Academic

When Google announced its IPO, it promised potential investors that it would invest 1% of its profits into philanthropic ventures.  Google even included this promise in its registration statement.  Now, Google has launched Google.org, the philanthropic arm of Google.  This branch of the organization analyzes proposals and decides which of many worthy projects will get funding.  As has been advertised from the start, the funding the company will provide will resemble venture capital more than traditional philanthropic grants.  Recipients will be more entrepreneurial than nonprofit.  NYT story here.