric and Wendy Schmidt have publicly committed over $1 billion to "identify, develop, and support global talent working in service of others."

The fund does not accept unsolicited proposals under any circumstances. Funding flows through three pathways: competitive RFPs published on schmidtsciences.smapply.io, institutional nominations for fellowship programs, or proactive invitation from Schmidt Sciences program staff. This structure means traditional cold-outreach grant-seeking rarely succeeds. The most reliable path for a new grantee is to first become visible — through published research in priority areas, participation in Schmidt Sciences convenings, or affiliation with existing network institutions (Caltech, MIT, Cambridge, Johns Hopkins, Imperial College, UC San Diego) — before any application is submitted.

The fund strongly favors elite research universities and novel organizational forms over conventional nonprofits. Of 1,079 grants in the available data, the vast majority flow to universities or purpose-built entities like Convergent Research's Focused Research Organizations (FROs). Organizations that can articulate why a specific scientific problem requires a new institutional structure — and who can demonstrate interdisciplinary team composition — attract the highest-value commitments.

First-time applicants should understand the giving philosophy: "betting early on exceptional people" means individual scientists and researchers, not just institutions, are the real unit of investment. The fellowship pipeline (Schmidt Science Fellows, Schmidt Science Polymaths, AI2050) frequently precedes larger programmatic grants to an affiliated institution. Cultivating individual relationships between your institution's scientists and Schmidt Sciences program officers — through co-authored white papers, joint events, and fellowship nominations — is the strategic investment that pays off in eventual larger grants.

Annual giving at the Schmidt Fund has grown roughly 20-fold over nine years: from $11.5 million in FY2015 to $228.7 million in FY2024, with a FY2023 peak of $374.7 million. Total assets rose from $304.8 million (FY2015) to $1.59 billion (FY2024), fueled by ongoing contributions from Eric and Wendy Schmidt — $255.3 million received in FY2024 and $233.7 million in FY2023 alone.

The fund's database reports a median grant of $50,000 and an average of $336,770 across 1,079 grants, but these figures are heavily skewed by thousands of small individual fellowship stipends in the RISE and Schmidt Science Fellows programs (individual awards of $1,000–$15,800 each). At the programmatic level, the real funding unit is far larger. The 10 largest recipient relationships total over $280 million:

• Rhodes Trust (RISE + Schmidt Science Fellows administration): $115.9M across 21 grants
• Convergent Research Inc (FROs): $76.2M across 14 grants
• Caltech: $26.7M across 19 grants
• Kyutai (open-source AI research): $21.5M across 2 grants
• FutureHouse Inc (AI scientist program): $19.2M across 2 grants
• MIT: $16.2M across 17 grants
• Obama Foundation: $10M (single grant)
• CERN (NextGen Triggers): $8.5M (single grant)
• University of Reading (LEMONTREE): $8.9M across 4 grants
• NYU (M2LINES + VESRI): $10.6M across 13 grants

Flagship single-grant commitments to universities typically land between $3–9 million. Mid-tier institutional grants average $1–3 million. The fund does not maintain publicly disclosed program-area allocation targets — individual high-conviction bets shape the portfolio. By rough dollar estimate: scientific talent programs (RISE, Schmidt Science Fellows, AI2050, Quad Fellowship) account for ~35–40% of committed capital; AI and computational science (Convergent Research FROs, FutureHouse, Kyutai, AI in Science postdocs) ~30–35%; climate and earth systems (VESRI, LEMONTREE, M2LINES, SASIP) ~15%; education technology (Eedi, Rising Academies, Learning Engineering Virtual Institute) ~8%; national security and policy (SSCSP, Quad Fellowship) ~5%. Geographically: California (31% of grants by count), New York (13%), Massachusetts (9%), DC (8%), Virginia (3%), with significant international presence at UK universities, CERN, and French research institutions.

The fund's database-assigned peers are large Philanthropy & Grantmaking foundations with assets in the $1.5–1.7 billion range. Of these, the W. M. Keck Foundation is the closest strategic analog — both fund science and engineering research at elite research universities with similarly large single-grant commitments.

