Intel chief executive Paul Otellini on Feb. 23 unveiled an initiative to invest $3.5 billion in innovative U.S. businesses and get bright college graduates into technology jobs.
"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."
Intel is leading an Invest in America Alliance of venture capitalists and corporations to back breakthroughs and talent in fields such as clean energy, biotechnology, and information technology, according to Otellini.
The billions of dollars being committed by the alliance should also help create jobs in new industries including molecular diagnostics, bioinformatics, electric vehicle ecosystem and wireless infrastructure, according to Intel.
"Venture capital investments have played an important role in creating jobs at home and keeping America at the leading edge of technology globally," said Intel Capital president Arvind Sodhani.
The alliance has commitments from 17 technology firms including Google, Microsoft, Yahoo!, Cisco, eBay, and Adobe Systems to ramp-up hiring of college graduates. Many of the companies will reportedly hire twice as many graduates this year than they did in 2009.
"It would be a long-term mistake to let our future scientists and engineers sit idle after graduation," Otellini said.
"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."
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