Intel leads Invest in America Alliance, pledges to increase jobs: $3.5B initiative promises to add 10,000=+ positions in 2010

Intel Corp. pledged $3.5 million to help create jobs for college graduates in high-growth industry sectors, including wireless infrastructure. The company is leading a new group called The Invest in America Alliance, which aims to “further anchor the nation’s competitiveness on the global stage. It serves as the private sector’s complement to existing state and federal job creation programs through long-term investment in industries and talent poised to produce the next breakthroughs in technology innovation,” according to a news release announcing the venture. Seventeen corporations have joined the alliance to date, committing to increase hiring in 2010, collectively adding 10,500 jobs for college graduates. Twenty-four venture capital firms have joined the alliance as well and other companies are expected to join later.
“Strong, enduring economies grow out of a culture of investment and a commitment to innovation,” said Intel President and CEO Paul Otellini. “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. 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.”
The alliance has a two-pronged approach to investing in U.S. companies. First, Intel and 24 venture capital companies are promising to commit $3.5 billion to help create jobs “in current market segments and also in newer industries such as molecular diagnostics, bioinformatics, electric vehicle ecosystem and wireless infrastructure,” Intel said.
Secondly, Intel and 16 other technology companies have committed to hiring more college graduates. 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, the company said.
“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,” said Richard Taylor, VP and director of Human Resources for Intel. “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.”
Venture capitalists taking part in the alliance are 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.
The companies that have pledged to increase their hiring in 2010 include Accenture, Adobe Systems Inc., Autodesk, Broadcom Corp., CDW LLC., Cisco, Dell, eBay, Inc., EMC Corp., GE, Google, Inc., HP, Liberty Mutual Group, Marvell Semiconductor Inc., Microsoft Corp. and Yahoo!.