Cisco Systems Inc. has picked Toronto as the location of one of four new ‘global innovation hubs’, investing approximately $100 million US over the next decade.
The Toronto centre, known as the Internet of Everything Innovation Centre, will be Cisco’s headquarters for Canada.
It will aim to assist start-ups, medium-sized and established companies to network with educators, government agencies, and clients to promote and test ideas using Cisco’s computer-networking technology.
Tracking the funds
The $100-million investment will cover costs related to design, infrastructure, technology, staffing and operations.
Other cities chosen as locations for new hubs include Songdo, South Korea, Rio de Janeiro, Brazil, and a city in Germany, yet to be announced.
Is Toronto slowly becoming the new Silicon Valley?
Over the years, Toronto has established itself as the capital of Canadian innovation, consisting of more than 600 start-ups. Additionally, according to a study by research firm Startup Genome, Toronto stands as the eighth best start-up ecosystem in the world.
Giants like Cisco choosing Toronto as its headquarters and investing in the city’s innovation industry reinforces that stature, allowing Toronto to develop the sector.
The cities with the best start-up ecosystem are ranked as follows:
1. Silicon Valley
2. Tel Aviv
3. Los Angeles
5. New York City