US network equipment maker Cisco Systems t will allocate $1 billion to support its newly unveiled Cultivated Innovation Model’ mainly though universities to boost local innovation in China, as part of its $16 billion investment commitment in the country.
The new model, unveiled on Friday, ‘is aimed at boosting local innovation through capital, technology, process expertise, incubation resources and leadership investments’.
The model, Cisco said, will help it and its partners and customers accelerate their time to market span as they pursue new local and global market opportunities.
China Daily reported the world’s top network equipment gear maker has launched a joint green technology and research and development laboratory with Tsinghua University, one of the country’s top universities.
The lab will develop network-based technologies and solutions for intelligent urbanization development.
Also as a part of its multiyear innovation and sustainability commitment in the country, Cisco said it will establish a Supply Chain Institute with Shanghai-based Fudan University, also one of the country’s top higher learning education establishments.
The $1 billion fund Cisco will use to support the ‘Cultivated Innovation Model’ will come from its $16 billion investment commitment to China, which the US company made in 2007.