Intel (Nasdaq: INTC) is heading up a $3.5 billion initiative that should lead to additional venture capital investment in cleantech areas such as electric vehicle technology.
The Invest in America Alliance, which includes many leading venture capital firms and corporations, aims to support U.S.-based growth-oriented industries and increase cleantech jobs available this year for recent college graduates.
The Alliance is a two-pronged effort. The first 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.
Second, the Invest in America Alliance also includes commitments from 17 technology and other corporate leaders to increase their hiring of college graduates, some by as much as two times, to create the products and provide the services of tomorrow. Companies joining Intel in this pledge are Accenture (NYSE: ACN), Adobe Systems Incorporated (Nasdaq: ADBE), Autodesk (Nasdaq: ADSK), Broadcom Corporation (Nasdaq: BRCM), CDW LLC., Cisco (Nasdaq: CSCO), Dell (Nasdaq: DELL), eBay, Inc. (Nasdaq: EBAY), EMC Corporation (NYSE: EMC), GE (NYSE: GE), Google, Inc.(Nasdaq: GOOG), HP (NYSE: HPQ), Liberty Mutual Group, Marvell Semiconductor Inc., Microsoft Corporation (Nasdaq: MSFT), and Yahoo! (Nasdaq: YHOO).
Many of these companies have committed to 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.
Other venture capital firms and corporations are expected to join the Invest in America Alliance with investment funds or hiring goals in the coming weeks and months.
Intel President and CEO Paul Otellini announced the initiative on Tuesday in a speech titled delivered at The Brookings Institution in Washington, D.C.
"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.
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