Google starts for-profit charity with $1 billion

The ambitious founders of Google, the popular search engine company, have set up a philanthropy, giving it seed money of about $1 billion and a mandate to tackle poverty, disease and global warming.

But unlike most charities, this one will be for-profit, allowing it to fund startup companies, form partnerships with venture capitalists, and even lobby Congress. It will also pay taxes.

One of its maiden projects is bound to get attention.