Cisco CEO John Chambers Redefines New Economy as Internet Economy

WASHINGTON, D.C. -- September 24, 1998 -- Cisco Systems, Inc. announced today its president and chief executive officer, John T. Chambers, is visiting Washington, D.C. to discuss the impact of the Internet on the global economy.

"The new economy is the Internet Economy," said John Chambers, president and CEO of Cisco Systems. "The Internet Economy is reshaping the fortunes of business, countries and people, leveling the playing field for everyone, and driving the most significant economic shift since the Industrial Revolution."

Chambers defined the Internet Economy as two confluent forces: the globalization of business and the networking of information technology. In order to succeed in the Internet Economy, companies need to embrace the following ideas:
  • The Internet must be used as the competitive advantage
  • Companies must globalize business and resources
  • Companies must be customer driven
  • Empower employees
  • Change as part of company culture

Chambers outlined these ideas at three events in Washington, D.C., addressing a group of Senators and staff in the morning, speaking at the 1998 Business Week CEO Summit, and delivering a special luncheon keynote sponsored by the Congressional Internet Caucus. Cisco Systems will be web casting the luncheon keynote address at http://www.cisco.com.

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