The New York Times reports that the founders of Google, the popular search engine company, have set up an interesting new philanthropy, google.org,with a focus on tackling poverty, disease and global warming. Unlike most charities, this one will be for-profit. For-profit status will grant them the capability to fund start-up companies, form partnerships with venture capitalists and even lobby Congress. As a result of the for-profit status it will have to pay taxes if company shares are sold at a profit or if corporate earnings are used to finance Google.org.
Among other ventures the article reports,
"The philanthropy is consulting with hybrid-engine scientists and automakers, and has arranged for the purchase of a small fleet of cars with plans to convert the engines so that their gas mileage exceeds 100 miles per gallon. The goal of the project is to reduce dependence on oil while alleviating the effects of global warming."
Click here for the full story from the New York Times.