U of Maryland Commits $25 Million to Incubator for Quantum Startups
(EdScoop) The University of Maryland will house an incubator for quantum computing startups, offering access to high-quality internet and connections with potential customers, the school has announced
The university will spend $25 million to create the Quantum Startup Foundry, according to a press release. The $25 million comes from state investment and from the university’s Discovery Fund. The program will include a physical space for the startups on the school’s College Park campus, including offices and labs.
The incubator’s goal is to guide independent entrepreneurs and academic spin-offs to offering concrete, commercial solutions that use quantum computing technology, the university said.
“The technology is so early, customers aren’t quite sure yet what the unique value proposition is for all of it,” University of Maryland Chief Innovation Officer Julie Lenzer told EdScoop. “So what we discovered is that the need to connect with potential users was really the biggest need for these startups and for these researchers, in fact, as well.”
The startup foundry is not Maryland’s only foray into quantum computing. The university is a partner in the National Institute of Standards and Technology’s Joint Center for Quantum Information and Computer Science and runs an on-campus research institute called the Quantum Technology Center.