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  • NSW Launches $7 Million Quantum Computing Commercialization Fund

NSW Launches $7 Million Quantum Computing Commercialization Fund

Applications for a new $7 million Quantum Computing Commercialization Fund launched by the NSW government are open for applications in the next two weeks.

Grants of $200,000 to $4 million are available for projects involving quantum computing hardware and/or software in NSW.

The program runs through the agency of the NSW Chief Scientist & Engineer, Professor Hugh Durrant-Whyte.

  • prototype and pilot studies
  • production and/or scaling up
  • conducting market and product assessments
  • salaries and access to external expertise directly related to project delivery
  • commercialization strategies and commercial feasibility studies
  • specialist equipment and/or infrastructure needed to run the project
  • intellectual property protection or advice

Prof Durrant-Whyte said the fund would support businesses quantum computing hardware or software within Technology Readiness Level 3 – 7, to help them develop their technology and attract large-scale private investment.

“The Quantum technology industry has the potential to generate up to $4 billion in revenue and create 16,000 jobs by 2040,” he said.

“Quantum technology is already revolutionizing many aspects of our society and economy, including transportation, healthcare, financial services, defense, weather modeling and cybersecurity.”

Both the NSW and federal governments have quantum on the technology roadmap as an important sector to support, and NSW opened Quantum Terminal at Tech Central last year

NSW Minister for Science, Innovation and Technology Alister Henskens said the local ecosystem is in a unique position to be a global leader in quantum technologies.

“NSW leads the country in quantum research and development, with leading companies such as Silicon Quantum Computing, Diraq and Q-CTRL,” he said.

“Us 20-year R&D roadmap recently identified our world-class quantum ecosystem as an area of ​​competitive advantage, and we want to help our state thrive in this area to create new jobs and industries that will grow the economy and help ensure a brighter future for the people of NSW.

“This fund will target both startups and existing deep tech companies to ensure that innovative projects are accelerated towards the commercialization of quantum computing, maintaining our momentum and strengthening NSW’s position as a global quantum center of excellence. “

Details including guidelines and the online application form are available here. The applications close February 2 at 10 a.m.

READ NOW: What Australia needs to do to maintain its quantum advantage

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