Intel, IBM, HP To Contribute Hundreds Of Millions To Obama Initiative

NEW YORK (AP) — Three of the nation's biggest technology companies are committing hundreds of millions of dollars to an initiative backed by President Barack Obama to encourage job creation and economic growth by supporting small businesses.

The program, called the Startup America Partnership, is aimed at helping entrepreneurs start businesses and help them grow. In his State of the Union address last week, the president encouraged such efforts to stimulate the economy.

Intel Corp. is giving $200 million to the campaign, while IBM Corp. is investing $150 million. Hewlett-Packard Co. is also participating, but did not disclose if it was committing funds to the partnership.

Startup America will be chaired by AOL Inc. co-founder Steve Case, whose Case Foundation along with the Ewing Marion Kauffman Foundation will provide launch funding for the partnership.