Intel, Venture Capital Firms, and Business Community Launch "Invest in America Alliance" to Provide Technology Funding and Jobs

At a speech delivered today (PDF, audio) at The Brookings Institute, Intel President and CEO Paul Otellini announced the launch of the Invest in America Alliance (IAA).

The IAA, led by Intel and supported by many leading venture capital firms and corporations, was launched to support the competitiveness of the US in the global marketplace. It is intended to serve as the private sector's complement to existing state and federal job creation programs through long-term investment in industries and talent to produce the next breakthroughs in technology innovation.

There are two components of the IAA:

1.) $3.5 Billion in Technology Investment During the Next Two Years

The first component of the IAA includes a commitment from Intel Capital, Intel Corporation's global investment organization, and 24 leading venture capital firms to invest $3.5 billion in U.S.-based technology companies over the next 2 years.

These investments, which include a new, $200 million Intel Capital Invest in America Technology Fund, will target key innovation and growth segments such as clean technology, information technology and biotechnology. Joining Intel in this effort is Advanced Technology Ventures, Braemar Energy Ventures, Bridgescale Partners, Canaan Partners, DCM, Draper Fisher Jurvetson, Flywheel Ventures, Good Energies, Institutional Venture Partners, Investcorp Technology Partners, Khosla Ventures, Kleiner Perkins Caufield & Byers, Menlo Ventures, Mohr Davidow Ventures, New Enterprise Associates, North Bridge Venture Partners, QuestMark Partners, Sevin Rosen Funds, Storm Ventures, Telesoft Partners, Updata Partners, U.S. Venture Partners, Venrock and Walden International.

"Venture capital investments have played an important role in creating jobs at home and keeping America at the leading edge of technology globally," said Arvind Sodhani, president of Intel Capital and Intel executive vice president. "With $3.5 billion 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."

2.) Private Sector Commitment to Increase Hiring of College Graduates

The second component of the IAA includes commitments from 17 technology and other corporate leaders to increase their hiring of college graduates to create the products and provide the services of the future. Companies joining Intel in this pledge are Accenture, Adobe Systems Incorporated, Autodesk, Broadcom Corporation, CDW LLC., Cisco, Dell, eBay, Inc., EMC Corporation, GE, Google, Inc., HP, Liberty Mutual Group, Marvell Semiconductor Inc., Microsoft Corporation, and Yahoo!.

Of the companies joining Intel in a commitment to significantly increase hiring of college graduates in 2010, many will be doubling graduate hiring over 2009 levels. In total, this represents 10,500 jobs for graduates to be hired for a range of positions. While 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 in the majority of states across America. The hiring at these companies extends beyond those now graduating. For example, Intel's overall hiring plan for the year includes graduates and other experienced hires.

"Many more college graduates will now be able to put their education to work thanks to these 17 companies. We hope this is just a start and welcome companies across all industries to join this open effort," said Richard Taylor, vice president and director of Human Resources for Intel. "Many college graduates have been among the hardest hit by the economic downturn and providing them a place in the economy today is the best way to ensure America's innovation and competitiveness tomorrow."

"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 IAA with investment funds or hiring goals in the coming weeks and months.

cross-posted from Green VC

Comments

[Debora Wyatt]

I was pleased to see these major corporations getting involved the financing and commitment in the green industry. There is profit in sustainable energy and America needs to join and catch up to the rest of the world.

[Debora Wyatt]

The District of Columbia the Nation’s Capitol should be the front runner in supporting and promoting Green projects, businesses, training and job creation especially in the minority communities. The unemployment rate in the District is amongst the highest in the country. So what is District Government (the Mayor's office) doing to promote and support local minority businesses, training and job creation?

[Hirotomo Nii]

A root problem we assert in today’s ecological crisis is, in part, due to the inefficient use of land by humans. A study, which began in Japan over 30 years ago considered Open Space Frames to develop structured land; today, the TSL (Terraced Structured Land) reduces human land occupancy by as much as 70% and affords new harmony with nature while meeting the growth of Urbanization whether it be disaster relief, or renovation. Its Integration know-how provides installation of Modular Systems, Wind Powered Generators, and Solar Panels to name a few; and its technology realizes not a lot-by-lot linkage but a universal connection. The TSL can be viewed on our website www.unsprawl.net. It houses occupancy in Light Industrial, Residential (hillside views), and Agriculture and Agricultural Infrastructure. Its development can also make available Merchant Rows, etc.

The proprietary joint technology makes significant engineering advancements all the while the TSL’s assembly utilizes smaller members and logistically is transportable without Modern Day roads (in cases of disaster response). New efforts in returning balance to nature can be afforded by way of the TSL Urban Plan as we lessen the human occupancy areas; such availabilities can contribute to Environmental Sustainability among other goals. Attacking the root problems which results in Green concerns and Global Warming, etc. can significantly contribute toward viable and harmonious living within our planet; we feel that humans inefficient use of land is a root problem we can meet and resolve.

Thank you.
Hirotomo Nii