Intel-led $3.5 billion Invest in America Alliance helps U.S.-based tech companies

IEEE-USA president says U.S. job growth will result from Invest in America Alliance, an Intel-led program that pledges 2 years of help, more jobs for college graduates.

02/28/2010


Invest in America Alliance summary

Intel summarized the plan like this.

ctl090120susmoney.jpg
-Intel Capital leads venture capital industry commitment to invest $3.5 billion in U.S. companies;

-Pledge by 17 corporations to increase hiring goals in 2010 resulting in 10,500 new jobs for college graduates; and
-Invest in America Alliance unveiled by Intel CEO in Washington, DC, during a speech outlining the need for a culture of U.S. investment.

 

Intel-led Invest in America Alliance, a two-year $3.5 billion initiative to support investment in U.S.-based technology companies garnered praise from Evelyn Hirt, IEEE-USA president. The initiative, IEEE says, also commits to significantly increase jobs for college graduates.

"We commend the Invest in America Alliance for its investment in U.S. businesses and for creating high-skill job opportunities for U.S. workers," Hirt said in a Feb. 26 announcement. "Overall, this will benefit the U.S. economy as we recover from the recession, and it is anticipated that additional near- and long-term job opportunities will result. This pledge for hiring college graduates and the prospect of future job opportunities will assist in encouraging young people to continue to seek education in science and engineering," Hirt noted.

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Companies joining Intel in the pledge are Accenture, Adobe Systems Inc., Autodesk, Broadcom Corporation, CDW LLC., Cisco, Dell, eBay Inc., EMC Corp., GE, Google Inc., HP, Liberty Mutual Group, Marvell Semiconductor Inc., Microsoft Corp., and Yahoo!

Intel president and CEO, Paul Otellini, announced the initiatives Tuesday in a speech at the Brookings Institution in Washington.

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.

"It would be a long-term mistake to let our future scientists and engineers sit idle after graduation. [These] 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 $3.5 billion alliance investment includes a new $200 million "Intel Capital Invest in America Technology Fund" that will target key innovation and growth segments such as clean technology, information technology and biotechnology.

Otellini's announcement also included a pledge from 17 technology and other corporate leaders to increase their hiring goals for college graduates over 2009 levels, some as much as twofold. This represents 10,500 jobs, largely for those with engineering and computer science backgrounds.

"I believe that together our commitments to seeding the ground with start-up capital will prove to be a very rewarding investment for both the companies that contribute, and for the competitiveness of the United States," Otellini said. "And, since venture-backed companies in the U.S. accounted for more than 12 million jobs, or 11 percent of total private sector employment in 2008, these investments will also help drive job growth in the U.S. now and in the future."

www.intel.com/pressroom/archive/releases/2010/20100223corp.htm

IEEE-USA advances the public good and promotes the careers and public policy interests of more than 210,000 engineers, scientists and allied professionals who are U.S. members of IEEE, the organization says. www.ieeeusa.org

- Edited by Mark T. Hoske, editor in chief, Control Engineering , www.controleng.com.

 





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