There have been revolutionary periods in Boulder’s economic history.
Without a doubt, the finding of gold in those hills sparked the initial era of mining-focused economic growth. Since then, we’ve enjoyed remarkable periods of economic development driven by advancements in computer technology, natural products and startup business activities. Fast forward to today, Boulder leads in a diverse array of industries, including aerospace, software, biotechnology and tourism.
And now, get ready for the next leap forward: quantum technology.
As Governor Polis announced just the other day, the U.S. Department of Commerce approved the Elevate Quantum proposal, securing the status of Colorado, New Mexico and Wyoming as a federally designated “Tech Hub” for quantum technology. This designation comes with an initial downpayment of $40.5 million from the Economic Development Administration.
It also releases additional state funding investment to the tune of $74 million that will advance quantum capabilities across our region. And just like bees to honey, we can expect a surge in industry development across various sectors such as telecommunications, computing and life sciences as they eagerly incorporate quantum technology into their respective fields. The economic impact of this Tech Hub designation is expected to reach $1 billion.
Our success in securing the Tech Hub status is a testament to unprecedented collaboration among a wide array of regional research institutions, economic development agencies and business leaders.
To name just a few of the local individuals who deserve special recognition, I note business pioneers Dan Caruso, Elevate Quantum’s “chief instigator” through her role as Founder of TechHubNow!, Wendy Lea, Elevate Quantum’s Chief Executive and Regional Innovation Officer Zachary Yerushalmi, and Corban Tillemann-Dick, the Founder of MayBell Quantum Industries. The University of Colorado also played a key role, with the University’s Research and Innovation Office, led by Vice Chancellor Massimo Ruzzene and his colleague (and my predecessor at the Boulder Chamber), Scott Sternberg, out in front.
While we don’t claim the mantel of appreciation that the above leaders deserve, I note that the Boulder Chamber had its own role in the Elevate Quantum proposal. Developing a workforce to meet the needs of our quantum-based industries — industries that are anticipated to generate 10,00 jobs, with 80% not requiring advanced degrees — will take important skills development and recruitment strategies.
The Boulder Chamber committed in the Elevate Quantum proposal to offering its expertise in that effort, through economic data resources, workforce development measures and the coordination of Boulder economic development support agencies. And already, with the Tech Hub designation in our hands, we’re fielding requests for support in local quantum-based research and business development activity. The economic leap forward is upon us.
As we move forward in this exciting economic evolution, it’s worth considering why we earned the Tech Hub designation. I offer that it’s straightforward: Boulder boasts Nobel Prize-worthy scientific research, a deep talent pool and a thriving ecosystem of local companies deeply embedded in quantum technology. This synergy places us squarely at the forefront of the quantum revolution.
It begins with collaboration in the research arena, such as the enduring partnership between the University of Colorado and NIST. This partnership has produced Nobel laureates and groundbreaking quantum computing prototypes at institutions like JILA, showcasing Boulder’s pivotal role in shaping the future of technology.
Boulder’s vibrant ecosystem of quantum companies is then turning this research work into business applications. Already, we have companies here in Boulder that are producing exponentially faster computers and nonlinear nanophotonic devices representing a cutting-edge technology with diverse applications. It’s just the tip of what we will see in quantum technology application and this next industrial revolution.
Make no mistake, the road won’t be smooth and there are challenges ahead. Scaling from thousands to tens of thousands of quantum jobs requires robust infrastructure, continued investment in education, and overcoming regulatory hurdles.
Ensuring that the benefits of quantum technology reach all Coloradans demands a concerted effort to bridge the digital divide and promote inclusivity in tech innovation. Couple that with standard concerns associated with the high cost of living which pose affordability challenges, impacting our ability to attract and retain a diverse workforce essential for sustained growth.
Those are issues to address, for sure, but now is the time to celebrate what Governor Polis describes as a “major win for Colorado’s future.” With Boulder’s rich history of quantum research, a skilled workforce foundation, and an unwavering drive for innovation, we are positioned to lead pioneering advancements in quantum technology and business development on a global scale.
This is our quantum leap into the future, and Boulder is leading the charge.
Joseph Hovancak is vice president of economic vitality for the Boulder Chamber.