IBM, Intel Invest $350 Million to Fund Entrepreneurs and New Business Opportunities Under Government's New Start-up America Program

HP, Google, Facebook also pledge support to help open market opportunities for new, innovative companies in the U.S.

February 7, 2011

D.H. Kass

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IBM Corp. said last week that it will pledge $150 million, and Intel Corp. offered $200 million, to help fund programs to encourage entrepreneurs and new business opportunities, as part of the White House’s new Start-up America campaign.

Hewlett-Packard Co. also said that it will join the Startup America Partnership, an effort of public and private-sector organizations tied to the initiative, including Google Inc. and Facebook, that brings business leaders, funders, chief executives, university presidents, foundations and others together to spark the growth of young companies.

“The investment will help us greatly expand the work we’re doing to build business skills and provide market opportunities for the most innovative new companies in the country,” said James Corgel, IBM general manager, Developer and Academic Relations.

“These start-ups are tackling some of the country’s most pressing challenges and opportunities,” he said.

Intel Capital’s $200 commitment to the Start-up America initiative occurs about a year after the vendor allocated a similar amount to spearhead the Invest in America Alliance, an effort with venture capital firms and major businesses to sharpen the country’s competitiveness on a global basis.

“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, Intel Capital president 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,” he said.

HP, through its Startup Central and Learning Initiative for Entrepreneurs programs, joined the Start-up America coalition, officials said.

“At HP, we know what it takes to build a startup ‘from the garage up,’ and we see a huge opportunity for our technology, expertise and relationships to support entrepreneurs,” said Stephen DeWitt, HP senior vice president and general manager, Personal Systems Group.

“Whether their ‘garage’ days help them grow into small enterprises, move toward successful acquisition or emerge as industry giants, entrepreneurs will find HP is with them all the way.”

TAGS: IBM,Intel,entrepreneur,Invest,America

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