EU turns to private funding to boost quantum technology ambition

The European Union is actively seeking to engage private investors to bolster its ambitions in the field of quantum technology, aiming to secure a leading position by the year 2030. This initiative is spearheaded by EU tech chief Henna Virkkunen, who emphasizes the necessity of collaboration between public and private sectors to accelerate technological advancements. The EU's strategic plan involves creating a conducive environment for innovation, where private entities can contribute significant resources and expertise. Quantum technology, which promises to revolutionize fields ranging from computing to secure communications, is seen as a critical area for future economic and strategic dominance. However, the EU recognizes that public funding alone may not suffice to keep pace with rapid global developments. By tapping into private capital and fostering partnerships, the EU aims to enhance its research capabilities and infrastructure, ensuring it remains competitive against technological powerhouses like the United States and China. To facilitate this goal, the EU is working on policy frameworks that incentivize private investment while safeguarding intellectual property. This includes potential tax breaks and streamlined regulatory processes designed to attract venture capitalists and tech firms. Through these efforts, the European Union hopes to not only secure its position as a leader in quantum technology but also to drive economic growth and create high-tech jobs across the continent.

— Authored by Next24 Live