Google Acquires AdMob-what say you, mobile?

AdMob announced today in a mailing to its customers that it was being acquired by Google for $750m.

"After our deal closes, AdMob will work with Google to accelerate the pace of innovation in mobile and do an even better job for you. We believe this deal will benefit our developer and publisher partners by:

Building even more powerful technology and tools to monetize mobile traffic.

Increasing the effectiveness of display advertising on mobile devices by leveraging Google sales team, infrastructure and relationships.

Improving the already high level of service and support we deliver to our publishers."

said Omar Hamoui, from AdMob in his email earlier today.

But what does this mean for mobile advertising?

Google's logic for making the deal is to ramp up its position in mobile advertising, seeing that growth in this ad market is likely to be higher than in traditional Pc-based web. It also can be interpreted as a sign that its own AdSense product for mobile was not sufficient in itself to give Google the edge in this market.

Where Google can really innovate is in the area of location based advertising on mobile, by stepping in the gap being left wide open by all the big mobile ad networks (who have capability to deploy LBS ads but lack the commitment from other members of the mobile ecosystem). It is no secret that Google has the best generic mapping product in the market (which was also skilfully deployed on mobile).

By combining its current capabilities with its web know-how and AdMob's mobile ad network, Google is now in a great position to transform the market and can deploy quickly, thanks to its Android platform.

Call for Mobile Entrepreneurs:VentureBeat invites coolest iPhone and BlackBerry developers to submit entries

The good folks over at VentureBeat, one of the leading sites for news about Tech, Money and Innovation, are organising their annual MobileBeat event in San Francisco on the 16th July, with the theme of 'It's the Application, Stupid' (love the title).

They are now calling for submissions from mobile entrepreneurs worldwide to enter their TopStartup Award and get a chance to pitch their idea in front of over 400 leading industry experts, execs and VC's.

Last year over two hundred companies were considered for the awards, which went to firms such as AdMob and Loopt. This year the competition shifts to mobile applications and services, with 50 finalists to be determined and a final 14 to present live at MobileBeat on Thursday July 16^th.

Startups must complete and submit the following form by June 30, 2009 for consideration-so apply now if you are interested (you should be) by clicking here.

Some rules:

-Fifty finalists will be announced on July 2^nd on Venturebeat.com. Voting will then be open to the public to select the top seven companies per sector.

-Seven finalists from each category will present for five minutes each to the MobileBeat audience determined by judges as to avoid any vote manufacturing.

-Nominees must be younger than three years old. Special consideration will be given to companies that are launching for the first time.

Have a cool iPhone, Android or Blackberry app? Why not go for it-it could be your lucky break!