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SAN FRANCISCO — Google, which has invested in many startups over the years, will announce on Tuesday that it is creating a venture capital arm whose main objective will be to turn a profit.
The group, called Google Ventures, is expected to invest up to $100 million over the next 12 months....
...The venture unit comes as Google is rethinking the mission of Google.org, its corporate philanthropy, which has invested in areas like clean energy. Some of those investments will now be made by the venture unit.
Looks like Google is seeing that it can be doing well by doing good.
This is Google's effort to take advantage of our resources to support innovation and encourage promising new technology companies. By borrowing the best practices of top-tier, financially focused venture capital firms and bringing to bear Google's unique technical expertise and brand, we think we can find young companies with truly awesome potential and encourage their development into successful businesses.
At its core, Google Ventures is charged with finding and helping to develop exceptional start-ups. We'll be focusing on early stage investments across a diverse range of industries, including consumer Internet, software, clean-tech, bio-tech, health care and, no doubt, other areas we haven't thought of yet. Central to our effort will be our fellow Googlers, whom we view as a critically important resource to help educate us about potential investments areas and evaluate specific companies.