Following a meeting at No.10 Downing Street between UK Prime Minister David Cameron, Business Secretary Sajid Javid, Cisco Chairman and CEO John Chambers, incoming Cisco CEO Chuck Robbins and Cisco UK and Ireland Chief Executive Phil Smith, Cisco has announced a series of strategic commitments in the UK that will total over US $1Billion over the next three to five years. The investment will support the next phase of the country’s digitization plans.
This second significant round of activity in the UK follows the $500m commitment made by Cisco in 2011, which has contributed in excess of $5bn in technology and manpower to the UK economy through initiatives such as the British Innovation Gateway (BIG) that helps to foster and nurture UK innovation and entrepreneurship.
The commitment of $150m for Internet of Everything UK start-ups and venture capital equity investments will focus on key priorities for Cisco and the UK. These include applications of Internet of Everything (IoE) technologies across the financial technologies, retail, and healthcare industries, and smart city development. In addition, corporate investments will also accelerate innovation in cybersecurity solutions.
As part of Cisco’s new financial commitment, capital will also be made available for further strategic acquisitions by Cisco in the UK, which over the past five years has included acquisitions in wireless software, next-generation video delivery, and cloud-based security technologies.
In recognition of the productivity challenges faced by the UK and the necessity to increase the level of students utilising science, technology, engineering and maths (STEM) skills, Cisco will also further its UK-based Cisco Networking Academy education programme to promote innovation and entrepreneurship. This builds on its already highly successful UK-wide network of innovation centres, established in the BIG initiative, which includes IDEALondon, the National Virtual Incubator network and CREATE.