Google has moved into philanthropy and, not surprisingly, the company is breaking new ground and killing a few sacred cows in the process.

Google has set up a philanthropy to fight poverty, disease and global warming. What's different here is that it will have to make a profit, reports The New York Times.

The new organisation Google.org, as opposed to com or biz, will have the freedom to form start-up companies and work with venture capitalists. And it will pay taxes.

Google's founders, Larry Page and Sergey Brin, clearly believe that running a philanthropy for profit will give the agency more grunt,

Not a bad idea although there might be some obvious issues down the track. Like conflicts of interest between the philanthropy and the parent company. And can charity actually make a buck?

Still, Google's new venture shows how philanthropy is morphing into something else. It's something that emerged when Warren Buffett made his $31 billion gift to the Gates foundation and the growth of venture philanthropy. Clearly, the worlds of philanthropy and business are converging.