Google has formally joined the VC business industry with the launch of its venture capital fund – Google Ventures. According to Google:
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.
Being Google’s VC arm, Google Ventures is tasked with finding and helping exceptional start-ups into making it big in whatever niche market it will cater to. Google Ventures will concentrate on various industries that include consumer Internet, clean-tech, bio-tech, health care, software, other areas which are expected to surface later on.
In addition and perhaps to clear out initial impression on why Google is launching Google Ventures, the GV site’s FAQ clearly stated that Google Ventures is being launched to make it easy for Google to acquire young start-ups with potential.
Our focus is building great companies and generating long term financial return.
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