Larry Page opens up how he wants Alphabet to be perceived as a bastion of innovation and adds how he hopes it to become more enticing to business owners who have big dreams.

Page sees Alphabet as a springboard for engineers and scientists to gain the independence they need in developing breakthrough products which are obviously a leap beyond Google's initial function as a search and advertising hub.

"Companies have pretty bad reputations," said Page. "It's not like a lot of people wake up in the morning and say, 'I want to go work for a company.' They do it because they have to."

Page statement marks the first publicly expressed opinion the Google co-founder and now Alphabet CEO made since he announced the creation of Alphabet back in August.

In his 20-minute appearance at the Global Forum 2015 of Fortune magazine held in San Francisco, Page said that the new company has a number of big bets that range from smart devices to wearables and autonomous driving technology.

Page also touted Project Loon as a life-changing Internet service which the company plans to test drive in Indonesia in 2016.

"I want to push the envelope for what's possible for an innovative company with large resources," said Page. "Think about how cell phones have changed everyone's life. Think about how having your cell phone work anywhere in the world can change your life."

Page also shared some insights that had influenced the decision in the creation of Alphabet. According to Page, he had to read three books in order to come up with a new name which didn't have to sound too catchy to overshadow Google. In the end, it was Google co-founder Sergey Brin who concocted the new moniker.

"It's only fair because I chose 'Google,' and he chose 'Alphabet,'" said Page.

Meanwhile, Google chairman Eric Schmidt said in a statement on Google's plan to expand its presence in China, echoing the statements made by Brin in the past when he mentioned that some services are bound to return to the Asian giant. Schmidt added that Google had a number of partners in China and that the company had maintained its regular contact with the Chinese government to keep its presence and services.

"The interesting thing is that Google never left China," said Schmidt. "The level of entrepreneurialism [in Beijing and Shanghai] is probably ... close to the highest in the world. Many people thought that the level of innovation and science would take much longer to achieve [in China]."

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