IBM, Intel and Hewlett-Packard on Monday said they would invest in an effort led by the White House to create jobs and promote growth in emerging technology areas such as cloud computing, health care and mobile applications.
The investment is part of the White House's Startup America campaign, a joint effort between the public and private sector that brings together companies to promote new business activities and spark growth in emerging technology sectors in the U.S., the companies said.
The investment dollars will go into the hands of companies seeking funds, which could lead to the creation of jobs, said Lisa Malloy, an Intel spokeswoman. The effort will include a board of advisers who will determine where the investments go with the aim to make the U.S. more competitive on a global scale, she said.
Intel will invest US$200 million, and the funds will go to startups and companies working on emerging technologies such as cloud computing, mobile video and gaming. IBM's $150 million campaign contribution will be used to educate and mentor businesses and software developers and promote software-related businesses. Hewlett-Packard did not announce a specific amount it is committing to the campaign, but said it will provide programs and resources necessary for startups and small businesses to develop drugs, clean technology, printing technology, mobile applications and cloud services.
Intel's investment is separate from a $100 million investment announced last week in U.S. universities over the next five years to drive research around multiple technology areas including graphics.
Intel and other venture capital firms last January committed to investing $3.5 billion in U.S. technology firms over the next two years, with companies including Google, Microsoft, eBay and Cisco stepping up efforts to hire U.S. college graduates. Intel at the time said it would invest $200 million over two years, and Malloy said the company fulfilled that commitment in less than a year.