Investing in the Quantum Future : State of Play and Way Forward for Quantum Venture Capital

Building on decades of fundamental research, new applications of Quantum Science have started to emerge in the fields of computing, sensing and networks. In the current phase of deployment, in which quantum technology is not yet in routine use but is still transitioning out of the laboratory, Venture Capital (VC) is critical. In association with public funding programs, VC supports startups born in academic institutions and has a role to play in structuring the priorities of the ecosystem, guiding it towards applications with the greatest impact on society. This paper illustrates this thesis with a case-study: the experience of the first dedicated quantum fund, Quantonation I, chronicling its impacts on the production of scientific knowledge, job creation and funding of the industry. The paper introduces concepts to support the emergence of new startups and advocates for funding of scale-up quantum companies. The paper concludes with proposals to improve the impact of the industry by taking steps to better involve society-at-large and with a call for collaboration on projects focused on the applications with a large societal benefit.