While the current business environment may not seem like the ideal time to invest in new start-ups, the launch of Google Ventures shows that where some see decline, others find opportunity.
Google’s interest in acquisitions has long frustrated rival VCs, however this news couldn’t have come at a better time for entrepreneurs seeking funding.
According to the University of New Hampshire’s Center for Venture Research angel investment dropped by 26.2 percent in 2008 from the prior year (via Silicon Valley Mercury News). Furthermore, this downward trend is set to continue: a survey by the National Venture Capital Association (NVCA) of more than 400 respondents indicates VC investment this year will be at least 10 percent lower than 2008 (via Internet Evolution).
Little has been revealed about the new division, other than that it is headed up by Bill Maris and Rich Miner, formerly of Burlee.com and Android respectively, and has $100 million to invest over the next 12 months. Rich Miner’s background at Android has prompted some to suggest the new fund will be particularly interested in companies that are a good strategic fit with Google’s mobile operating system.
The Google spin:
Google Ventures seeks to discover and grow great companies - we believe in the power of entrepreneurs to do amazing things. We’re studying a broad range of industries, including consumer Internet, software, hardware, clean-tech, bio-tech and health care. We invest anywhere from seed to mezzanine stage and embrace the challenge of helping young companies grow from the garage to global relevance.
Our team includes entrepreneurs, investors and innovators, along with some 20,000+ exceptional Googlers whose breadth of knowledge, experience and creativity constitute perhaps our own most valuable resource. You don’t have to be a potential Google acquisition for us to want to work with you; we’re out to build great companies, period. We look forward to learning whether yours is one of them.
The advice for prospective entrepreneurs is to keep presentations under 20 slides or three pages of text, however, given its high profile and broad focus, the new Google fund will undoubtedly be inundated with interest. Those seeking funding can apply here.
More background on Google Ventures can be found at VentureBeat.
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