SANTA CLARA, Calif. – Intel Corp. has joined President Obama's Startup America campaign to strengthen entrepreneurship in the United States and, through Intel Capital, has pledged to invest an additional $200 million in U.S. technology companies and joined the campaign's board of advisors.
Intel's money promise comes almost a year after the launch of the Invest in America Alliance, an Intel-led initiative supported by venture capital firms and corporations. As part of the Invest in America Alliance, which was announced in Feb. 2010, Intel committed to invest $200 million over two years in U.S.-based growth-oriented industries through its Invest in America Fund. Intel Capital met this original commitment in less than a year.
Invest in America portfolio companies are drawn from diverse areas of technology including energy management, software, internet, education.
The "Startup America" is a White House campaign to celebrate, inspire and accelerate high-growth entrepreneurship throughout the nation based on an alliance of entrepreneurs, corporations, universities, foundations, and other leaders, working in concert with federal agencies.
"Intel is dedicated to creating a culture of investment in the United States that supports American startups and the country's future competitiveness," said Arvind Sodhani, president of Intel Capital and Intel executive vice president. "We are pleased to join the Administration in the effort to help new businesses succeed in the United States and consider this partnership an important opportunity to promote education, innovation and entrepreneurship to maintain a globally competitive economy."
SallyF has a point. Well, several, but I'll leave the recreational habits of the current president to her; I understand that he only smokes cigarettes now. But as far as investment initiatives, who is getting what money? Are these firms marketing a valuable property that is just on the cusp of success, needing only a helping hand? Or is the money going to go, with much fanfare, into yet another government-subsidized sinkhole, like windmill farms or solar energy farms covering areas the size of Europe? Or minority fronted companies actually run by the good old boys? Maybe we'll have special e-book readers for feminists. Goofier things happen. For that matter, why are these initiatives needed at all? There's venture capital out there for good ideas: you know the drill: build a better mousetrap and the world will beat a path to your door. I am waiting, without holding my breath, to see what unfolds here.
What a joke. IBM's money is scheduled to go to 3 companies that would not need a handout from IBM if their products were worth anything. Obama wrote in his autobiography that he spent his college years snorting cocaine, so as an unindicted felon, it is ironic that so many are fawning over his ridiculous attempts to appear serious. Is this affirmative action?
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