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Introducing Google Glass Ventures?

February 22, 2013: 4:48 PM ET

google_glass_ventures (1)Google Glass may spawn a whole new world of startups.

FORTUNE -- Okay, there isn't yet a Google Glass Ventures. Or, more specifically, not yet.

Google (GOOG) is getting all sorts of buzz for its new Glass product, which basically would transfer the wonder of your smartphone to your regular field of vision. The best review so far is from Joshua Topolsky, who also reports that the actual device could be available to consumers by year-end at around a sub-$1,500 price point.

Maybe this will just turn out to be Google's version of the Segway, a revolutionary device that no one really wants to use. But there's a decent chance that it will be closer to the iPhone -- a must-have product that spawns an entire new universe of companies.

That's why a bunch of venture capitalists I've spoken to today sound more excited than they have in years, and all are "working multiple angles" to get their hands on one. No one can quite define for me what the future investment opportunities will be, but why not an app that connects photo snaps to a slightly-longer eyelid blink? Or facial recognition software that connects people at a business event to your LinkedIn (LNKD) account? Seriously, there are some endless possibilities.

In fact, I wouldn't be surprised if some venture capital firm sets $10 million aside for a "Glass Fund," just as we've seen Java Funds and iFunds in the past. If this is really the future, then the investment opportunity is nearly now...

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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