I'm sure you can do better than copy (for a second time [Orkut]) what's already out there. Think Innovation.
May I make a suggestion for your social media engagement? I personally don't believe Google+ will have a great impact other than some noise in the next few weeks. Your other social network Google Orkut was not a bad product either – but it was from the wrong company. Social networking is not only about a technology, algorithms, features and a few announcements – it is about people and people behind the people. And Larry, Google has NEVER been a people company.
So how you can change that?
First, your search engine is over 10 years old – it's OLD! Yes you made some improvements on "algorithms", you improved search "technology" and other scientific stuff – but you never improved the HUMAN SEARCH EXPERIENCE.
Start being social where you are already a leader: At your very own search engine.
Build a Social Search Engine
Wouldn't it be cool if…
… I can "Like" what I find
… I can "Dislike" a find
… I can "Block" a site that is popping over and over and I just don't want to see it
… I can see how many others liked or disliked it
… I can search only people and people profiles
… I can search only user generated content versus corporate generated content
… I can bookmark stuff right in the search engine and even share those bookmarks
(I know Yahoo just gave Digg away but Yahoo is even less smart about search – let alone social)
… I can find other relevant content to a find I liked or liked before
… I can define what is relevant to me and what not
… I can find what a person I search for posted, commented, said..,. across all places and spaces
… I can sort results based on relevance or date or likes or other ratings
… I can sort search results based on geography or personal sorting definitions
… I can filter results based on key aspects such as events, restaurants, shops, personal opinion etc.
… I can comment on a find that I liked or disliked
… I see how many comments where made on a particular search item
… I can sort based on amount of comments and engagements
And the list is much longer than this post allows – but you get the idea
This is just the beginning. Social Search is something you should start with. This is something you can experience "social" and really add value to the world. Just another competing social network from a company that is zero social adds no value and just pisses of your shareholders – it's like a guy with no drivers license would stand up and declares he's designing a new car – he would certainly get attention but the chances are slim that he will become a successful car manufacturer.
You live from advertising – think of the new advertising opportunities! Develop all new advertising campaign models and algorithms – this is an enormous space for the next ten plus years.
I'm challenging you to get your search engine up to speed Larry Page and you will learn a ton about SOCIAL. Many will really like it and you make some FRIENDS – than you can get SOCIAL with your new friends. Then you may try a social network again – but I'm actually sure you won't because you created a powerful and unique value – instead of copying (for a second time) what's already out there :)