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Google announced its new pilot initiative entitled Google Gadget Ventures, which is an ecosystem of sorts formed around gadgets.
The Google Gadget Ventures will offer third-party gadget development and business funding in the form of grants and seed investments. The grants will be $5,000 each, and will go to developers who've created gadgets already in the Google directory, and get at least 250,000 weekly page views. $100,000 is set aside for seed investments to previous Google Gadget Ventures grant recipients that would like to create a business around the Gadget platform. Those applying for investment will need to submit a business plan.