“Google is not a conventional company,” Google CEO Larry Page said when thevcompany went public in 2004. “We do not intend to become one.” What does Page andvthe rest of Google do differently?

As illustrated by their recent restructure into Alphabet,vGoogle is a company that is not afraid of taking big gambles. It is constantly trying to improve itself, trying to avoid getting “old,” and Alphabet is an important step in that process. Here are the top 3 things you need to know about Alphabet:

A. The brand name “Google” isn’t going anywhere.“Alphabet” will soon be the parent company of multiple companies, including Google. The “classic” Google section of Alphabet will still contain all of your favorite tools such as Maps, YouTube, Google Search, Gmail, Android, Chrome,Google+, and Google Ads.

B. Other companies under the Alphabet umbrella. Products like the self-driving cars and drones (Google X), Nest gadgets, the LoonBalloon Project, and Google ventures investments will all be different companies.The same goes for the robotics division, Calico (which researches and fights aging), Google Glass, and the life science which have developed an incredible contact lens that will help diabetics monitor their symptoms.

C. Competition breeds innovation. When you’re the best in the business, who else is there to compete against other than yourself? With the parent company model each company will have to fight for Alphabet’s funds. This new restructure will empower and test the companies’ ability to cooperate with each other and, ultimately, engage in friendly competitions. This extra boost of competition could result in even better products.The CEOs also hope that each company will be inspired to take more risks.

Google’s philosophy is summed up in Page’s recent blog post about Alphabet: “We’ve long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes. But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant.” Ideally, restructuring the companies under Alphabet will do just that.