Beijing – US network equipment maker Cisco Systems said it will allocate $1 billion to support its newly unveiled ‘Cultivated Innovation Model’ to boost local innovation in China, as part of its $16 billion investment commitment in the country, according to reports from China Daily. The new model is aimed at boosting local innovation through capital, technology, process expertise, incubation resources and leadership investments, says the report. According to Cisco, the model will help it and its partners and customers accelerate their time to market span as they pursue new local and global market opportunities. Cisco launched a joint green technology and research and development laboratory with China’s Tsinghua University. The lab will develop network-based technologies and solutions for intelligent urbanization development, the company said. The $1 billion fund Cisco will use to support the ‘Cultivated Innovation Model’ will come from its $16 billion investment commitment to China, which the US company made in 2007. The new model, Cisco said, will initially focus on three key areas: intelligent urbanization, new business model initiatives for growth enterprises and next-generation internet, which includes video and mobility. Cisco said earlier this year that it will open 140 networking academy institutions in China this year, part of its goal to build 500 such schools in three years. The company announced in 2007 that it would be committed to invest $16 billion in China in the next few years to expand its procurement, manufacturing and research and development capacity.