Puget Sound Business Journal's TechFlash.com, quoting an unnamed source, .

The name stands for , Catalyst and the number three for this being Gates' third venture, following Microsoft and the .

Although Gates this summer, he continues to work part-time at the firm. He is expected to spend most of his time at his foundation, which has focused on trying to solve healthcare issues in the developing world.

bgC3 will be located in the Seattle suburb of Kirkland, mid-way between Redmond, where Microsoft's headquarters are, and his other foundation's offices near downtown Seattle.

The source was "emphatic" that bgC3 is not a tech startup or some other for-profit business, TechFlash reports, but would instead help Gates, , pursue his scientific and technical research interests.