N/Core, has announced the formation of a partnership with U.S. tech conglomerate Cisco Systems, Inc. (NASDAQ:CSCO), that will see the two companies launch ‘N/Core tech’. N/Core is an incubator for non-profit startups. The stock of Cisco surged 0.37% and closed at $41.20 in yesterday’s trading session.
The program will mainly focus on incubating early-stage and non-profit startups that use digital technology to positively help society and assist in solving some of the most pressing economic and social problems in the world.
The program will mainly focus on incubating small and upcoming non-profit companies, which are trying to solve critical human needs like food security water, healthcare, education and financial inclusion.
N/Core tech, which has opened applications for its first cohort, will support a total of 20 organizations in the first year. Each cohort will have 10 organizations.
In a statement, Cisco India CSR senior vice-president for IT and executive sponsor V.C. Gopalratnam said Cisco is committed to positively changing the lives of 1 billion.
Apart from the innovation grant, the non-profit startups will be able access to a set of technology experts and mentors from Cisco together with N/Core Partners.
Some of these mentor and partners include Azim Premji Foundation chief endowment officer K.R. Lakshminarayan, current partner of Social Venture Partners and former MD of Apple India Maneesh Dhir and ex-chairman of Infosys Consulting, Sanjay Purohit.
While commenting on the partnership, Sudha Srinivasan, the CEO of N/Core said the collaboration is aimed at elevation several development sectors as they strive to adopt new technologies that solve large scale problems.
Founded in early 2017 by former InMobi executive Atul Satija, N/Core recently graduated its first cohort which had a total of nine early-stage non-profits, which were selected from 1,032 applicants.
In a move to further advance its corporate social responsibility agenda, Cisco has announced a plan to get homes and resettle the homeless people staying in the Silicon Valley. The program, which has been dubbed Destination: Home will see is a $50 mission to end homelessness in Santa Clara County. Silicon Valley is home to some of the largest and most prosperous corporations in the world but Santa Clara County is ranked third in the level of homelessness in the United States.