Innovation

The former CEO of Google and his wife, Wendy Schmidt, are spending $1 billion to support talented young people around the world.

They wrapped a Sydney tram in a giant Dovetail recruitment ad. They’re now up to 90 staff, with nine of them coming on board in the new San Francisco office. Ayers and Humphrey have retained a third ownership each.

The $108 million raised last financial year is being spent on software development and bringing their newest model, the Zoomo One, into production. The so-called “moped killer” will have a top speed of 45km/h.

Today, virtually all new drug discovery and early-stage drug development happens in small biotech firms, with Big Pharma hungrily waiting for the new drugs to boost their shrinking sales as the patents on their existing drugs inevitably expire.