There isn’t much detail on how it would work. We assume, an employee would say, “I’m leaving to do a startup.”
Google would say, “stay here, we’ll give you office space and some seed money for your project.” And maybe the employee would stick around, try to build something new and Google would benefit.
Yahoo once tried something similar, but it flopped and Yahoo ended the program after a year and a half.
The NYT mentions that Google Wave was treated as a startup, given its own chance to build a new product.
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