The quantum computing industry is on the cusp of a major breakthrough, according to John Reynolds, CEO of a UK quantum computing startup. Reynolds predicts that quantum computing will have its “ChatGPT moment” within the next 18 months to two years, as his company has developed a chip that can be mass-produced, paving the way for the world’s first useful quantum computers. In a recent podcast, Oxford Ionics co-founders Dr.
Chris Ballance and Dr. Tom Harty discussed the developments and future of quantum computing. “The ChatGPT moment of quantum is going to happen in the next 18 months to two years.
People will suddenly realize this is really here, and you can access quantum computers at the level needed to start making game-changing innovations,” said Ballance. Oxford Ionics recently secured a £6 million government contract to deliver a quantum computer to the UK’s National Quantum Computing Centre (NQCC). Ballance highlighted the potential benefits of quantum computing for financial institutions, stating that many banks are investing in teams of 20 to 30 people with PhDs in quantum computing to gain an edge in their market.
The competitive landscape for talent in the quantum computing field was also discussed, with Oxford Ionics competing against US giants like Google, Microsoft, and Amazon. “Our job is to be more attractive,” added Ballance. As quantum computing continues to advance rapidly, it is expected to transform various industries by providing unprecedented computational capabilities in the near future.
A new white paper published by Phasecraft emphasizes the need for sustained public investment, international collaboration, and responsible regulation to maintain the UK’s leadership in quantum computing. The paper highlights the transformative potential of quantum computing in sectors such as clean energy and drug development but stresses the importance of consistent government funding to complement private investment.
Quantum computing breakthroughs and collaborations
The paper offers key recommendations, including sustained and consistent public investment, enhanced international collaboration, and responsible regulation focused on the application of quantum technologies. Ashley Montanaro, co-founder and CEO of Phasecraft, stated, “Quantum computing is at a critical juncture. Technical breakthroughs are increasingly frequent, and despite downturns in other tech sectors, VC investments in quantum technology have remained strong.
However, private investment alone cannot sustain this momentum—government support remains indispensable, a fact well-understood by the US and China through their hefty investments in this field.”
Phasecraft, which originated at University College London and the University of Bristol, has grown into a prominent authority on quantum technology and policy, with operations expanding to the US. The company collaborates with industry leaders such as Google, IBM, QuEra, and Rigetti, and is actively developing quantum algorithms for various applications. In a recent article, Ashley Montanaro, co-founder and CEO of Phasecraft, argued for a flexible approach to quantum startup funding.
Montanaro highlighted the need for three key elements to scale quantum startups: government funding, opportunities for international collaboration, and sensible regulation. Montanaro emphasized the shift from academic work to more commercial work in the quantum industry, stating that the most exciting innovations are now coming from industry. He advocated for government support for both software and hardware developments in quantum computing.
International collaboration was also stressed as essential for the growth of the quantum industry. Montanaro drew from Phasecraft’s own experience with operations in both the U.K. and the U.S., highlighting the need for smooth cooperation without concerns about export licenses and red tape. While quantum technology is not yet at a stage where there are concerns about the protection of citizens, Montanaro suggested that regulation is appropriate in areas such as military technology and marketing to prevent exaggerated claims about quantum capabilities.
Government support remains vital for the growth of the quantum industry. Ekaterina Almasque, General Partner at OpenOcean, emphasized the role of government in creating an ecosystem where startup companies can thrive, beyond just financial support.
