The United Kingdom may lose its competitive edge in quantum computing due to funding challenges.
- Start-up founders warn that the UK is at a “critical juncture” in the quantum computing sector.
- The UK government withdrew £1.3 billion in funding, impacting technology and AI projects.
- There is mounting concern over declining venture capital investment in quantum computing in the UK.
- Compared to the US and China, the UK risks becoming dependent on international goodwill.
Ashley Montanaro and Toby Cubitt, co-founders of Phasecraft, have expressed serious concern regarding the UK’s position in the global quantum computing landscape. According to them, the country is at a “critical juncture” following the government’s decision to pull £1.3 billion of promised funding for technology and AI projects in August. This decision has sent ripples of worry throughout the industry, raising fears that the UK might not be able to compete effectively with leaders such as the United States and China.
Venture capital investment in quantum computing is decreasing, adding to apprehensions about the UK’s future capabilities in this crucial field. Cubitt, serving as Phasecraft’s Chief Technology Officer, highlighted that leading nations in quantum computing will not only acquire direct benefits but will also gain technical, manufacturing, and commercial advantages. Countries lagging will need to rely on the “goodwill of others” to access these benefits.
Montanaro pointed out the essential role of government funding as the primary support source for start-ups. He noted that both the US and China have made significant investments in quantum computing, understanding the sector’s potential in the long run. Founded in 2019, Phasecraft focuses on developing algorithms to bring quantum computing closer to practical application, having secured $21 million in funding and expanded its operations to the US. They have also attracted notable talent such as Steve Flammia, a former principal research scientist at Amazon Web Services.
Montanaro and Cubitt have urged the UK government to sustain public investment in quantum computing until the sector can independently thrive, warning that neglect could jeopardize the UK’s competitive edge. They caution against regulations that hinder international collaboration, emphasizing that innovation will still progress despite impediments.
The potential of quantum computing to revolutionise various industries, including drug discovery, material science, and energy optimisation, is significant, with McKinsey estimating global economic gains of up to $2 trillion by 2035. Quantum computing alone could contribute nearly $1.3 trillion. Despite withdrawing from the £1.3 billion funding, the UK government has reiterated its commitment by announcing £100 million for new research hubs, including a quantum computing centre at the University of Oxford. A spokesperson from the Department for Science, Innovation, and Technology reiterated a long-term dedication to research funding, aiming to secure the UK’s place in global innovation.
The UK must navigate these challenges carefully to maintain its influence in the rapidly evolving quantum computing domain.
