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IBM, HP, Intel supports White House startup effort
By siliconindia
Bangalore: White house announces national campaign to promote job opportunities and growth in innovative technology areas with help from IBM, Hewlett-Packard, Intel and other high-tech giants.
The investment programme has been the part of White House's Startup America campaign that will concentrate on speeding up developments in advanced manufacturing, information technology, green technology, medicine, mobile applications, cloud computing and so on. The initiative is a joint effort from public and private sector that brings together companies to promote innovative business ideas, boost the growth in emerging technology sectors in U.S. and upgrade worker skills in economically distressed areas of the country.
Stephen DeWitt, Vice-President and General Manager, HP's personal system group says, "This is the first time that the Obama administration has been tactically focused on the startup community inside of technology. I have a feeling this is going to be a snowball that gets bigger and bigger as more companies jump into the mix."
Funds invested will go into the hands of companies seeking funds for creating jobs. Board of advisers will be made to determine where the investments will go. Venture activities of the major tech companies like HP's Startup Central, Intel's Invest in America Alliance and IBM's Global Entrepreneur initiative will be expanded.
Intel is planning to invest $200 million and the funds will go to startups and companies working on emerging technologies like cloud computing, mobile applications and gaming. $150 million from IBM will be used to educate, nurture businesses and software developers and enhance software related businesses. HP didn't put a dollar value on its program, but it will open up its own startup and innovation activities to the program and will spend more than $4 million to expand HP Life, a global support program for entrepreneurs. It will provide programs and resources necessary for startups and small businesses to develop drugs, clean technology, printing technology, mobile applications, and cloud services. White House is also making $2 billion in matching funds available over the next five years to private funds that invest in high-growth startups.
Last year Intel committed for investing $3.5 billion in U.S. technology firms over next two years with companies including Microsoft, eBay and Cisco stepping up to hire U.S. college graduates. Intel fulfilled the commitment of $200 million in less than one year, says Malloy.
