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IEEE-USA President praises US job growth initiative by Invest in America Alliance

WASHINGTON (26 February 2010) -- IEEE-USA President Evelyn Hirt praises the Intel-led Invest in America Alliance for its $3.5 billion initiative to support investment in U.S.-based technology companies over the next two years, and for its commitment to significantly increase jobs for college graduates.

"We commend the Invest in America Alliance for its investment in U.S. businesses and for creating high-skill job opportunities for U.S. workers," Hirt said. "Overall, this will benefit the U.S. economy as we recover from the recession, and it is anticipated that additional near- and long-term job opportunities will result. This pledge for hiring college graduates and the prospect of future job opportunities will assist in encouraging young people to continue to seek education in science and engineering."

Intel President and CEO Paul Otellini announced the initiatives Tuesday in a speech at the Brookings Institution in Washington.

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

The $3.5 billion alliance investment include a new $200 million "Intel Capital Invest in America Technology Fund" that will target key innovation and growth segments such as clean technology, information technology and biotechnology.

Otellini's announcement also included a pledge from 17 technology and other corporate leaders to increase their hiring goals for college graduates over 2009 levels, some as much as twofold. This represents 10,500 jobs, largely for those with engineering and computer science backgrounds.

Companies joining Intel in this pledge are 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!

"I believe that together our commitments to seeding the ground with start-up capital will prove to be a very rewarding investment for both the companies that contribute, and for the competitiveness of the United States," Otellini said. "And, since venture-backed companies in the U.S. accounted for more than 12 million jobs, or 11 percent of total private sector employment in 2008, these investments will also help drive job growth in the U.S. now and in the future."


Contact: Chris McManes

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