CUbit gets state boost to move quantum science ‘out of the lab and into the market’

BOULDER — CUbit Quantum Initiative, the University of Colorado’s interdisciplinary hub dedicated to the advancement of quantum technology, recently received a financial shot in the arm from the state aimed at helping scientists and entrepreneurs commercialize locally developed, cutting-edge technology.

The Colorado Economic Development Commission has approved nearly $1.5 million in grant funding from the  Colorado Office of Economic Development and International Trade that CUbit will provide to startups that are “bring to bring applied science out of the lab and into the market,” Michelle Hadwiger, OEDIT deputy director and director of global business development, told BizWest. 

“New, enabling technologies come on line, and the barrier for growth and acceleration in an industry is really high in terms of startup costs,” she said, and universities and labs often bear the brunt of those startup costs. 

“There’s a role that the government plays” in helping shoulder some of that early-stage cost burden “and leveraging the investment already made” by schools and research facilities, Hadwiger said. 

Quantum theory attempts to explain the behavior of matter at atomic and subatomic levels. Applications of quantum science could revolutionize the way humans discover new drug therapies, map the cosmos, protect sensitive data, combat climate change and maybe even discover new forms of life.

The Boulder Valley — with the world-class University of Colorado Boulder physics department, the National Institute of Standards and Technology, and some of the most prominent quantum-computing companies in the world — has become, over the last three decades or so, the epicenter of quantum research. 

CUbit and OEDIT hope that Colorado’s position as a leader in quantum science will translate to a similar position for quantum businesses.

“CU Boulder is already recognized as a global leader in quantum research and education. By strengthening quantum-focused collaborations across Colorado, the university can help boost the entire quantum ecosystem and provide even more opportunities and impact across the state and region,” Massimo Ruzzene, vice chancellor for research and innovation and dean of the institutes at CU Boulder, said in CUbit post about the grant funding from OEDIT.

The still-young quantum industry presents a challenge for those tasked with fostering it here in Colorado.

Firstly, it’s complicated. Conceptually, it’s a difficult topic to understand and even more difficult to explain to laypeople. 

Also, Hadwiger said, “people often say quantum computing is years and years away, it’s too expensive, other countries are already beating us in the game.” 

The industry, and its partners such as OEDIT, must push back against this type of narrative while educating the public on the benefits of potential applications of quantum technology, Hadwiger said. 

In addition to directly funding companies and groups such as CUbit, OEDIT leaders and state officials see “establishing and promoting Colorado as an epicenter for an area of technology” and “developing of the workforce pipeline” as key areas where public support can move the quantum needle, Hadwiger said.

“This initiative will work to ensure that discoveries from basic and applied research are connected to Colorado’s startup ecosystem and provide effective pathways for Colorado students to enter the quantum workforce across the state,” OEDIT executive director Eve Lieberman said.

Hadwiger said she expects that OEDIT funding, filtered through CUbit, will help quantum startups leverage additional public dollars, such as Small Business Research Innovation grants from the U.S. Small Business Administration, which often require a match. 

The Boulder Valley has some established players in the quantum industry — Quantinuum, a Broomfield company spun out of Honeywell International Inc. (Nasdaq: HON), for example — but CUbit’s grant funding from OEDIT isn’t meant for them.

The aim is to boost “companies that are pre-revenue, prototype stage,” Hadwiger said. “… This would be for the really early stage, not the large companies.”

Part of OEDIT’s mandate to CUbit requires that the group look beyond Boulder and beyond the Front Range for companies to support.

“Even though most of the research is being done at the CU Boulder campus, we really want to seed these companies … around the state,” Hadwiger said. “This is a statewide effort,” and CU has staff working with Colorado Mesa University in an attempt to ensure that communities outside of larger metropolitan areas aren’t left out of the quantum future. 

While the OEDIT funding for CUbit is a start, grants of a couple of million dollars here and there aren’t likely to be game changers for Colorado’s quantum ecosystem.

Industry leaders, Hadwiger said, “are looking to go after long-term funding through the Legislature.” 

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