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Intel Heads U.S. Relief Effort

Twenty-four VCs have earmarked another $3.3 billion of not really new money for infusion into U.S. technology companies
By Maureen O'Gara
Article Rating:
February 27, 2010 05:15 AM EST
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 3,346

Intel Session at Virtualization Conference & Expo

In a speech at the Brookings Institution Tuesday CEO Paul Otellini said that Intel is going to put $200 million in a new "Invest in American Technology Fund."

Twenty-four VCs have earmarked another $3.3 billion of not really new money for infusion into U.S. technology companies over the next two years targeting IT, green technology and biotechnology.

It's meant to boost American competitiveness and create jobs.

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Intel's got commitments from Google, Microsoft, Dell, GE, Adobe, Yahoo, Autodesk, Accenture, Broadcom, Cisco and five other companies to create 10,500 new jobs this year and hire new college graduates.

The VCs include Advanced Technology Ventures, Kleiner Perkins, Menlo Ventures, Mohr Davidow, New Enterprise Associates, Draper Fisher, Khosla Venture, North Bridge Venture Partners, Walden International and DCM.

Otellini faulted the Obama administration on the job front as "pretty poor," noting that France's tax credit for R&D costs is double the U.S.

Published February 27, 2010 – Reads 3,346
Copyright © 2010 SYS-CON Media, Inc. — All Rights Reserved.
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Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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