Make Cisco $1bn and win a job

Networking giant Cisco has launched a global competition to find new technology business ideas.

With a strong focus on the use of collaboration tools, the I-Prize competition aims to find IP-based innovations that can earn Cisco at least $1bn (£482m) over a five- to seven-year period. The contest was announced on Wednesday at the opening of the company's Globalization Center East in Bangalore, India.

"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," said Marthin De Beer, senior vice president of Cisco's Emerging Markets Technology Group. "We want to give those innovators an outlet and a means to develop their dream."

The prize itself will consist of the winning team having the opportunity to join Cisco as founders of a new emerging technology business unit. Cisco may invest up to $10m (£4.8m) in the new unit, and is also offering those who get through to the later rounds of the contest the chance to use some of its various collaboration tools.

Entrants must be at least 18 years of age and cannot already be Cisco employees or their family members. Further details are available on the Cisco I-Prize website.