Germanys digitization, an integral part of the national High-Tech strategy, was given a huge boost on Thursday with the announcement of a three-year $500m investment into the country by Cisco.The money, which backs a program called Deutschland Digital will be invested primarily in innovation, security and education.
The money will also go towards organizing regular innovation workshops, focusing specifically on mid-sized companies. Startups and other partners will be invited, and participants will work together on digital solutions and business models.Cisco will also expand its investment in start-ups and venture funds in Germany with priority areas such as security, cloud, and Internet of Things (IoT).
This is a welcome boost to Germanys digital ecosystem from the private sector, said Max Milbredt, Manager Electronics and Microtechnology at Germany Trade & Invest, the countrys national economic development agency.
With a wealth of public funding already in place for research and development, and Germanys high-tech strategy having created an infrastructure rated the best in Europe by independent consultancy studies, this investment is proof that Germany has created a fantastic location for private investment in this industry.