Home » Politics » Nonprofit investment fund aims to bring tech edge, jobs back to US from China
Nonprofit investment fund aims to bring tech edge, jobs back to US from China
China expert: Biden administration doesn’t understand econ 101
Author Gordon Chang on Biden potentially lifting some tariffs on China and the impact of the Chinese Communist Party on Hong Kong.
A new non-profit fund aims to restore the technological advantage — and the jobs and investment that comes with it — to the United States, amid fears that the U.S. is losing the tech race to the Chinese government.
America’s Frontier Fund is a non-profit "deep-tech" fund formed to draw investment back to the U.S. — focusing on areas such as microelectronics, AI, 5G and 6G and advanced manufacturing. It says doing so will create "a strategic advantage for the United States and its allies and broad-based prosperity for the American people, with the potential of generating strong financial returns."
While it hasn’t released the funding it has attracted so far, it has picked up the backing of both Google CEO Eric Schmidt and PayPal co-founder Peter Thiel. It stresses that it has not received government funding and that, as a result of its non-profit status, donors have no role in investments or day-to-day activity. It's targeting governments, philanthropists and venture capitalists to get involved.
On the group’s board are high-profile former government officials including former Defense Secretary Ash Carter and former National Security Adviser H.R. McMaster. The group is seeking to attract investment and then, using its team of experienced investors, deploy it in a way that benefits the U.S. in accordance with its mission.
‘GRAVE NATIONAL SECURITY THREAT’: CONGRESS MAY GIVE BILLIONS TO US CHIP MANUFACTURERS TO COMPETE WITH CHINA
In an interview with FOX Business, CEO and co-founder Gilman Louie said the problem it is seeking to combat is how U.S. investment has been directed over the years away from the U.S., and into Beijing.
"The problem we're trying to address is the fact that the U.S. has basically not only outsourced its jobs, but outsourced its hard technology investments to countries like China…it's like watching a train wreck in slow motion," he said.
PoliticsComments Off on Nonprofit investment fund aims to bring tech edge, jobs back to US from China