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, Cisco Chairman and CEO John Chambers said.
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 $10 million over three years to fund the new business unit," he said.
Ideas should have the potential to bring in at least $1 billion revenue to Cisco over a -7-year period.