Online Innovation March 31st, 2009
Google Ventures, the new venture capital arm of Google, has been launched with the expressed goal of finding "the next big thing" in the online world.
Whether that is a company in need of seed funding, or an established company looking to expand, Google is looking to help these companies become major players in their industry sector, whether that’s locally or globally. This comes at a time when venture capital in the US is down more than 70% over the past 2 years.
The fund, however, is looking for investment opportunities on a global scale, and is welcome in areas like Europe where the recession has hit many countries harder.
The Wall Street Journal is reporting that the company is looking at committing close to US$100 million to this project.
This venture may very well help Google get involved with innovative ideas from the ground level rather than waiting for items to explode, hence creating an unenviable position to purchase. Imagine if Google seed money had been used to help get social mainstays like Facebook, Twitter, Digg or even WordPress off the ground?
I wonder if they are interested in helping a growing SEM firm with its office renovations? Hmm.