The Schmidt Fund stands apart from all peers in scale of annual deployment relative to assets: it gave away 14% of its assets in FY2024 and 27% in FY2023, versus Keck's more conservative ~3–4% annual payout. The Schmidt Fund is also unique among these peers in its explicit technology orientation, its global grantee reach (UK, France, Europe, Canada), and its use of hybrid instruments (equity interests in LLCs alongside traditional grants, as seen in the Convergent Research LLC interest described in 990 filings). Lumina is the only other peer with publicly accessible competitive RFPs, but its focus on undergraduate access and completion does not overlap with the Schmidt Fund's science mission.

The most significant announcement of early 2026 is the Eric and Wendy Schmidt Observatory System, unveiled in January by Schmidt Sciences. The centerpiece is Lazuli, a 3-meter space telescope — larger than Hubble by aperture and described as the largest privately funded space telescope ever built — complemented by three ground-based observatories covering optical imaging, spectroscopy, and radio astronomy. All four facilities are targeted for operational status by 2029.

In the fall and winter of 2025, Schmidt Sciences deployed capital across four major new programs: a $45 million commitment to carbon cycle research in October 2025; $18 million in new AI2050 fellowship grants in November 2025; $11 million to launch the Humanities and Artificial Intelligence Virtual Institute (HAVI) in December 2025; and $3 million to study AI's impact on employment in January 2026. Princeton University simultaneously announced four 2025 Schmidt Transformative Technology Fund awards across small molecule structure, energy storage, hydrogen generation, and tropical marine science.

The 2024 structural reorganization — dissolving Schmidt Futures and consolidating all programs under the Schmidt Sciences banner — was the largest internal change in years. Eric Braverman remains CEO and Stuart Feldman ($683K compensation) serves as President of Schmidt Sciences. Adam Marblestone ($140K), who has led Convergent Research, continues building the FRO portfolio.

Approaching the Schmidt Fund requires strategy before proposal-writing, because the fund explicitly does not accept unsolicited proposals. Every dollar flows through a defined channel:

Published RFPs (the most accessible path for new grantees). Schmidt Sciences publishes competitive calls on schmidtsciences.smapply.io with no advance notice. As of early 2026, four RFPs are accepting applications: AI for Actionable Matter Modeling, Unconventional Compute, Science of Trustworthy AI, and Humanities and AI Virtual Institute (HAVI). Set up alerts or check the opportunities page at schmidtsciences.org monthly. RFP applications require institutional affiliation and a complete smapply.io profile — create yours before the next RFP posts.

Fellowship nominations (the talent pipeline entry). Schmidt Science Fellows require institutional nomination during a June–August window, with full applications due in October and decisions in April. Schmidt Science Polymaths require tenured-faculty nominations via the same channel. The Quad Fellowship targets STEM graduate students from Australia, India, Japan, and the US, administered through the Institute of International Education. Approach your VP for Research or sponsored programs office at least one full cycle early — institutional vetting is not a formality.

Language calibration is critical. Study grant purpose text from 990 filings: phrases like "focused research organization," "convergent research," "civilizational-scale impact," "high-risk high-reward interdisciplinary research," and "AI accelerating science" appear throughout successful grants. Proposals that cannot articulate a genuine disciplinary crossing — AI + climate, AI + biosciences, AI + astrophysics, AI + humanities — rarely fit the portfolio.

The FRO model for transformational institutional asks. If your work requires an organizational structure that no university or company can provide, the Convergent Research / FRO model has attracted over $76 million. Study the Parallel Squared Technology Institute, CHI FRO AI, EVE (Everything vs. Everything), and Immune-Omics FRO as templates for how to scope and structure an FRO pitch.

Education technology requires a rigorous impact frame. Grants to Eedi ($6.1M for AI math tutoring), Rising Academies ($3.9M), and Digital Harbor Foundation ($7.6M) all tied directly to measurable learning outcomes for underserved populations. Ed-tech proposals must lead with AI-augmented pedagogy and randomized-controlled-trial-grade evidence standards, not general learning improvement claims.