From sneakers to sustainability, Nike has been promoting its “Better World” platform to focus its eco-conscious, people- and planet-improving goals. Now, it’s putting its money where its mouth is. The apparel giant last year established a Venture Capital arm focused on alternative energies and more efficient manufacturing, called the Sustainable Business and Innovation Lab. Nike‘s venture capital fund is going to invest in startups that promote eco-friendly, healthy lifestyles and are working in the areas of green innovation and technology or alternative energy sources.

To support Nike’s strategic evolution and better enable Nike to transition to sustainable business models, we have transformed the corporate responsibility function into something altogether different. It’s now called Sustainable Business and Innovation (SB&I). SB&I’s mission is to enable NIKE, Inc. to thrive in a sustainable economy.

For more on the lab’s function, here’s an excerpt from a Nike job posting (for the lab’s manager) that circulated in June 2010: The Sustainable Business & Innovation (SB&I) Lab is a new strategic investment program to enable and accelerate Nike’s disruptive growth and innovation through sustainability.

The Lab will invest in two portfolios to simultaneously accelerate Nike’s sustainability vision and long-term business growth:

(i) Closed loop – a vision for zero waste of natural resources in a product’s journey from raw materials to finished state to post-consumer stage, and

(ii) Activating the inactive – motivating and inspiring inactive populations to lead more active and healthy lives. The SB&I Lab will use multiple tools, primarily equity investments in early, mid and growth stage businesses. But also, as required, will invest in partnerships and alliances with institutions, governments and NGOs. Depending upon the need and opportunity, the SB&I Lab will serve as creator and manager, sole funder, lead investor, co-investor, general partner or limited partner in operating companies and organizations.