Creating Glass has been a big bet for Google, and Schmidt said that's exactly what they're looking for.
"We're using a language inside of Google about big bets, inspired by Larry who says we need to inspire greater," said Schmidt. "We're taking a long-term view and we're taking a long-term bet on our leadership and product vision. It's a leap of faith on our own part."
He noted that many people thought the search company was going off the rails when it came out with Gmail, its popular cloud-based email service. The same was said when the company bought YouTube.
While Google has failed with and shut down about 70 different projects, Schmidt said the company is willing to take a chance and make the big bets. It's the big bets that bring them the big wins. And Schmidt hopes that Glass and its self-driving car will be in that category.
"My grandchildren won't be fumbling in their pockets and purses for their devices," said Schmidt. "They won't be looking down. They'll be looking up. And some day I wonder if people won't marvel that we actually allowed humans to drive cars."
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