Google has just launched its new venture capital fund called Google Ventures.

It’s main scope and objective is to find the ‘next big thing’ and according to the The Official Google Blog Google, so far the niche of focus will be consumer Internet, software, clean-tech, bio-tech and health care.

Google will start investing some US$100 million over the next 12 months.

The venture has also sparked interest in President Obama. Sources in Obama administration revealed that the President is so disillusioned by the failure of US banks, that he wants to add as much as US$20 billion in federal spending to the Google fund.

The claims have been further supported by US treasure secretary Tim Geithner speaking at a charity dinner stating that a fund like Google’s represents the way ahead, which will bring future growth.

Hmm people looks like we’ll all be working, living and breathing for Google Corp not too long in the future eh.