Intel along with reputed companies like Dell, Cisco Systems, Hewlett-Packard, Google and Microsoft, has planned to invest up to $3.5 billion over the next two years in U. S. tech companies.

On Feb. 23, during a speech at the Brookings Institution, in Washington, Intel CEO Paul Otellini declared the investment in America Alliance, where around 24 venture capital firms and 17 technology vendors will participate.

The objective of the Invest in America Alliance is to strengthen the U. S economy and improve its competitiveness in the world.

Otellini said that hiring recent college graduates into the workforce is imperative.

"This is an indispensable resource for the United States, and in the current climate, there hasn't been enough hiring momentum for them", he said.

Otellini asserted that the United States should invest more in education in order to make the country a more attractive place for companies, if it is to compete with tough competitors, including China, India, Finland, South Korea and Taiwan.

Intel is contributing $200 million of the total, with the other VC firms pooling in rest.

Given this background, the Invest in America Alliance looks like a synchronized effort to replenish the innovation pipeline.