Tech Alliance Announces $3.5 Billion U.S. Venture Fund and Jobs Initiative

Sixteen American technology companies, including Intel, Google and Microsoft, have launched a new initiative to boost the U.S. tech economy. The Invest in America Alliance is planning a two-prong approach, building a $3.5 billion national venture fund and securing commitments from U.S. companies to increase their hiring of recent college graduates. Leaders of the effort say that it will complement the federal stimulus and create a more favorable environment for American competitiveness.

Intel Capital, along with 24 venture capital firms have pledged to invest the $3.5 billion over the next two years in U.S. based-technology companies. The participating firms will target innovative sectors, including clean technology, information technology and biotech. The pledged sum, though large, is not necessarily all new money. As a Wall Street Journal blogger notes, $3.5 billion is not out of line with the amount that the participating firms might have been expected to invest over the next two years. The effort, however, will draw attention to the contribution of venture funds to the U.S. tech economy and could help lead to additional investment and initiatives.

Also, as part of the initiative, 17 companies have pledged to increase their hiring of college graduates by as much as 100 percent. Participating companies include major technology employers including Cisco, Dell, GE, Google, Microsoft and Yahoo!. The commitment represents a total of 10,500 jobs in 2010, mostly focused on engineering and computer science graduates. The announcement notes that this effort will help improve American competitiveness by making sure that graduates have a chance to use their skills in innovative jobs and by bolstering the long-term sustainability of the U.S. high-tech workforce.

Read more about the Invest in America Alliance at: http://www.intel.com/pressroom/archive/releases/2010/20100223corp.htm