Intel, VC firms pledge $3.5 billion to invigorate U.S. tech market

Concerned that America has lost its footing as a technology hub, Intel and 24 venture capital firms have decided to jointly invest $3.5 billion in helping U.S.-based technical startups get off the ground in the next two years.

In announcing the initiative known as the Invest in America Alliance, Intel's CEO Paul Otellini said in a speech on Tuesday that other countries including China, India, Taiwan, Finland, Korea and the Netherlands, have become "far more potent competitors in the next phase of the global economy."

Along with providing capital, tech giants Intel, Google, Cisco, Microsoft and 13 other tech companies said they all plan to add more employees to their workforce in 2010. To fulfill this goal, these companies said they will hire 10,050 American college graduates that have earned computer science and engineering degrees.   

For more:
- see the New York Times article here

Suggested Articles

icrosoft took the wraps off of a new cloud service for Azure via its partnership with Genesys.

Ahead of next month's fourth quarter earnings, Windstream touted its 2019 broadband achievements this week.

Cincinnati Bell announced on Friday that it has received an unsolicited buyout bid from an "infrastructure fund" for $12 a share in cash.