Google Ventures Fund For 'Next Big Thing'

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Google has upped its drive to stay at the cutting edge of technology by launching Google Ventures, a capital fund for new and emerging companies.

The internet giant has said the fund is intended to tackle problems in "creative and innovative ways".

Managing partners of Google Ventures, Rich Miner and Bill Maris, said they hope to take advantage of Google's resources to support innovation and encourage promising new technology companies.

Writing in the company's official blog, they said they hope to find "young companies with truly awesome potential and encourage their development into successful businesses".

In addition to more traditional industries such as consumer internet, software and hardware, the fund will be open to clean-tech, bio-tech, healthcare and "areas we haven't thought of yet", say the pair.

And they are unfazed by suggestions the economic conditions are not right for the fund to be launched.

"Economically, times are tough, but great ideas come when they will," they said.

"If anything, we think the current downturn is an ideal time to invest in nascent companies that have the chance to be the 'next big thing', and we'll be working hard to find them."

The fund will invest anything from small amounts to get an idea started to tens of millions of dollars, say organisers.

Google has said the new project is not another part of their acquisitions arm, famed for snapping up promising internet companies.

Instead, the internet giant's focus will be in building "great companies" and generating long-term financial return, their website said.

:: For more visit the Google Ventures website at www.google.com/ventures.

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