Cisco Systems announced its plans to expand on Russian technology market as a venture capitalist. To launch the initiative, Cisco also announced that it has made an investment in a leading Russian e-commerce site,
"While Russia has low Internet penetration in terms of percentage of its overall population, in absolute terms it has as many Internet users as some Western European countries," said Bob Agee, vice president, Cisco Russia. "The amount of technical talent in Russia shows that the country is ready to become more technologically advanced. Increased investment in communications infrastructure can help improve productivity, diversify the economy and increase the standard of living across the country." The same reason made Esther Dyson from EDventure to bet for $5,000 with Intuit's chairman Bill Campbell that in 2012 Wall Street Journal and New York Times would call Russia the world leading software developer.
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