World's Biggest Education Prize From Yidan Prize Foundation Awaits The Right Candidate, How Much?

A Chinese tech billionaire launched what is regarded as the world's biggest education prize, amounting to $7.8 million. Called as the "Yidan Prize," it will be given to the right individual or group whose work in the field of education shines above the rest.

The prize awaits educators from all over the globe. Although not necessarily a competition, the committee can accept applications from individuals or teams whose contribution can be considered as "outstanding." The prize money can then be used to fund projects which will be for the good of many.

Charles Chen Yidan

This remarkable move is the brainchild of a Chinese tech billionaire, Charles Chen Yidan. He is a co-founder of Tencent, acclaimed as among the world's biggest websites. This website provides Internet services in China and also the much-needed social networks.

According to TES, the $7.8 million prize will not be allocated to one individual or group only. The said amount will be divided into two categories. The first category is Education Research, while the second category is Education Development.

Half For Each Category

With this in mind, each category will receive half of the $7.8 million, amounting to $3.9 million. The winner from either category will receive half of the $3.9 million in cash. The remaining half will be divided into three years, which will be used to fund projects that the winner has.

Ejin Sight said that Chen Yidan spent three years in setting up the $7.8 million education prize. He said that he was greatly influenced by his grandmother, who was illiterate. What struck the tech billionaire the most about his grandmother was that despite the fact of her illiteracy, she was very kind and friendly.

Importance Of Studying

He said that his grandmother's friendliness was from the heart. Chen also said that his grandmother recognized the importance of studying. The words of Chen's grandmother must have made a huge difference in the life of Chen and must have also contributed to his success.

Aiming for a Nobel Prize, the Yidan Prize may become the Nobel Prize for education. It will challenge the Global Teacher Prize, which awards $1 million yearly to an outstanding teacher. With the amount involved in the Yidan Prize, it might just become the Nobel Prize for education.