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.