Intel President and Chief Operating Officer Paul Otellini wants to see the U.S. more competitive and has announced plans for a new alliance to invest $3.5 billion in fledgling U.S. technology companies over the next two years.
The Invest in America Alliance plans to supplement state and federal funds by investing in businesses and individuals working on innovative, new technologies. Led by Intel, other corporations, and venture capital firms, the alliance hopes to jump-start American competitiveness in the technology arena.
"Strong, enduring economies grow out of a culture of investment and a commitment to innovation," Otellini said in a speech (PDF transcript of prepared remarks) that he gave on Tuesday (February 23) before the Brookings Institution in Washington, D.C. "We simply must have a clear, consistent strategy to promote innovation, investment, and start-up companies."
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