Google has announced a major overhaul - the launch of their new parent company, Alphabet Inc. The new structure makes Google Inc. a holding company in an effort to provide more transparency to its investors and flexibility for its research endeavors. Thus, "G" will now stand for Google. The rest of the Alphabet will be a collection of companies that has yet to be entirely unveiled.
"Sidewalk will focus on improving city life for everyone by developing and incubating urban technologies to address issues like cost of living, efficient transportation and energy usage," Google CEO Larry Page said in a Google+post. The company will be led by Dan Doctoroff, former CEO of Bloomberg and Deputy Mayor of Economic Development and Rebuilding for the City of New York, and monetarily supported by Google.
“We are at the beginning of a historic transformation in cities. At a time when the concerns about urban equity, costs, health and the environment are intensifying, unprecedented technological change is going to enable cities to be more efficient, responsive, flexible and resilient. We hope that Sidewalk will play a major role in developing technology products, platforms and advanced infrastructure that can be implemented at scale in cities around the world," said Doctoroff in a press release.
Stay tuned as more information becomes available.