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It’s been just over a year since search giant Google launched its venture capital arm, and while the company has been active snapping up various startups, there hasn’t seemed to be any overreaching plan as to how the startups will fit into Google’s core business. That, in fact, seems to be the strategy.
The company launched a new Web site for its Google Ventures arm this week, and in the introduction managing partner Bill Maris attempts to explain the philosophy behind the company’s venture capital plans.
“Rather than looking for investments that would simply be strategically useful to Google, we aim to invest in best-of-breed ventures in a wide variety of fields,” he says. “Our fund’s calling is to generate a financial return while supporting entrepreneurs who are creating transformative ventures. In so doing, we try to bring to bear Google’s resources to support them in that mission.”
Google is obviously interested in startups that can tie into its core businesses, but it has broader goals in mind. It is using its considerable financial and organizational clout to look for “transformative” ideas. In so doing, it is staying true to its entrepreneurial roots.
“The job is fairly straightforward,” adds Maris. “We want to find outstanding entrepreneurs and startup, perform thorough and careful due diligence with the help of the combined experience of more than 20,000 Googlers, and then do everything we can to help those companies grow and succeed.”
So what are some of those great finds?
One of its most recent investments is in a company called OpenCandy. OpenCandy, based in San Diego, Calif., provides a platform aimed at providing additional revenue to software providers. When a customer looks to download an application from a software vendor, OpenCandy’s uses server-based intelligence to recommend additional applications that the buyer might want to consider installing.
Another venture garnering Google’s interest is Corduro, a Southlake, Texas company providing payment solutions for smaller retailers, groups and organizations. It claims it can save groups up to 30% on their payment processing fees and offers solutions for teams & clubs, fraternities, educational institutions and retailers.
Others include: Adimab, a company making a yeast-based platform to develop human antibodies; English Central, which has a platform for learning English using Web content such as video clips from President Obama’s speeches; SCVNGR, which has a geo-gaming platform for building location-based mobile games; Silver Spring Networks, a developer of smart grid solutions to help utilities reduce carbon emissions and operate more efficiently; and V-Vehicle, an “American car company that is introducing a safe, high-quality, fuel-efficient, and well-equipped car for the U.S. market.”
As can be seen from the range of investments Google is making, it’s not afraid to look beyond its comfort zone. Time will tell, however, if Google’s undeniable expertise in Internet-based technology can translate into smart investments in car manufacturing, medical research, and cleaner energy solutions.
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