Bill Gates sets up new IT firm

13:15 24th October 2008

Bill Gates is currently in the process of setting up what appears to be a new company.

The founder of Microsoft and the world's third richest person stepped down from his position in the software company in June and has been donating large amounts of money to charitable organisations.

Mr Gates is believed to have set up the newly named and trademarked company bgC3, which has been around since March and has been described in public documents as a "think-tank".

The blog Techflash suggested that the company will co-ordinate business for Microsoft and Gates' philanthropic foundation, while also research science and technology innovations.

The company name is thought to stand for either Bill Gates Catalyst 3, underscoring the Microsoft founder's ambition to continue developing software, or Bill Gates Company 3, which denotes that this is the third major venture he has embarked upon.

Earlier this week, the network communication systems leader at Cern said that a global computer grid could, in the future, be used to protect the world against disease and natural disasters.