• Fri. Feb 23rd, 2024

    Critical Thought

    Critical thoughts on quantum technologies

    Title: Colorado and Illinois Compete for Federal Funding in Quantum Technology Race

    ByByron Bekker

    Feb 12, 2024
    Title: Colorado and Illinois Compete for Federal Funding in Quantum Technology Race

    Colorado and Illinois are engaged in a heated competition for federal support in the field of quantum technology and business development. The U.S. Department of Commerce’s “Tech Hub” program, aimed at advancing quantum technologies, has entered its second phase, and both states are vying for a coveted spot. While football may have brought the Broncos and the Bears to a fierce matchup before, this battle for billions of dollars is of a different nature altogether.

    With partners in Wyoming and New Mexico, Colorado has made a compelling case for its position as a global leader in quantum innovation. The Elevate Quantum Summit in Denver saw the gathering of local quantum research luminaries, tech-business gurus, and government officials to showcase Colorado as a powerhouse in the field. The state’s emphasis on quantum companies, quantum jobs, and quantum innovation puts it at the forefront of this transformative technology.

    Quantum theory, which explores the behavior of matter at atomic and subatomic levels, holds immense potential. Quantum computers, leveraging the unique properties of quantum systems, have the capability to operate exponentially faster than traditional computers. This technology has far-reaching applications, from revolutionizing drug therapies and mapping the cosmos to protecting sensitive data and combating climate change.

    Elevate Quantum, a consortium comprising industry, academia, capital, and laboratories, spearheaded the effort to establish Colorado as a quantum technology hub. Led by CEO Zachary Yerushalmi, the consortium aims to build an entire ecosystem around quantum theory and its applications. The establishment of TechHubNow!, a public-private partnership, further solidified Colorado’s commitment to nurturing advanced and emerging technologies.

    If Colorado emerges victorious in the federal selection process for the Tech Hub program’s second phase, it stands to gain access to a larger portion of the allocated funding. The state’s vibrant quantum research institutions and businesses, particularly in the Boulder Valley region, make it well-equipped to make substantial contributions in this arena. With well-established players such as Quantinuum, Atom Computing Inc., and ColdQuanta Inc., Colorado’s quantum revolution is flourishing under the radar.

    To augment Colorado’s quantum industry, officials have announced plans for new legislation that aims to maximize the state’s competitiveness as a tech hub. This legislation would facilitate meaningful investments through tax credits and the creation of a quantum industry loan loss reserve. The goal is to provide greater access to capital for small and medium quantum computing companies in the state.

    As the decision from President Biden’s administration looms, both Colorado and Illinois eagerly await the outcome of this quantum technology race. Regardless of the result, the advancements made in quantum science and technology will undoubtedly shape the future of various industries and the world as a whole.

    FAQ Section:

    1. What is the “Tech Hub” program?
    The “Tech Hub” program is a program by the U.S. Department of Commerce aimed at advancing quantum technologies and business development.

    2. What states are competing for federal support in quantum technology?
    Colorado and Illinois are competing for federal support in the field of quantum technology.

    3. What is Colorado doing to establish itself as a global leader in quantum innovation?
    Colorado has gathered local quantum research luminaries, tech-business gurus, and government officials to showcase itself as a powerhouse in quantum innovation. It has emphasized quantum companies, quantum jobs, and quantum innovation to become a frontrunner in the field.

    4. What is quantum theory?
    Quantum theory explores the behavior of matter at atomic and subatomic levels. It holds immense potential, particularly in the development of quantum computers.

    5. How can quantum computers be beneficial?
    Quantum computers have the capability to operate exponentially faster than traditional computers. They have far-reaching applications, from revolutionizing drug therapies and mapping the cosmos to protecting sensitive data and combating climate change.

    6. Who is spearheading the effort to establish Colorado as a quantum technology hub?
    Elevate Quantum, a consortium comprising industry, academia, capital, and laboratories, is spearheading the effort to establish Colorado as a quantum technology hub. It is led by CEO Zachary Yerushalmi.

    7. What are some well-established quantum players in Colorado?
    Quantinuum, Atom Computing Inc., and ColdQuanta Inc. are some well-established quantum players in Colorado.

    8. What plans has Colorado announced to augment its quantum industry?
    Colorado officials have announced plans for new legislation that aims to maximize the state’s competitiveness as a tech hub. This legislation would facilitate investments through tax credits and the creation of a quantum industry loan loss reserve.

    Key Terms:
    – Tech Hub: Refers to the U.S. Department of Commerce’s program aimed at advancing quantum technologies and business development.
    – Quantum Theory: The study of the behavior of matter and energy at the atomic and subatomic levels.
    – Quantum Computers: Computers that leverage the unique properties of quantum systems to operate exponentially faster than traditional computers.
    – Quantum Innovation: The development and exploration of new technology and applications based on quantum theory.
    – Elevate Quantum: A consortium comprising industry, academia, capital, and laboratories that aims to establish Colorado as a quantum technology hub.
    – Quantum Industry: The industry revolving around the development, research, and application of quantum technologies.

    Suggested Related Links:
    U.S. Department of Commerce
    Colorado Official Website
    Elevate Quantum Official Website