Google CEO Eric Schmidt and his wife, Wendy, have donated $25 million to Princeton University to create an endowment fund supporting technology research, reports the Huffington Post. According to the Ivy League university, from which Schmidt graduated in 1976 with a degree in electrical engineering, the Eric and Wendy Schmidt Transformative Technology Fund will award funding through an annual campus-wide, peer-reviewed competition. The endowment will support the "invention or implementation of entirely new technologies that will have a major impact on a field of research," and could also be used for the acquisition of new equipment that will "change the direction of research in a field," Princeton explained in a press release. The fund is unique in that it will does not need to be spent evenly from year to year.

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