TORONTO – Cisco Canada will invest $150 million over the next ten years to help entrepreneurs and start-ups support and accelerate innovation in Canada.
In an announcement made with Finance Minister Joe Oliver at the Toronto Region Board of Trade, Cisco unveiled the ‘Cisco Canada Innovation Program’, which it says will actively engage with investment partners and start-ups to mentor and develop new leaders and innovators.
The program’s key areas include:
– Direct Technology Sector Investment: will investigate opportunities in areas such as cloud infrastructure, digital media, big data/analytics/information management, intelligent infrastructure and mobility;
– Venture Capital Investment: will drive the innovation engine in the country, cover a broad spectrum of technology, provide Cisco with visibility into the Canadian start-up community and build on Cisco's relationship with the Canadian government; and
– Working with Incubators: will provide mentorship and technology support to early-stage companies to stimulate industrial, service provider, and enterprise solutions.
"Cisco believes there is a tremendous opportunity for growth and prosperity in Canada's innovation engine”, said president Nitin Kawale, in the announcement. “Canada continues to produce some of the top engineering and management talent in the world and is home to dynamic industries that are ripe for business transformation. We believe the Cisco Canada Innovation Program is a great opportunity to fund and mentor start-up companies, foster innovation and help Canada be recognized among the most innovative countries in the world."
"Innovation and investment are the key drivers of the Canadian economy, leading to jobs, growth and long-term prosperity”, added Minister Oliver. “Cisco Canada's investment will create jobs across Canada and help turn the entrepreneurs of today into the business leaders of tomorrow."
