Intel and 24 leading venture capital funds have pledged to create a $3.5 billion fund that will help college graduates in tech industries to find jobs.
Intel's new initiative supports investments in U.S. tech industries and seeks to increase the jobs available to recent college graduates at the same time. The plan is called the Invest in America Alliance; Intel and 24 other leading venture capital firms have pledged $3.5 billion to the fund. The fund seeks to complement federal and state job creation programs with long-term investments in industries that are the future of technology innovations. The $3.5 billion will be invested over the next two years and some of the companies among the investors have pledged to increase hiring of new college graduates by as much as two times their current hire rate.
Intel CEO Paul Otellini said, "Strong, enduring economies grow out of a culture of investment and a commitment to innovation. 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."