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Cisco will invest in Russia 1 billion dollars

25/06/2010

Cisco will help Skolkovo to become a «smart city, connected to the Internet, and will invest in Russia 1 billion dollars

Fund of the development of new technologies in Skolkovo and US-based Cisco have signed an agreement on interaction. The signatures under the document in the presence of Russian President Dmitry Medvedev have been set by the head of the Fund Skolkovo Viktor Vekselberg and Cisco CEO John Chambers.

The document establishes the intent of the parties cooperate with regard to the preparation of a number of promising programs and initiatives that will be implemented within the Innovation Centre Skolkovo.

U.S. Cisco, located in the famous Silicon Valley, will help Moscow Skolkovo to become the first municipality in Russia, which will apply the latest concept of the company, dubbed «Smart Plus Internet-connected city.» It significantly increases the level of communication within the settlements.

Earlier, the head of Cisco’s John Chambers has agreed to join the Council Skolkovo — the supreme governing body of the Fund, which deals with the creation of Russian technology center.

In Skolkovo American company will develop a model for future sustainable social, economic and environmental development in Russia. When in Skolkovo all necessary infrastructure will be created, Cisco will send there the key members of its design team. The Russian research team will report to senior vice president Martin de Beru, director of its headquarters group for the development of promising technologies.

John Chembers also announced that Cisco intends to invest in venture projects of 100 million dollars, while its total investment over several years in Russia will amount to $ 1 billion

«We will make 100 million dollars of venture capital», — said John Chembers. In general, Cisco plans to invest 1 billion dollars in projects aimed at development of innovations in Russia and creating conditions for entrepreneurial activity.

It is envisaged that Cisco in Russia will focus on five areas, which will be developed in parallel. In particular, it plans to establish prizes for the Russian innovation companies worth 175 thousand dollars

Source

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