Why Businesses Should Not Ignore Quantum Any Longer
Quantum computing can transform industries by solving complex problems that are currently beyond the reach of classical computers. The GenQ Quantum Computing Hackathon in Calgary allows companies to connect with the North American quantum ecosystem.
While quantum technology is not new, it now frequently makes headlines in major publications. Interest in quantum is also reflected in Google Trends, where search queries related to this topic have shown a steady upward trend over the last five years. The ever-increasing interest in quantum technology is mainly driven by its revolutionary potential, recent technological advancements, substantial investments by governments and businesses, and broad applicability across industries.
Quantum is rapidly moving from theoretical research to practical application. According to a 2024 report by the global management consulting firm McKinsey, quantum technology could create value worth trillions of dollars within the next decade. Quantum computing can process and analyze vast amounts of data more effectively, providing deeper insights for strategic decision-making. This empowers businesses to develop better-informed strategies and respond more efficiently to market changes.
Early quantum adopters gain a competitive advantage
Quantum technology is expected to substantially change sectors such as logistics, manufacturing, energy, healthcare, finance, and transportation. As it is poised to fundamentally reshape industries and create new competitive landscapes, companies cannot afford to ignore quantum any longer.
Early adopters of quantum technology across all industries have the potential to gain a competitive advantage by introducing game-changing products or services to the market ahead of their competitors. Engaging with the most important technology of the 21st century can also strengthen a company’s reputation as an industry leader and enhance its attractiveness as a forward-thinking employer.
Delays in adopting quantum technology can lead to losing market share
As more companies worldwide begin to explore the vast potential of quantum technologies, those that delay not only miss out on new opportunities but risk being outpaced by competitors and becoming vulnerable to new market threats. Companies that ignore quantum computing can potentially lose market share and relevance within the next few years.
In North America, Canada is driving significant advancements in quantum technology, offering businesses countless opportunities to adopt it. Canada’s substantial investments, innovative initiatives, and strategic partnerships reflect its commitment to becoming a global leader in quantum technologies. In spring 2024, QAI Ventures expanded its presence to Calgary (Alberta, Canada) and is now accepting applications for Batch I of its Startup Accelerator, set to launch in March 2025. Another significant milestone is the upcoming Calgary edition of the GenQ Quantum Computing Hackathon, organized by QAI Ventures Canada and powered by Quantum City.
Corporate sponsors and young talents join forces to develop a quantum use case
At the GenQ Quantum Computing Hackathon, happening at Platform Calgary in October 2024, corporate sponsors can define challenges for the participants to work on and will collaborate closely with the teams. "This hackathon showcases the transformative potential of quantum computing by tackling real-world challenges and coming up with innovative solutions,” says Barry Sanders, Scientific Director of Quantum City.
The quantum design company Alice&Bob is one of the prestigious quantum players sponsoring the GenQ Quantum Hackathon and inviting participants to work on a quantum use case. The Paris- and Boston-based company is best known for pioneering the Cat Qubit, the first qubit with built-in error correction. “We are excited to see how participants will use our cats to solve the challenge we are preparing”, says Yann Beaujeault-Taudière, quantum algorithms developer at Alice&Bob. Yann will be on the hackathon jury. “I can’t wait to see the amazing quantum solutions the teams create.”