The Cisco I-Prize, aims to bring together global teams to develop technology business ideas using Cisco's collaboration technologies and to run those ideas through Cisco's process for identifying emerging technologies to take to market, said John Chambers, the firm's Chairman and CEO sharing Cisco's globalisation vision.

The winning team may have the opportunity to join Cisco as founders of a new emerging technology business unit. "Depending on the value of the idea, Cisco may invest up to USD 10 million over three years to fund the new business unit", he said.

Using the power of network on a global scale and taking advantage of emerging collaboration process and tools, Cisco hopes to find new business ideas from contestants from around the world.

"There are large parts of the world where inventors and entrepreneurs don't have ready access to venture capital or other means of funding, but they have excellent ideas. We want to give those innovators an outlet and a means to develop their dream", said Martin DeBeer, senior Vice-President, Cisco's Emerging Technologies Group who appreared at the Globalisation Centre East via next-generation Cisco TelePresence experiences.
Entries will be evaluated in much the same way that Cisco assesses new internal business ideas for its Emerging Technologies Group, which is home to new business ventures such as Cisco TelePresence and Cisco Digital Media System.

DeBeer said, Judges will consider both the technology innovation as well as the business opportunity behind the idea.

Ideas should have the potential to bring in at least USD 1 billion revenue to Cisco over a 5-7-year period and submissions must use the IP network as a platform.