Generational change is notoriously one of the greatest challenges in management. With the exception of the early years, it is the most dangerous time for a business. Many successful businesses fail to make the change and simply fold.

It is difficult enough in traditional businesses where generational change means just that, a change of control from one generation of owners and managers to their children, or to people who could be their children.

However, it is even more challenging in information technology, where a generational change is a change from one technological generation to the next – which can mean a change every three to five years rather than the traditional thirty to fifty.

One only has to look back ten years to see how many “new” technologies have come and gone – and how many big corporate names have come and gone with them.

Google are aware of this – and are taking steps to prevent it happening to them.

They are marketing their venture capital fund to invest in businesses that are developing new technologies as if it was almost a philanthropic exercise.

It is in fact a very shrewd strategy to renew their own business.

It will give them the inside track on exploiting those new technologies – and it will enable them to use their current dominance of internet marketing to promote those technologies against potential competitors. Doing it right should preserve that dominance for a few more years.

Of course, we humbler entrepreneurs are in no position to think in such terms, but Google’s strategy has lessons for us too.

First, even if, worst case scenario, the recession turns to depression and lasts a decade, new technology – or at least carefully selected new technology – will remain a growth area.

Second, there are few better places to park any surplus cash one might have than in the right sort of equity investment – not least because most of the alternatives look very ropey.

Finally, the best time to invest is just before the markets begin to recover – not now but, so long as the politicians stop interfering, that could be only months, rather than years, down the line.