Google CEO Eric Schmidt invests in a Social Network Company, InternInc

by Leplan on October 26th, 2009

Google chief executive Eric Schmidt has given an undisclosed amount to launch a Social Network Company -InternInc.com, a source say. InternInc is a relatively new social networking site designed specifically to help students connect with companies, their universities, mentors and others that can help them find the internships they need to build their resumes and find employment after graduation.

Schmidt said only that he wants to support the educational experience students gain from interning, referring to his investment in the company.

The site is entering the social networking field at an apt time, with the graduating class of 2009 still having a hard time finding permanent employment due to poor economic conditions and an unforgiving job market. This should give it a good boost, and with Google CEO in its side InternInc has a good future.

About the Company (as per their Website)

Launched in 2009, Intern Inc. provides a user-friendly platform for high school and college students and professionals to connect directly with organizations, mentors and employers.
Intern Inc. not only provides a more tailored experience for internship candidates than other social networking or career placement websites, it better serves the needs of the employers and organizations by providing better matched, qualified, ready-to-work intern applicants.
Intern Inc. takes a unique approach to the internship placement process by certifying intern candidates as well as internship positions, providing internship effectiveness training to both the intern and employer and thereby enabling a higher rate of success for both parties.

Schmidt’s Investment as Corporate Social Responsibility and Interest

The company connects the students to the companies. Many of the Fortune 500 companies are believed to take students through them and enroll for paid or unpaid internships.

Such activities not only prepares student for a better industry service, but also gives companies chance to evaluate people properly before making a hiring.

Analysis

I don’t see this investment as a CSR activity or a charity. The investment has a business goal, and Eric is a shrewd business who foresees business value from a distance. Social Networking has started giving serious challenge to Search and Content business now, and investment in a Social Network of different model is a serious case.

I see Eric looking to grow the company in the same way what Kevin Rose did with WeFollow.com. InternInc might the target that Google sees as a future star! Eric’s investment is just a hint to the clause.

You might also like:

Previous Post Next Post

Comments

John

Do you know that Eric Schmidt investment was not enough?
Derek Rundell company forgot to pay around 2600 hours of work for the team which develop the interninc.com application on Joomla CMS like platform. Maybe Eric Schmidt don’t have enough money to pay all this work or Derek spend in not a clever way.

I think that will be good to ask Derek Rundell and Eric Schmidt about this, because I don’t think that is a nice gesture.
My source is a real one too .