Cisco will invest up to $100 million over 10 years in a technology hub in Toronto as part of efforts to help develop new technologies and seek fresh market opportunities.
The Internet of Everything Innovation Center will serve as a venue for start-up businesses, large companies, industry customers and government clients to perform research and development using Cisco technologies and Smart+Connected offerings, Cisco said Wednesday.
Nitin Kawale, president of Cisco Canada, said the technology center is intended to help create new markets and establish an experimentation facility.
“Connecting the unconnected has the potential to bring revolutionary change to industries, including: healthcare, education, municipalities, transportation and construction,” added Kawale.
The innovation hub will be located in a nearly 15,000 square-foot space in RBC WaterPark Place, where Cisco also plans to build its new Canadian headquarters, and construction is scheduled to complete in 2015.
“The Internet of Everything is a $19 trillion global opportunity over the next decade – including almost $500 billion available to Canadian private and public-sector organizations,” said Rob Lloyd, Cisco president of development and sales.
“Today, much of that opportunity is left on the table,” Lloyd said.
Cisco also plans to open technology centers in South Korea, Brazil and Germany.