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Schmidt Futures

Website:

www.schmidtfutures.com/
Formation:

2017
Type:

Scientific Grantmaker
Founders:

Eric Schmidt, Wendy Schmidt
CEO:

Eric Braverman
Parent Company:

Futures Action Network

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Schmidt Futures is a scientific research firm and social philanthropy founded by former Google CEO Eric Schmidt and his wife Wendy Schmidt in 2017. It dedicates its funds to scientists, researchers, and programs that work on artificial intelligence (AI), synthetic biology, and other STEM-related projects.

Schmidt Futures is not a standalone legal entity and is not a tax-exempt nonprofit organization. Rather, it is operated as an “initiative” by Eric Schmidt’s Futures Action Network LLC, a for-profit private firm, and is funded by Schmidt-related organizations like the Eric and Wendy Schmidt Fund for Strategic Innovation, a private foundation. 1

In 2022, Schmidt Futures was scrutinized by Politico, the Tech Transparency Project (TTP), and others for indirectly funding and managing the Biden administration’s AI program and other initiatives related to STEM research and development. 2

Background

Schmidt Futures was founded in 2017 by Eric Schmidt and his wife Wendy. 3

Bloomberg describes Schmidt Futures as a venture capital firm that invests in technology companies, while Schmidt Futures self-describes as a “philanthropy initiative.” 4 5

Schmidt Futures is not a standalone legal entity and is not a tax-exempt nonprofit organization. Rather, it is operated as an “initiative” by Eric Schmidt’s Futures Action Network LLC, a for-profit firm, and is funded by Schmidt-related organizations like the Eric and Wendy Schmidt Fund for Strategic Innovation, a 501(c)(3) private foundation. 6

Activities

Schmidt Futures primarily works as a network to connect software engineers and others involved in science and technology. It makes grants to both for-profit and nonprofit entities to support STEM research and development as well as social issues and advocacy. 7

Schmidt Futures gave birth to Convergent Research, which makes use of Schmidt-related experts and scientists to research microbiology, synthetic biology, and related fields. Convergent has announced plans to create more organizations to focus on problems like “climate change, developing new antibiotics, or generating data for preventing disease.” 8

As of January 2023, Schmidt Futures’ main funding initiatives included its Science Fellows program, STEM R&D, “positive social uses of technology” such as universal broadband and the bioeconomy, synthetic biology via its BioFutures Program, young tenured professors via its Science Polymaths program, the Virtual Institute for Scientific Software (VISS), and a program to advance the application of AI to scientific research called the “Eric and Wendy Schmidt AI in Science Postdoctoral Fellowship.” 9

Biden Administration

FAS Fellows

In December 2022, Politico published an report on Eric Schmidt and his financial connections to the Biden administration. Specifically, it reported that Schmidt, who had allegedly been seeking to have influence over the U.S. government’s science policy and the White House’s in particular, was supplying funds to the Biden White House to pay for the salaries of more than twenty officials on its payroll involved in science policy. Schmidt’s aim, the article alleged, was to become one of the main players in American federal research and investment in artificial intelligence technology, despite pro-privacy activists and tech skeptics sounding the alarm on the field. 10

Schmidt Futures is not legally permitted to finance positions in the federal government. Instead, it gives funds to the Federation of American Scientists (FAS) which is among the select groups  able to fund government positions according to the Intergovernmental Personnel Act of 1970. FAS’s “Day One Project,” founded in January 2020 to fill science and technology positions in the executive branch, was funded by more than 20 philanthropies among which was Schmidt Futures. 11 12 Schmidt Futures was highly involved in getting Day One Project started: its chief innovation officer Tom Kalil and then-managing director Kumar Garg spoke at the FAS launch event for the Project. 13

These FAS “fellows” have been recruited by the Biden administration to fill positions in the White House Council of Economic Advisers, the White House Council on Environmental Quality, Department of Energy, Department of Education, Department of Health and Human Services, Department of Transportation, Department of Homeland Security, and the Federal Trade Commission. More than five FAS fellows were hired to the Office of Evaluation Sciences in the General Services Administration, which acts as an external consultancy for various executive branch agencies. 14

Venture capitalist Gilman Louie, the chair of the Federation of American Scientists since 2009, is also the chief executive officer of America’s Frontier Fund (AFF) and has been since 2021. America’s Frontier Fund is funded by Schmidt Futures and Schmidt is responsible for supplying more than a quarter of its total operating costs. In May 2022, President Biden recruited Gilman to his Intelligence Advisory Board. 15 16

Both Schmidt Futures and FAS have downplayed Schmidt’s role in funding the project, stressing than no funder provides more than 30 percent of the funding. 17 Despite this, internal White House emails cited by Politico reveal that Biden administration staffers are very cognizant that Schmidt dollars make some of their hires possible: as Office of Science and Technology Policy chief of staff for workforce Elaine Ho wrote in one email, the Department of Energy “has secured Schmidt Futures as a funding source […] I have already reached out to our contact at FAS/Day One.” 18

