New “Invest in America Alliance” to Support Start-ups and Create Jobs
Intel President and CEO Paul Otellini announced that Intel will spearhead a $3.5 billion technology investment initiative in a speech titled "Rebuilding the Foundations of American Growth," delivered at The Brookings Institution in Washington, D.C.
The Invest in America Alliance represents the venture capital industry’s commitment to invest $3.5 billion in U.S. companies. The alliance aims to further anchor the nation's competitiveness on the global stage. The funds will be invested over the next 2 years. These investments will target key innovation and growth segments such as clean technology, information technology and biotechnology.
The Invest in America Alliance also includes a commitment by Intel, Google, Cisco Systems, Microsoft, HP, Dell and 11 other employers to add jobs in 2010. They plan to collectively hire a total of 10,500 graduates of American colleges. Although the new jobs will largely be for those with engineering and computer science backgrounds, positions available also include financial analysis, marketing, management consulting, sales and other business skills.
"Strong, enduring economies grow out of a culture of investment and a commitment to innovation," Otellini said. "We simply must have a clear, consistent strategy to promote innovation, investment and start-up companies. There are things business can do, and ought to do, independent of what government achieves.
Other venture capital firms and corporations are expected to join the Invest in America Alliance with investment funds or hiring goals in the coming weeks and months.