Google has unveiled a new venture capital fund to back "young companies with truly

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awesome potential."

Google Ventures will focus on finding and helping develop "exceptional startups" in industries including software, clean technology, biotechnology, health care and consumer Internet offerings.

"Economically, times are tough, but great ideas come when they will," Google Ventures managing partners Rich Miner and Bill Maris wrote late Monday in a message on the US Internet giant's website.

"If anything, we think the current downturn is an ideal time to invest in nascent companies that have the chance to be the 'next big thing,' and we'll be working hard to find them."

Miner and Maris said the enterprise will blend the best of top-tier venture capital firms with Google's "unique technical expertise and brand."

"Central to our effort will be our fellow Googlers, whom we view as a critically important resource to help educate us about potential investments areas and evaluate specific companies," Miner and Maris wrote, noting that those interested could pitch ideas directly through the company's website.