Cisco Canada, a subsidiary of US-based networking technology company Cisco, has launched a $150m programme that will seek to support innovation in Canada through investments in startups, incubators and venture capital funds.
The funding will be provided through the Cisco Canada Innovation Program over the next 10 years, and will seek to target three areas. Cisco Canada will invest directly in startups in the cloud infrastructure, digital media, big data, intelligent infrastructure and mobility sectors.
“Cisco believes there is a tremendous opportunity for growth and prosperity in Canada’s innovation engine,” said Cisco Canada president Nitin Kawale. “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 startup companies, foster innovation and help Canada be recognised among the most innovative countries in the world.”
Kawale said recently that Cisco planned to increase investments in Canadian IT companies to combat what it saw as a lack of innovation.