Intel infuses $3.5 billion to stimulate the growth of American tech industry

Semiconductor chip joint Intel has announced a $3.5 billion initiative to support investment in U.S.-based growth-oriented industries to create more jobs for college graduates.

Intel's president and CEO Paul Otellini announced these initiatives in a speech titled "Rebuilding the Foundations of American Growth," delivered at The Brookings Institution in Washington, D.C.

Venture firms such as 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 are joining Intel in this initiative. The investment plan also includes support-commitment from IT and electronics companies namely Accenture, Adobe Systems Incorporated, Autodesk, Broadcom Corporation, CDW LLC., Cisco, Dell, eBay, Inc., EMC Corporation, GE, Google, Inc., HP, Liberty Mutual Group, Marvell Semiconductor Inc., Microsoft Corporation, and Yahoo!.

"Strong, enduring economies grow out of a culture of investment and a commitment to innovation," Paul 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.

"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."

For more details visit www.intel.com/pressroom/kits/InvestinAmer