Cisco commits $1 billion for multi-year investment in Skolkovo

During President Medvedev’s visit to Silicon Valley on June 24, 2010, Cisco announced a ten-year, $1 billion commitment to drive entrepreneurship and sustainable innovation in Russia.  The investment comes with a five-phase collaborative plan, which will see Cisco support the Skolkovo Project, establish a second global headquarters for Cisco’s Emerging Technologies Group in Skolkovo and foster developments in innovation and technology.

Cisco Chairman and Chief Executive Officer John T. Chambers: "President Medvedev's vision of transforming economic development through innovation is closely aligned with Cisco's belief that the innovative application of technology can have a positive impact on a country's competitiveness, diversification of its industry base, its ability to create jobs and improve quality of life for its citizens.”

Cisco President of Emerging Markets Paul Mountford: "Russia is rapidly building out its communications infrastructure, which presents a unique opportunity for local entrepreneurs to develop new technologies and applications.”

Here, Cisco Senior Vice President for Emerging Technologies Martin De Beer discusses the evolution of the Cisco I-Prize to tap Russian entrepreneurship: