Google could create a new corporate policy to provide a minimum of $1M/year to any open source project it uses.
That would be real innovation.
While acknowledging your noble intentions, no, it wouldn't be innovation. It would be cheaping out.
In the San Francisco bay area, $1.0E+06/year gets you maybe five skilled engineers. Set against the quantity of Open Source projects used by such organizations -- FFmpeg, GStreamer, OpenSSL, ssh, rsync, gcc, gdb, coreutils, nanopb, Samba, Lua, Python, Perl, Git, Vim/Neovim, Yocto, ImageMagick, Blender, the Pipewire framework, the Linux kernel, the Debian packaging system, etc. etc. etc. etc. etc... -- five engineers is miserly.