Through the Invest in America Alliance

Feb 24, 2010 09:23 GMT  ·  By

At a speech held at the Brookings Institution in Washington D.C., the Intel President and CEO, Paul Otellini, announced that the Invest in America Alliance would be investing $3.5 billion in US-based technology companies over the next two years. These investments are meant to support US growth-oriented industries and will be complemented by commitments from 17 corporate leaders to increase their hiring of college graduates.

The Invest in America Alliance is led by Intel, but is made up of a high number of corporations aiming to complement the existing state and federal job-creation programs through long-term investment in industries and talent. The $3.5 billion in investments will target innovation and growth segments such as biotechnology, information technology and clean technology. The goal is to support and encourage economic growth while setting the stage for future technological breakthroughs.

"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[es] can do, and ought to do, independent of what [the] government achieves."

Concerning job opportunities for college graduates, Intel will be working with such companies as Adobe Systems, Cisco, Dell, Google, HP, Microsoft and Yahoo! Some of these will increase the job offers for such candidates by as much as two times, in order "to create the products and provide the services of tomorrow."

"It would be a long-term mistake to let our future scientists and engineers sit idle after graduation. 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."

"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," Richard Taylor, vice president and director of Human Resources for Intel, added. "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."