The stock of Cisco Systems, Inc (NASDAQ:CSCO) closed at $41.20 gaining 0.37% in yesterday’s trading session. N/Core has moved ahead to make the pronouncement that it had collaborated with Cisco which happens to be a U.S. tech conglomerate and the two sought to launch the ‘N/Core tech’.
A person familiar with the matter while speaking several journalists disclosed that the initiative was at its core targeted at incubating the early-stage non-profits which will be taking advantage of digital technology towards the resolution of most of the pressing economic and social issues around the globe.
It will be about helping the society to advance towards the right direction. The aim will be incubate those non-profits which will work towards addressing crucial human needs such as education, financial inclusion, healthcare, food security and above all water.
N/Core tech has outlined that in the first year it might succeed in its quest to support about 20 organizations. In its statement, Cisco outlined that it was going to remain persistent in its efforts to impact about 1 billion people by the time 2020 arrives.
The innovation grant was a great move and in the same line of thought is worth noting that the non-profits will be gaining access to technology experts and mentors from the company and of course that will be along with N/Core Partners.
Some of the experts included the chief endowment officer of Azim Premji Foundation K.R. Lakshminarayan and Maneesh Dhir who is the former MD of Social Venture Partner.
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The N/Core CEO Sudha Srinivasan said that the partnership was a step towards the right direction as they aspired to move a notch higher the development sector in line with its capability to resolve issues at a wider scale.
Cisco has been performing quite well for over quite some time and to some people it is even unimaginable that the company goes through challenges. A top official working with the company while addressing a number of journalists in a recent interview said that they were happy to have moved through the ruts to get to where they are at the moment.