Earlier this month, Elevate Quantum, a Colorado-based consortium of tech companies and universities, successfully won a $41 million grant from the federal government to boost the state’s already strong presence in the quickly expanding field of quantum computing.
Wait, what is quantum? McKinsey describes quantum computing as “a new approach to calculation that uses principles of fundamental physics to solve extremely complex problems very quickly.”
Why is this in Colorado AI News? Fair question. Quantum and AI are two different things, but if they appeared as circles in a Venn diagram, the two would overlap. Here’s the key: AI won’t help quantum, but quantum could provide a big boost to AI. With that in mind, those interested in the future of AI are paying close attention to progress in the field of quantum computing.
Why does this matter? Three reasons:
1. The award already unlocks a lot of additional money that will help attract quantum companies and talent to Colorado. The Elevate Quantum consortium is now eligible for up to $1 billion in federal investment over the next decade. Further, it’s estimated that this will help spur over $2 billion in private capital for quantum by the end of the decade throughout the three-state Mountain West region of Colorado, New Mexico, and Wyoming.
2. This activity could help solidify Colorado’s reputation as the nation’s premier quantum hub. As CU Boulder Today makes clear, the Centennial State already has five of the top 20 VC-backed quantum companies, and the award “marks the first large-scale, place-based federal investment in quantum.” Want something more concrete? Lots and lots of quantum jobs are promised. How does 10,000 quantum jobs in Colorado by 2030 sound to you? With a median salary of $125,000? And with up to 80% of these jobs going to non-advanced degree holders?
3. When we say that the field of quantum is “quickly expanding,” we’re not exaggerating. Back in 2019, Boston Consulting Group estimated that “we expect productivity gains by end users of quantum computing, in the form of both cost savings and revenue opportunities, to surpass $450 billion annually.” And earlier this year – just five years later – in an article titled, “Steady progress in approaching quantum advantage,” McKinsey suggested that “four sectors – chemicals, life sciences, finance, and mobility – are likely to see the earliest impact from quantum computing and could gain up to $2 trillion by 2035.”
How can I learn more? Quantum: It's everywhere! But here's a place to start: McKinsey’s quantum computing explainer provides a great (relatively short) summary of quantum, including sections describing how quantum computers work, what they’re used for, and when they’ll be available. Additional sections address obstacles, potential business use cases, and more.
One last thing: What’s a qubit? Glad you asked. Classical computing, as it’s now called, is based on bits, units of information that can store either a zero or a one. But quantum computing is built on quantum bits, known as qubits, and they can store zeroes and ones. This gives rise to what is known as exponential scaling, and that is the reason why quantum computers can leave classical computers in the dust.
