Join the Quantum Revolution: A How-to for Growing Businesses

They’re right to do so. By 2045, quantum is expected to be a $140 billion dollar industry according to Canada’s National Quantum Strategy, which launched with $360M in funding in 2021.

Announced in Waterloo, the strategy builds on hundreds of millions of dollars already invested in places like the Institute for Quantum Computing at the University of Waterloo and Perimeter Institute for Theoretical Physics.

But there’s one big barrier to a quantum future: understanding how quantum technologies will disrupt a given industry.

• Which companies should invest in quantum R&D?
• What does it take to enter the quantum space?
• How can your company get involved in quantum?

Let’s find out.

What kinds of companies could get into quantum?

Most companies. That may surprise you, but there are potential quantum applications in industries as diverse as manufacturing, healthcare and cybersecurity.

That said, as quantum technology is in its infancy, there are a few industries where quantum technologies and concepts can be applied right away, and others that are a longer-term investment.

The most immediate applications are in technology. For years, researchers have applied concepts from quantum science to problems in artificial intelligence and machine learning, and companies are already beginning to develop quantum-safe cybersecurity products. There are also immediate opportunities in quantum encryption.

Longer-term applications might depend on the creation of quantum computers, which process information differently than run-of-the-mill computers and promise to deliver exciting insights into complex problems. Drug discovery and genomic data analysis – and many other bioinformatics tasks – could be better supercharged using quantum computing-based solutions.

While off-the-shelf quantum computers aren’t available yet, companies can start developing quantum-ready functionality now. One of the  best ways to get involved is to partner with an organization like Open Quantum Design, a Waterloo-based nonprofit that is building the world’s first open-source, full-stack quantum computer.

What do you need to get into quantum?

Short answer: The same thing you needed to get into artificial intelligence (or any other emerging technology). You need access to three main things – talent, expertise and a supportive ecosystem.

Talent is simple. You need people who can build your product. For quantum technologies, that’ll mean tech workers – programmers, software engineers, etc. – who have at least a passing knowledge of quantum science. On the flip side, you’ll also need quantum-trained scientists with an interest in applying quantum science to practical problems.

Waterloo has both. The University of Waterloo produces top-tier tech graduates with direct exposure to quantum science, while institutions like Perimeter Institute and IQC develop world-class quantum researchers each year.

Expertise goes beyond talent. It’s about access to leading thinkers and researchers. These people might not be in business – they’re often academics – but they’re an invaluable resource to an emerging industry. Think about Geoffrey Hinton and artificial intelligence – an AI ecosystem developed in Toronto due in large part to the thought leadership of Hinton and his colleagues.

Waterloo Region has something similar in quantum. We are home to Roger Melko – arguably the creator of Quantum Machine Learning and a co-founder of Open Quantum Design – and quantum luminaries like Raymond Laflamme, Daniel Gottesman, David Cory, Joseph Emerson and Michele Mosca.

Finally, you need an ecosystem that is ready to support your company’s innovation agenda. That means organizations that can help you find office space and talent, access R&D grants and tax credits, tap into the local research community and more.

Our community has this in spades – our reputation is built on collaboration. In our community you’ll find tech incubators, accelerators and hubs, post-secondary institutions and service providers like Waterloo EDC working side-by-side to help your company drive exciting new innovations. We’re particularly good at quantum – there’s a reason people have called us Quantum Valley for nearly 20 years.

What could your expansion look like?

Every expansion is different, but many quantum expansions likely have a similar look – small and strategic. We aren’t talking about one hundred new employees, massive new office space, etc.

Waterloo EDC has helped numerous companies develop R&D offices for everything from artificial intelligence and cybersecurity in automotive (Bosch/ETAS), electric motor systems (Turntide Technologies) and machine learning in manufacturing (Lincoln Electric). These investments all have a few similarities.

First, they’re relatively small scale. We’re talking 10-20 people working on focused problems. Second, they are designed to take advantage of Canada’s strategic R&D support programs. Third, they’re connected directly to relevant research groups at local post-secondary institutions. Finally, they serve a secondary purpose as a hub for identifying talent from the University of Waterloo – one of the world’s top tech schools.

The advantage? Low risk, high reward.

Set-up time is usually quite short due to the relatively small size. The potential upside is high – if you develop a new technology to integrate into your existing product offering or identify a future product through curiosity-driven R&D work, it could mean a substantial return on your investment.

Want to join the quantum revolution?

If this all sounds interesting to you, consider reaching out to Waterloo EDC.

Our team specializes in helping companies like yours expand and invest in our community. We’ll help you with each step along the way, including answering your initial questions.

Our support costs you nothing and there are no strings attached. If you simply have questions about the community, quantum technology or anything else, we’re happy to chat with a promise that you won’t be subjected to a hard sell. That’s not how we operate.