Networking leader Cisco recently announced the launch of a competition geared towards entrepreneurs and investors worldwide. Dubbed the "Cisco I-Prize," the company says the goal of the contest is to bring global teams together to develop technology business ideas and take them to market. The winning team could have the chance to join Cisco as founders of an emerging technology business unit. In addition, Cisco says it may also invest up to $10 million over three years to fund the new unit, depending on the value of the idea. "The emergence of collaboration technologies and the growth of the network are driving a rapid evolution in the way we work. Cisco believes we can open up new idea pipelines by closing those geographical gaps and at the same time infuse new ideas into Cisco's culture of innovation," said Marthin DeBeer, senior vice president, Cisco's Emerging Technologies Group.

Judging will be based on the technology innovation and the business opportunity behind the idea. Click here for more competition information, or, to follow along with the contest, check out the I-Prize blog.