With the aim of helping the US economy and boosting its competitiveness in the world, an Intel-led group of venture capital firms and IT businesses have formed an "Invest in America Alliance," which will invest up to $3.5 billion plan to enhance the jobs and innovations scenario at the US-based technology companies in the coming two years.

While Intel will put in $200 million of the total proposed amount, the remaining investment will be footed by the 24 venture firms that have committed to the "Invest in America Alliance."

In addition, the other tech companies that have signed on for the program include Accenture, Adobe Systems, Autodesk, Broadcom, CDW, Cisco Systems, Dell, eBay, EMC, GE, Google, Hewlett-Packard, Liberty Mutual Group, Marvell Semiconductor, Microsoft and Yahoo.

Announcing the alliance at the Brookings Institution on February 23, Paul Otellini, CEO of Intel, said that it is the "culture of investment and a commitment to innovation" that contributes to the growth of strong and enduring economies.

Noting that the two-fold economic goals of the program will be helping companies in growth areas of the industry, and helping recent college pass-outs search jobs in the currently-difficult job market, Otellini said: "We simply must have a clear, consistent strategy to promote innovation, investment and start-up companies. There are things business can do, and ought to do, independent of what government achieves."