Cisco Systems, Inc. (NASDAQ:CSCO) To Invest $10 Million In Asian Startups To Spur Innovation
Cisco Systems, Inc. (NASDAQ:CSCO) has a special agenda for the startups in the Asian region. Through its Monk’s Hill Ventures, the company has committed to invest $10 million in Asian startups to spur innovation in areas that include the Internet of Everything (IoE). In addition to supporting Asian homegrown technology startups, Cisco’s new fund will also support global technology startups with interest in the Asian region.
There is no question that the greater Asia area is increasingly becoming an important target for technology companies. Cisco has just joined the club of global tech companies that are working to support innovation in Asia, hoping that such efforts will expand their businesses. Facebook Inc (NASDAQ:FB) is another technology company with serious ambitions in Asia. The company has invested more than $50 million in Asia-Pacific startups, with the lion’s share at $20 million going to startups in India.
Sectors of interest
In the case of Cisco Systems, Inc. (NASDAQ:CSCO), the networking company is using its Asian-focused Monk’s Hill Ventures to extend support to startups in the region.
The $10 million that Cisco has committed for Asian startups through Monk’s Hill Ventures will support specific innovative projects. The company especially has interest in spurring innovation in Big Data/Analytics, Cloud, Mobility, enterprise applications and IoE. Internet of Everything is Cisco’s version of the Internet of Things (IoT).
Beyond monetary support
The new fund for Monk’s Hill Ventures will go to early-stage startups in Asia, and Cisco is saying that it is not all about money. The company intends to leverage its other non-monetary capabilities to support Asian startups or those that want to expand into the region. As such, the startups will also benefit from Cisco’s technology and other mentorship programs.
According to Cisco Systems, Inc. (NASDAQ:CSCO)’s president of Asian market, Saleh M. Haji Munshi, Asia is one of the most diverse and competitive markets in the world.
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