WRAL Tech Wire

Intel-ligent boost for tech – Intel, VCs launch investment alliance

Intel CEO Paul Otellini announces the investment alliance in Washington, D.C.

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Note: The Skinny blog is written by Rick Smith, editor and co-founder of Local Tech Wire and business editor of WRAL.com.

RESEARCH TRIANGLE PARK, N.C. – Intel is teaming up with 24 venture capital firms and 17 technology companies in a new effort designed to increase high-tech investments as well as high-tech related jobs.

Now this is a real economic stimulus – the private sector looking for ways to create new companies and new jobs.

Intel Chief Executive Officer Paul Otellini announced the “Invest in America Alliance” on Tuesday in the nation’s capital.

The VC firms and Intel have pledged $3.5 billion, including a new $200 million fund from Intel.

The private sector firms, meanwhile, pledged to create 10,500 new jobs this year.

Key points of emphasis for the venture funding will be clean tech, information technology and biotech.

Participating VC firms include:

• 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
• Walden International
•
Companies committing to hiring additional college graduates include:

• 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
• Yahoo!

In his speech, Otellini said the Alliance wants to create “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,” he added. “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."

Right on. Right on.

Otellini also said additional VC and other companies are expected to join the alliance.

That’s good. The more the better, eh?

It certainly would be nice to see some southeast VCs and some tech companies with major presences in the region also commit to the alliance.

Jobs. Jobs. Jobs. That should be everyone’s mantra this year. A jobless recovery from the recession is NOT in America’s best interest.

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The Skinny

WRAL Local Tech Wire Publisher and Editor Rick Smith dishes out tidbits from the local technology sector. Read more articles…