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09/10/2012

IDG Connect Dan Swinhoe (US) - US Elections pt. II: Tech Companies Funding the Romney Mac

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Dan Swinhoe (US) - US Elections pt. II: Tech Companies Funding the Romney Machine
Posted b y Dan Swinhoe Company IDG Connect 10/10/2012

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As Silicon Valley grows in importance and influence, it's inevitab le that technology companies b ecome emb roiled in politics, and at this time of year it's time to nail your colours to the mast and get b ehind your Presidential candidate of choice. Last week we looked at the tech companies throwing their support, and wallets, b ehind Ob ama as the US elections move ever closer to their conclusion. This week we look the challenger, Mitt Romney, and his relationship with the tech industry. The Repub lican and Romney's relationship with b ig b usiness is well-known - financial companies are b y far the b iggest donators to the Mitt machine. While that doesn't mean the tech companies have ab andoned him, there's still a game of catch-up to b e played. According to Buzzfeed, tech-b acked funding accounts for around $27 million of the incumb ent's $690 million raised so far. The New York Times puts the challenger's total at $2 million for the end of August. While that is a decent improvement on the $1.7 million John McCain managed to raise in 2008, there's still a b ig gap. Where Ob ama's b iggest donators features the likes of Microsoft, Google and IBM, who all together donated upwards of a million dollars, the only tech name on Romney's list is EMC, who have altogether donated $250,000 this year. While the numb ers are significantly different, this can b e seen as a victory for the Repub licans; the same three tech companies donated over $2 million to BO in '08 while McCain managed to gain $200,00 from telecoms company AT&T and didn't have the b acking of a Super PAC to gain extra donations. On an individual level, some tech investors do seem to b e b acking Romney. According to the NY Times, Marc Andreessen, a prominent venture capitalist and Faceb ook investor has put in over $100,000 for Romney, b oth this year and for his failed 2007 b id, in stark contrast with a $4,600 contrib ution for BO in 2008. Other Faceb ook b ackers and tech investors have said they find Romney's b usiness b ackground appealing. But concerns ab out Romney's potential impact on the tech sector and his refusal of net neutrality have no doub t had an impact on his standing within tech industry. Meanwhile the $6.9 b illion to expand high-speed wireless Internet access included in Ob ama's stimulus plan, b acking of net neutrality, and support of tech giantss such as Google's Eric Schmidt, all play into BO's favour. Overall, it seems Romney has suffered from not putting technology as a b ig focus of his campaign. 2012 has b een the year of the Super PAC. Ob ama's Priorities USA Action b oasts multi-million dollar donations from Chief executive of Dreamworks Animation Jeffrey Katzenb erg as well as Irwin Jacob s, the founder of chipmaker Qualcomm. But Mitt's primary PAC, Restore Our Future, has also taken some b ig tech names into the fold. Former Dell President Kevin Rollins has donated over $350,000, while Meg Whitman, Chief of HP, has given $100,000 and software company Jenzab ar Inc. has thrown in $250,000. These are some b ig numb ers, b ut it's worth noting that all of these donors have links to Bain, the company where Romney made his millions.

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09/10/2012

IDG Connect Dan Swinhoe (US) - US Elections pt. II: Tech Companies Funding the Romney Mac
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Right now the race is too close to call. While the figures show that the tech industry ultimately stands b y Ob ama, as they did in '08, whether their money will b e as well spent is yet to b e seen. By Dan Swinhoe, Editorial Assistant, IDG Connect

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