Cisco Canada, in presence of Canada’s Finance Minister Joe Oliver, has announced Cisco Canada Innovation Program, a strategy to invest (CAD) $150 million to support and accelerate innovation in Canada.
In a statement Cisco said the company seeks to drive creative and ambitious innovation in Canada through direct investment, incubators and venture capital funds.
Cisco 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.
Through the Cisco Canada Innovation Program, the company is encouraging other corporations to recognize Canada’s tremendous talent, innovation and commercialization opportunities and to increase their investments.
Oliver commented on this development saying, “Innovation and investment are the key drivers of the Canadian economy, leading to jobs, growth and long-term prosperity. Cisco Canada’s investment will create jobs across Canada and help turn the entrepreneurs of today into the business leaders of tomorrow.”
According to CB Insights, Cisco, has invested in hundreds of companies across different segments and helped them build to successful IPOs or acquisitions in the last two decades. Cisco currently has an active portfolio of USD $2B with over 80 direct investments around the world, and also holds Limited Partner positions in over 35 funds globally.