Cisco today announced that Toronto has been selected as the location for one of four global Cisco Internet of Everything Innovation Centres.
Consequently, Cisco will invest up to $100 million over 10 years in the city.
Toronto will join Songdo, South Korea; Rio de Janeiro, Brazil; and Germany as one of four centres announced worldwide. According to Cisco, the decision to locate in Canada's largest city reflects its "demonstrated thought leadership and expertise in working with municipalities, and the Canadian construction and real estate industries."
"Innovation Centres are a key pillar of our strategy to impact the productivity and innovation trajectory of Canada," noted Nitin Kawale, President, Cisco Canada. "With this IoE Innovation Centre, Cisco aims to help create new markets and solutions and establish a hotbed for experimentation."
Focusing on technologies and market opportunities surrounding the Internet of Everything, the Innovation Centre will help start-ups, established companies … This North American hub for thought leadership and experimentation will bring together start-ups, technology and services partners, academia and customers to rethink and transform the status quo, while continuing Cisco's tradition of making IT relevant to decision makers and business leaders.
"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. Today, much of that opportunity is left on the table," explains Rob Lloyd, President, Development and Sales, Cisco. "Cisco Innovation Centres help to accelerate and catalyze IoE opportunities for our customers by developing expertise and partnerships in key verticals."
The Toronto IoE Innovation Centre will occupy approximately 15,000 square feet of space in the Oxford Properties' new RBC WaterPark Place, scheduled for completion in spring 2015.
"This new facility will make Toronto an even better place for entrepreneurs and innovators to do business," believes Norm Kelly, Deputy Mayor, City of Toronto. "It will also position Toronto as a unique tech hub that will allow companies to harness Cisco's expertise and leverage their IoE market opportunity."
"On completion, RBC WaterPark Place will be one of the smartest commercial office buildings in North America, with its LEED Platinum rating, a cutting-edge building network and market leading intelligence and innovation," added Michael Kitt, Executive Vice President, Oxford Properties. "These qualities make it the natural home for Cisco's Innovation Centre."
The move follows Cisco's commitment to invest $4 billion in Ontario and create 5,000 jobs.