The most recent announcement was one that will have a profound impact on the entrepreneurial activity around a trend called the Internet of Things. Cisco will set up a $100 million “Internet of Everything” (IoE) innovation lab in Toronto where other companies and entrepreneurs can innovate technology aimed at connecting machines-to-machines when it moves into its new Canadian headquarters next year.
This is a major coup for Cisco's Canadian division, as Toronto will be the only North American IoE lab and joins Songdo, South Korea, Rio de Janeiro, Brazil and a yet-unnamed German city as one of only four global IoE innovation labs. Cisco Toronto was chosen in part because of the success of an intelligent building lab opened at its current headquarters in 2012.
“The Internet of Everything is a U.S. $19 trillion global opportunity over the next decade, including almost $500 billion available to Canadian private and public sector organizations,” said Cisco's Rob Lloyd. “Today much of that opportunity is left on the table. Cisco Innovation labs help to accelerate and catalyze IoE opportunities for our customers by developing partnerships and expertise in key verticals.”
"Cisco is moving aggressively to drive innovation in this country," said Nitin Kawale. "Less than one per cent of devices that can be connected to each other actually are...Toronto will be the place where we pioneer and look to build the 'Internet of Everything."
This announcement comes after Cisco promised to spend up to $4 billion to expand Cisco operations in Toronto and create up to 1,700 new jobs.
In addition to $4.1 billion, Cisco is helping Canada become a leader in the next Internet revolution. If you thought incredible things have happened by connecting 2 billion people to the Internet, wait to see what happens when 50 billion devices connect.
Author: Scott MacDonald