Cisco Systems Inc., the IT giant and leading maker of computer-networking equipment, has announced that it will invest $100 million in an innovation centre in Toronto over the next ten years. The Internet of Everything ("IoE") Innovation Centre (the "Centre"), set to open at RBC WaterPark Place, a new office building scheduled for completion in spring 2015, will provide support to start-ups, established companies and industries using Cisco technologies and solutions.

The Centre in Toronto will be a North American hub, bringing together start-ups, technology, service partners, academia and customers, and promoting thought leadership and experimentation. RBC WaterPark Place will also be the home of Cisco's new Canadian headquarters.

Cisco defines IoE as "bringing together people, process, data, and things to make networked connections more relevant and valuable than ever before – turning information into actions that create new capabilities, richer experiences, and unprecedented economic opportunity for businesses, individuals, and countries."1 IoE refers to things and processes connected by the internet, such smart vehicles, appliances and connections between customers and retailers.2

In addition, Cisco plans to invest up to $4 billion in Canada over the next decade and create up to 1,700 jobs.

The establishment of the Centre follows an announcement in December 2013 by the Ontario government that Cisco will receive up to $220 million in government funding to aid in the company's expansion.

The tech sectors in Ontario and Canada have received other boosts recently, including through the establishment of Canada's Venture Capital Action Plan ("VCAP"), Ontario's Youth Investment Accelerator Fund ("YIAF") and further investment in the Canada Accelerator and Incubator Program ("CAIP") (see our blog posts on VCAP here, on YIAF here and on CAIP here).

Cisco's press release can be found here.  

Footnotes

1  "Internet of Everything." www.cisco.com

2  "Cisco picks Toronto as one of 4 global innovation hubs." CBC News.

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