Retaining top talent has always been a headache for companies. And even a tech giant like Google is not an exception to it. But now, According to a report in The Infomation, Google wants to gain some control over this and is reportedly planning an in-house startup incubator called Area 120 to allow its employees to work full-time on their idea without leaving their job.
Area 120 is speculated to be named on the lines of Google’s policy of encouraging its employees to spend 20% of their times on projects of their interest. This famed “20% policy” of Google led to the creation of many of its popular products such as Gmail, AdSense, and Google News.
Google executives Don Harrison and Bradley Horowitz will head the incubator. It will be housed in one of the buildings of San Francisco office of Google.
To work in Area 120, interested employees will have to submit a business plan just like applying for any external incubator.
Upon the approval of the same, they will be allowed to work full time on their idea in Area 120. They can also pitch their ideas in front of Google for funding and create a new company in which Google can further invest.
The initiative, no doubt, sounds like an exciting proposition for an employee looking to experiment with a new startup idea without leaving the security of a Google job.
Moreover, with a slowdown in tech investments in Silicon Valley at present, the prospect of support and funding from Google will also attract Google employees.
For Google, in addition to retaining employees, such initiative may prove useful in the development of additional product and services which may be incorporated with Google later.
It can also help in fighting future competition in advance like it happened in the case of Facebook-owned Instagram which was created by former Google employee Kevin Systrom.
There has not been an official confirmation from Google on this report so far. We will update this story if there is any official confirmation from Google on the report.