San Francisco, Mar 31: Taking up a new role, search engine giant Google Inc unveiled a new venture capital fund with an aim to assist 'young companies with truly awesome potential.'
Rich Miner and Bill Maris, the managing partners of Google Ventures wrote a message on Internet giant's website, "Economically, times are tough, but great ideas come when they will." They added that the ongoing global recession is the right time to invest into start-up companies that have the chance to be the 'next big thing.'
However Google has not yet revealed the amount it plans to commit to the venture though media reports suggest that it could be around $100 million. Google Ventures will include entrepreneurs and investors who will work alongside the existing Google team.