(Forbes.com) The U.K. funding of $194 Million for quantum technology through its Industrial Strategy Challenge Fund (ISCF) will be targeted at businesses that are in the process of delivering quantum-enabled products. It’s hoped that it will help to remove some of the obstacles to productivity and competitiveness that those working in the U.K. quantum technology field currently face. A further £205 million ($260 million) will be added to this fund from industry.
The fund will focus on four key areas:
1) Product and service innovations–focusing on a series of collaborative research and development competitions to deliver revolutionary quantum-enabled products and services;
2) Industry-led technology development projects–a program of industry-managed research activities looking at specific challenges;
3) Supply chain–feasibility projects concentrated on innovative components and supply chain elements across the quantum technology field;
4) Investment accelerator–encouraging venture capital for early-stage, spin-out and start-up companies working in the quantum technology space.