Google Ventures to look for ÔÇ£exceptional start-upsÔÇØ

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Google is searching for "the next big thing" in technology with the announcement of its latest initiative, Google Ventures, a new venture capitalist arm to find and develop "exceptional start-ups."   "This is Google's effort to take advantage of our resources to support innovation and encourage promising new technology companies... we think we can find young companies with truly awesome potential and encourage their development into successful businesses," said Rich Minter and Bill Maris, managing partners of Google Ventures, in a blog post.   Google said it would offer early stage investments to a range of new firms in areas including consumer internet, software, clean tech, biotech and healthcare, but it will also include "areas we haven't thought of yet," the partners of the new venture said.   Google has not yet said how much money it plans to commit to the venture, although the Wall Street Journal is reporting that it could be around $100 million over the next 12 months.   The timing of the announcement is surprising to some, with the global economy in freefall, but Google is upbeat about that. "Economically, times are tough, but great ideas come when they will,ÔÇØ it said in its blog post. ÔÇ£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 announcement comes only a few days after Google announced plans to cut nearly 200 marketing and sales jobs in its online advertising business.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *