Low as a kite... Google's parent Alphabet is shutting down energy kite startup Makani, which wanted to make wind energy cheaper by flying power-harvesting wind turbine kites in the air (tbh, they look more like small planes). But yesterday, Alphabet announced that it's pulling the plug on one of its most innovative companies. It's an attitude shift:
Getting in a gym sesh before 7am... Google's moonshot goals are a little more ambitious — and waayy more expensive. CEO Sundar Pichai has said Alphabet will increasingly start seeking 3rd-party investors for Other Bets, because:
Other Bets are 'future insurance'... Google is big enough to afford moonshots, and in a way, it can't afford not to take them: It risks being left in the dust when a huge opportunity hits (#DontMissTheNextiPhone). So far, its 1 big win is Waymo (valued over $100B). But... Makani is the 1st moonshot to shutter since Pichai became Alphabet's CEO in December as the co-founders, who were major champions of the passion projects, retired. We think that signals a shift in openness to fund riskier moonshots.