Less than 24 hours after shooting hoops with Stephen Colbert and joking that fixing American education will make the comedian rich, Education Secretary Arne Duncan will get serious about innovation.

He’s hosting a 2 p.m. media call with reporters to unveil more details about the innovation grants, or i3, that are funded from $650 million from the economic-stimulus package. These are competitive grants for school districts.

Stay tuned for live Tweets from the Politics K-12 Twitter feed during the media call.

And in the meantime, watch Duncan from last night’s appearance on “The Colbert Report.”