(Telegraph.co.uk) Nine UK businesses focused on commercialising emerging quantum computing technology have requested a “recovery package” made up of a government venture capital fund and venture debt fund that could lead investment into the technologies as funding dries up and the economy recedes because of coronavirus.
There should be “creativity” in the provision of public grants, possibly following the example of the European space agency which is paying small organisations 50pc of their grants up front during the crisis, according to a letter sent to Alok Sharma, the head of the Department of Business, Energy and Industrial Strategy and Oliver Downden, the head of the Department for Digital, Culture, Media and Sport.
“Many companies are young, fragile and susceptible to disruption from unforeseen events,” the letter read.
Richard Murray, chief executive of Orca, said: “Because of the uncertainty we are seeing many potential investors pausing new investments, and there is some fear that the private markets may stall for 12-18 months.
“Countries that are able to deal-with and move on from the crisis sooner and with the least disruption will be giving their companies a time advantage on the others. With the global quantum technologies race in full swing right now, this time advantage could determine which countries and companies come out on top.”