Schmidt Futures is a relatively young philanthropic initiative, launched in 2017 by Eric and
Wendy Schmidt. It brings talented people together in networks to prove out their ideas and
solve hard challenges. Tom Kalil has served as Chief Innovation Officer since the beginning,
leading efforts to identify promising “moonshot” initiatives for public good that leverage
technology to solve societal problems and advance science. In 2021, Schmidt Futures launched
a Task Force on Synthetic Biology and the Bioeconomy, whose goal is to optimize the
development of an emerging bioeconomy, with a value projected between $4 trillion and $30
trillion. In 2022, the organization launched a $148 million initiative designed to accelerate the
use of Artificial Intelligence (AI) in postdoctoral research, initially partnering with nine
universities to support 160 postdoctoral fellows. Schmidt Futures also supports AI2050, a collaborative and multidisciplinary effort to maximize the benefits and minimize the harms that could come from new technologies associated with AI. In March 2023,
Schmidt Futures and Citadel CEO Ken Griffin announced a $50 million commitment to launch
new Focused Research Organizations (FROs) to cure complex diseases. This commitment
augments previous investments in Convergent Research, an initiative designed to make
strategic investments in time-limited initiatives to pursue scientific moonshots. These and other commitments reflect a fresh way of
thinking about philanthropy and the role of foundations in launching and sustaining innovative
endeavors.