Quantum bill to create new opportunities
State looks to increase capital for quantum businesses, invest $44 million in tax credits
A new quantum bill intended to maximize Colorado’s competitiveness as a tech hub and strengthen the state’s economy will also create new opportunities at the University of Colorado Boulder.
The bill, introduced to the state legislature on Friday, would incentivize quantum businesses to set up shop with greater access to capital through a quantum industry loan loss reserve. According to a release, it would also invest $44 million in refundable state income tax credits to help fund the development of a shared quantum research facility for academic and private sector collaboration.
Of that, $29 million would be available specifically to build a University Quantum Incubator led by CU Boulder and its fellow Colorado research universities, in partnership with industry partners and co-located with the Elevate Quantum Lab. It’s estimated these investments will create 10,000 Colorado jobs.
“Thanks to our collaboration with the state and other partners, CU Boulder and our fellow research institutions will have unprecedented opportunities to translate cutting-edge quantum research from the lab into a positive impact for Colorado’s people and economy,” Massimo Ruzzene, CU Boulder vice chancellor for research and innovation, said in a release. “Together, we are translating quantum research into an economic and workforce engine.”
Quantum is the study of things at a very small scale, like electrons and atoms. Quantum technology and research manipulate those tiny molecules to make things happen.
Quantum is used in innovations including cell phones, selfdriving cars, medical devices and barcode scanners at the grocery store.
The bill was introduced following the designation last October of Colorado as a Regional Technology and Innovation Hub focused on advancing quantum technology, including quantum computing, sensing, networking and enabling hardware. Elevate Quantum, the entity that pursued and won the designation, is a consortium of more than 70 organizations including CU Boulder and other higher education institutions, state and local governments, federal labs and private companies.
CU Boulder is one of the leading partners in Elevate Quantum, which is now competing with other states for up to $70 million in federal funding to continue developing a quantum technology ecosystem.