Google founders Sergey Brin and Larry Page have decided to give a little back now that they are billionaires. The search engine is setting up a charitable arm called

The new company will include the work of the Google Foundation, some of Google's own projects using Google talent, technology and other resources, as well as partnerships and contributions to for-profit and non-profit entities.

The two founders state: 'We hope that someday this institution will eclipse Google itself in overall world impact by ambitiously applying innovation and significant resources to the largest of the world's problems'.

The company has also said that it will be giving 1% of Google's profits each year. The first step in meeting these commitments includes a $90 million cash donation to the Google Foundation and a commitment of up to $175 million over 3 years across our other efforts.

Among the early beneficiaries of is the Acumen Fund, which seeks to provide affordable goods and services for the four billion people in the world who live on less than $4 a day, TechnoServe which assists budding entrepreneurs in Ghana, and funding of research in western Kenya to help find ways to prevent child deaths caused by poor water quality.

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