Criticism

Eric Schmidt defended his actions, claiming he had followed all necessary requirements and was solely committed to the endeavor to help alleviate America’s “shortcomings” in the field. The spokesperson dismissed concerns about private funding of public servants, arguing that “people with the expertise and experience to make monumental change and advance our country” ought to have “the opportunity to work across sectors to maintain our competitive advantage for public benefit.” 19

A White House spokesperson denied accusations that Schmidt or the Federation of American Scientists had any control or influence over policy. But Politico found that the staffers of the Biden administration were aware of how dependent the FAS fellows were on the funds provided by Schmidt, that they referred to FAS and Schmidt funds interchangeably, referred to FAS fellows as “Schmidt fellows,” and that some felt Schmidt was intentionally funding the program to enhance his political power and his “AI agenda.” 20

Alex Engler, a fellow at Brookings Institution, claimed Schmidt was working harder than any other figure to manipulate American AI policy. Engler said Schmidt’s investments and the White House AI policy were increasingly becoming dedicated to developing the U.S. government’s AI powers, and very little was being directed toward limits and regulations against potential dangers. 21

According to Politico, Katie Paul, director of the Tech Transparency Project (TTP), accused Schmidt of “systematically abusing this little-known set of programs to exert his influence in the federal government […] The question is, on whose behalf is it? Google, where he’s still a major shareholder? Is it to advance his own portfolio of investments–artificial intelligence and bioengineering or energy? The public has a right to know who is paying their public servants and why.” The Tech Transparency Project released a report on the Schmidt-Biden administration connection. 22 23

Leadership

Schmidt Futures was founded in 2017 by Eric Schmidt and his wife Wendy. 24

As of December 2022, Eric Braverman was the CEO of Schmidt Futures. Braverman has an extensive relationship with the Schmidts and their philanthropic endeavors, having overseen all of their philanthropy initiatives and directed the family office. Braverman was previously the CEO of Rex Group (2015 to 2017), CEO of the Clinton Foundation (2013 to 2015), and a staffer at McKinsey & Company (1997 to 2013). While at McKinsey, Braverman was a partner and co-founder of its government practice, acting as the “global leader” of its work on “government innovation” consultancy and strategy. He provided consultation to presidents and other policy makers around the world, including work as an advisor on “performance management” on the 2008 transition team of President Barack Obama. 25

References

  1. “Frequently asked questions.” Schmidt Futures. Accessed January 14, 2023. https://www.schmidtfutures.com/our-mission/faq/.
  2. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  3. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  4. “Schmidt Futures.” Bloomberg. Accessed January 15, 2023. https://www.bloomberg.com/profile/company/1794125D:US.
  5. “Frequently asked questions.” Schmidt Futures. Accessed January 14, 2023. https://www.schmidtfutures.com/our-mission/faq/.
  6. “Frequently asked questions.” Schmidt Futures. Accessed January 14, 2023. https://www.schmidtfutures.com/our-mission/faq/.
  7. “Frequently asked questions.” Schmidt Futures. Accessed January 14, 2023. https://www.schmidtfutures.com/our-mission/faq/.
  8. Peters, Adele. “These ‘focused research organizations’ are taking on gaps in scientific discovery.” Fast Company, October 12, 2021. Accessed January 15, 2023. https://www.fastcompany.com/90684882/these-focused-research-organizations-are-taking-on-gaps-in-scientific-discovery.
  9. “For Science.” Schmidt Futures. Accessed January 15, 2023. https://www.schmidtfutures.com/our-work/for-science/.
  10. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  11. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160
  12. “Launch Event.” Day One Project. Archived February 2, 2020. Accessed January 15, 2023. https://web.archive.org/web/20200202085938/https://www.dayoneproject.org/launch-event.
  13. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  14. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  15. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  16. “President Biden Announces Appointments to the President’s Intelligence Advisory Board and the National Science Board.” Whitehouse.gov, May 4, 2022. Accessed January 15, 2023. https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/04/president-biden-announces-appointments-to-the-presidents-intelligence-advisory-board-and-the-national-science-board/.
  17. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  18.  Thompson, Alex. “A Google billionaire’s fingerprints are all over Biden’s science office.” Politico, March 28, 2022. Accessed January 15, 2023. https://www.politico.com/news/2022/03/28/google-billionaire-joe-biden-science-office-00020712.
  19. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  20. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  21. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  22. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  23. “Eric Schmidt’s Expanding Influence Apparatus.” Tech Transparency Project. Accessed January 15, 2023. https://www.techtransparencyproject.org/articles/eric-schmidts-expanding-influence-apparatus.
  24. Thompson, Alex. “Ex-Google boss helps fund dozens of jobs in Biden’s administration.” Politico. December 22, 2022. Accessed January 14, 2023. https://www.politico.com/news/2022/12/22/eric-schmidt-joe-biden-administration-00074160.
  25. “Our People.” Schmidt Futures. Accessed January 15, 2023. https://www.schmidtfutures.com/our-people/.
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