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Chennai, Nov. 24 Cisco Systems Inc, the US-based supplier of networking equipment and network management for the Internet, has collaborated with Small Industries Development Bank of India (SIDBI) and Tiruchirappalli Regional Engineering College- Science and Technology Entrepreneurs Park (TREC-STEP) to “nurture innovative thinking” in small enterprises engaged in the ICT sector.

Globally, this is the first such initiative from Cisco and could be replicated in other developing countries, said Ms Amy Christen, Vice-President and General Manager, Cisco Networking Academy.

The pilot programme, initially for two years, was launched here to provide financing, loan subsidies, mentorship and training to qualified entrepreneurs and small businesses in India.

SIDBI will finance small ICT businesses in India run by current and/or former Cisco Networking Academy students. Cisco will subsidise the interest repayment and guarantee fees on the loans and TREC-STEP will provide customised training and mentoring to participants in the pilot.

With job opportunities only available to one-third of India’s youth, entrepreneurship development is a critical part of the country’s future.

This partnership aims to support entrepreneurs with the financial resources to transform those ideas, said Mr Rakesh Rewari, Deputy Managing Director, SIDBI.

Developed as part of the $1-million commitment made by Cisco in 2006 to promote microfinance and ICT entrepreneurship across the world, the new entrepreneurship pilot programme will initially involve ten ICT businesses in Tamil Nadu.

The entrepreneurs will be provided loan assistance by SIDBI on flexible terms in order to increase the entrepreneurs’ chances of success, Ms Christen said.

Cisco Networking Academy is an ‘innovative education initiative’ that delivered marketable ICT skills to more than 7 lakh students in over 160 countries last year.

In India, there are over 150 Cisco Networking Academies across 22 States and union territories.

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