Do you think AI is big?

Well, quantum computing will be much bigger. Quantum computing is expected to have a significant impact on several key industries like Finance, Healthcare, Cybersecurity, Logistics, AI and ML, Chemistry, Defense, Aerospace, Energy, Telecommunications, the list goes on and on.

Briefly:

Quantum computing uses quantum mechanics to do complex calculations that regular computers can't handle. With quantum bits (qubits) that can be in multiple states at once, these computers could change fields like cryptography, healthcare, and finance.

I looked into the current state of the industry, starting with trends and diving deeper.

I did research to understand what the industry looks like today. I started by looking at the trend, then wanted to find something more interesting and went down the rabbit hole. I found lots of data that could be useful for investors, entrepreneurs, and engineers who are thinking about starting something new. Here, in this report, we have industry leaders, startups, recent investments, grants, and some business ideas.

Let’s Start With Some Nerdy Stats

• Quantum computers need to be super cold, almost at absolute zero (-273°C or -460°F).

• Funding for quantum tech startups jumped from $700 million in 2020 to $1.4 billion in 2021. It's predicted to hit $64.98 billion by 2030, growing 56.0% annually from 2021 to 2030.

• China plans to invest roughly $15 billion in quantum tech, the most worldwide.

• IBM aims to have a 1,000-qubit quantum computer by 2023.

• Google achieved quantum supremacy in 2019 using a 53-qubit processor.

• Quantum computers could solve problems in seconds that classical computers would take billions of years to crack.

• Physicist Richard Feynman first suggested quantum computing in 1982, but practical quantum computers are still in their early stages almost 40 years later.

Big Tech Is Crushing It (as Always).

IBM: Developed Qiskit framework and offers cloud-based quantum systems.
Google- Achieved quantum supremacy in 2019 and created Cirq library.
Microsoft- Developing Azure Quantum platform and Q# language.
Amazon- Offers Braket, a fully managed quantum computing service.
D-Wave Systems- Develops quantum annealing processors and Ocean software suite.

Popular Quantum Tools

Qiskit: Open-source quantum computing framework for building quantum programs.

Cirq: Python library for writing, manipulating, and optimizing quantum circuits.

Q#: Microsoft's open-source programming language for quantum computing.

Ocean: D-Wave's suite of tools for solving optimization problems on quantum computers.

Strawberry Fields: Xanadu's cross-platform Python library for simulating and executing quantum algorithms.

Startups and Recent Investments:

I wanted to find small players too, but it’s rare that someone will start a quantum computing business without significant funding. Here are some startups that making the noise.

1. Quantum Source, Founded in 2021, based in Israel. Developing quantum random number generators and entropy sources.

2. Quantum Art - Founded in 2022, based in Israel. Develops ion trap quantum computers based on research from the Weizmann Institute of Science.

3. Quantum Machines, Founded in 2018, based in Israel. Develops quantum control systems for superconducting quantum computers.

4. Classiq, Founded in 2020, based in Israel. Provides software to model, synthesize, and analyze quantum circuits.

5. Multiverse Computing, Spanish quantum software company founded in 2019

• Nanofiber Quantum Technologies (NanoQT) Raised $8.5 million from Phoenix Venture Partners (US), JAFCO Group, SPARX Group, Keio Innovation Initiative, and Waseda University Ventures (Japan).

• QphoX Received €8.0M (~$8.7M) led by QDNL Participations, alongside the EIC Fund, Quantonation, Speedinvest, High-Tech Gründerfonds, and Delft Enterprises.

• Rebellions Raised $124.0M in Series B funding led by KT Corp with participation from several Korean investors.

Quantum Business Ideas and How to Jump In

It seems challenging for small players or startups to enter the quantum computing industry with limited investments due to several factors:

1. High infrastructure costs: Building quantum computers requires specialized hardware like cryogenic cooling systems, precision control electronics, and high-end fabrication facilities.

2. Talent shortage: There is a significant lack of workforce with the interdisciplinary skills (quantum physics, mathematics, computer science, engineering) needed to develop quantum technologies.

3. Long-time horizons: Startups need to sustain long periods of R&D without near-term revenue, which requires substantial funding.

4. Current market demand for quantum computing and commercial applications is still limited and speculative. This makes it risky for startups relying on near-term revenue

But Still, There’s a Chance

1. Learn fast. Apply for courses and programs, read a lot, and visit events to network with professionals.

2. Start a news platform with curated news, analysis, and insights on the rapidly evolving quantum computing landscape.

3. Build an online community for collaboration, knowledge sharing, and networking among quantum researchers, developers, and enthusiasts.

4. Create quantum computing education and training programs for developers and researchers.

5. Offer marketing, content creation (blogs, videos, infographics), and social media management services tailored to quantum technology companies and startups.

6. Start a niche recruitment firm that specializes in sourcing and matching quantum talent (physicists, engineers, programmers).

Try to Apply for Grants

I made a list of active grants for doing research in quantum computing across the US, Europe, the Middle East, and Asia.

Some of these grants are:

More research data, with more startups, funding, and grants can be found in the report (it’s free)

I hope you enjoyed it and found something useful for you. If this entangled your curiosity a little bit, feel free to share it with your friends and colleagues.