Intel has unveiled its plans to team up with 24 venture capital firms which will invest $3.5bn collectively in US-based technology companies over the next two years.
The investments, which include a new $200m Intel Capital Invest in America Technology Fund, will target key innovation and growth segments such as clean technology, IT and biotechnology, Intel said.
Paul Otellini, CEO of Intel, said that the Invest in America Alliance also includes commitments from 17 technology companies that will increase their hiring of college graduates.
The companies joining Intel in the pledge are Accenture, Adobe Systems, Autodesk, Broadcom, CDW, Cisco, Dell, eBay, EMC, GE, Google, HP, Liberty Mutual Group, Marvell Semiconductor, Microsoft and Yahoo!. The initiative is expected to result in 10,500 new jobs for college graduates in 2010.
Mr Otellini said: Strong, enduring economies grow out of a culture of investment and a commitment to innovation. 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.
It would be a long-term mistake to let our future scientists and engineers sit idle after graduation. Today’s announcements are both an investment in the country’s innovators and a signal to the global marketplace about America’s commitment to innovation and future competitiveness.
The announcement follows Intel’s commitment last year to invest $7bn to upgrade US manufacturing facilities. The investment supported 7,000 high-wage, high-tech manufacturing American jobs and more than 4,000 contract jobs for technicians and construction workers in Arizona, New Mexico and Oregon.
Arvind Sodhani, president of Intel Capital and executive vice president of Intel, said: Venture capital investments have played an important role in creating jobs at home and keeping America at the leading edge of technology globally. With $3.5bn of equity capital to invest in the most promising new ventures in the country, our collective goal is to continue to drive technology innovation and stimulate economic activity.”