Google Ventures will focus on identifying ‘exceptional start-ups' in consumer internet, software, clean tech and bio tech. The company has not yet revealed how much money it plans to commit to the initiative, but it is thought to be in excess of £70 million a year.

"Economically times are tough, but great ideas come when they will," Google Ventures managing partners Rich Miner and Bill Maris wrote in a joint post on the Google blog. "If anything, we think the current downturn is the 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."

Google Ventures claims it will blend the best of top-tier venture capital firms with Google's ‘unique technical expertise and brand'. It will offer money ranging from ‘seed funding to tens of millions of dollars, depending on the stage of the opportunity and the company's need for capital'.

Google has invested in a number of start-ups over recent years including through its philanthropic arm, Google.org. (revolutionmagazine.com)

I have to add that good news about business in the current climate is most welcome, and as a firm supporter of Google and the Internet Marketing industry I am very happy at this news!