Eric Schmidt Is Giving Away $1 Million To People Who Are Solving Problems Through Technology

Google's Eric Schmidt will be donating $1 million to help solve world problems through technology.

Schmidt announced the news this morning on CBS while promoting his book, "The New Digital Age." Jared Cohen, Google's Ideas Director, is his co-author.

"I think I should put my money where my mouth is," Schmit told CBS. The $1 milion will be awarded on March 10. "We identified a whole bunch of companies all over the world trying to solve oppressive censorship, empower individuals, and make these phones more useful."