Cisco commits to shelling out $50 million to help fix Silicon Valley's homelessness crisis (CSCO)
Business Insider
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Cisco is providing Destination: Home, an organization dedicated to providing permanent housing to Silicon Valley's homeless, with $50 million over the next five years.
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The funding will go toward improving existing resources, developing technology within homeless services, and investing in promising solutions to better serve the homeless community.
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Cisco has already made $20 million of its committed $50 million donation through the Cisco Fund at the Silicon Valley Community Foundation.
Cisco announced a $50 million commitment over 5 years to Destination: Home, an organization dedicated to fighting homelessness near the tech titan's Silicon Valley headquarters.
Cisco CEO Chuck Robbins shared the company news in a blog post Monday. $20 million of the planned donation has already been made, via the Cisco Fund.
"We can put an end to homelessness in Santa Clara County and there is no better partner in this work than Destination: Home,” said Robbins in a press release. “I hope to join together with other business leaders across the technology industry so that with our collective creativity and innovative spirit, we can create a thriving community for all—including those who need our help the most.”
Cisco makes its global headquarters is in San Jose, which is a part of Santa Clara. Cisco has been based in the San Francisco Bay Area for over 30 years.
Because of that, Cisco is familiar with the scale of Silicon Valley's homelessness epidemic, which has reached crisis levels. According to a County of Santa Clara survey, the homeless population in Santa Clara County was at 7,394 people, 74 percent of whom were unsheltered.
The funding will allow Destination: Home to improve existing resources, develop technology within homeless centers and invest in long-term solutions to better the lives of the homeless population, says Cisco.
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