Cisco announced this week that Toronto will join Songdo, South Korea; Rio de Janeiro, Brazil; and Germany as one of the company's four Internet of Everything Innovations Centers.
The company’s $100 million investment over the next decade will “help start-ups, established companies, and entire industries explore what is possible with Cisco technologies and Smart+Connected solutions, while fostering Canadian-based innovation,” the company said.
“Innovation Centers are a key pillar of our strategy to impact the productivity and innovation trajectory of Canada,” explained Nitin Kawale, president, Cisco Canada.
“The Internet of Everything is not only changing the world, but creating new opportunities <' Kawale added. "Connecting the unconnected has the potential to bring revolutionary change to industries, including: healthcare, education, municipalities, transportation and construction. With this IoE Innovation Center, Cisco aims to help create new markets and solutions and establish a hotbed for experimentation.”
The Toronto IoT Innovation Center, which represents a $100 million investment in design and infrastructure, technology, staffing and operational costs over the next 10 years, will occupy approximately 15,000 square feet of space in the new RBC WaterPark Place, scheduled for completion in spring 2015. This location will also be home to Cisco’s new Canadian headquarters.
The building will be the first commercial office tower in North America to take advantage of a fully integrated IP-based building and energy network.
The decision builds on Cisco’s recent investments in Canada including:
- Up to $4 billion over 10 years to expand Cisco’s footprint in Ontario and create up to 1,700 new jobs;
- Multimillion dollar investment to establish research chairs, professorships and innovation centers at 10 universities across Canada; and
- Signing on as a Premier Partner in the 2015 Pan Am/Para Pan Am Games.
The Innovation Center 's goal is to assist companies and government agencies capitalize on the opportunities presented by the Internet of Everything – an opportunity estimated to be worth $19 trillion over the next decade (2013–2022), and including approximately $500 billion in Canada, according to Cisco’s estimates.