In addition to the terrible flaws with this thing that everyone else has pointed out (summary: "all the other stuff google does is necessary for the ads revenue

In addition to the terrible flaws with this thing that everyone else has pointed out (summary: "all the other stuff google does is necessary for the ads revenue to continue"), isn't this basically what 20% time was? I mean, formally different in that Google kept a 100% stake in anything that was produced that way, but pretty close.