Intel has announced it intention to forge partnership with 24 venture capital firms to invest $3.5 billion in the US technology market to nurture the technical start ups in the Silicon Valley over the next couple of years.
The huge funding drive, dubbed as “Invest in America Alliance”, also involves commitment from some of the big names in the technology sector, including Google, Microsoft, Dell, Cisco, CDW, eBay, to name a few, for creating jobs in the country in the tech sector.
Intel’s President and CEO Paul Otellini, in a keynote speech at the Brookings Institution in Washington D.C., has announced that the companies have vowed to hire 10,500 US graduates in 2010, as many of these firm are set to double their recruitment target compared to last year.
The chip giant alone is pooling in $200 million of the $3.5 billion funding drive, with the rest of the companies pitching in for the remaining amount.
Expressing the need for nurturing the nation’s tech sector, 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”.
He further asserted that letting the country’s “future scientists and engineers idle” after they completed their graduation would, by any means, be a major obstacle to the growth of the nation.
Intel has a vested interest in getting the seed money for venture capitalists. Like spread betting, one of the companies in which it is investing could become the next Facebook or Google.
(The New York Times)