(Yicai Global) Aug. 14 -- "We believe technology will change the world and we will reward technical innovation," said Robin Li, founder and chief executive of Baidu Inc. [NASDAQ:BIDU].

The company will not only pay for technology, but also reward technical innovation, he added.

Li awarded each of four technical teams USD1 million, Baidu's highest prize, at the firm's annual summer party held Aug. 13. Baidu did not disclose the specific projects these four squads undertook.

The prize is the highest conferred on ordinary employees among all Chinese internet companies. As of this year, 24 teams have received it.

The contest only imposes three conditions: one, the project must be very significant; two, the outcome must far surpass expectations; and three, the team may not have more than ten members and cannot comprise directors. These conditions reflect Baidu's focus on technology and innovation, Li said.