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Cisco Canada invests $150M in new tech start-up initiative


Cisco Systems Canada Co. together with federal finance minister Joe Oliver, today announced a strategy that will see the company invest $150 million to “support and accelerate innovation in Canada.”

Cisco says it plans to invest across a mix of technologies, businesses, and investment stages over the next 10 years, and will actively engage with investment partners and start-ups to mentor and develop new leaders and innovators.

Nitin Kawale, president of Cisco Canada, said the country produces some of the top engineering and management talent in the world and is home to dynamic industries that are ripe for business transformation.

The Cisco Canada Innovation Program will focus on three key areas:

* Direct Technology Sector Investment, which will investigate opportunities in areas such as cloud infrastructure, digital media, big data/analytics/information management, intelligent infrastructure and mobility.

* Venture Capital

* Working with Incubators

“Innovation and investment are the key drivers of the Canadian economy, leading to jobs, growth and long-term prosperity,” said Oliver.

Source: http://www.connectionsplus.ca/cabling/cisco-invests-150-million-new-tech-start-initiative/1002855238/?utm_source=CS&utm_medium=email&utm_campaign=CS-EN06202014&e=x8yvs03Mk8ozvo82Wwvstp4rqM20

It is nice to hear so good news about the big players supporting Canadian tech start-ups.