Adoption of quantum technologies and business model innovation
The white paper on ‘Quantum Technologies and Business Model Innovation’ is based on a research study jointly conducted between the Institute for Manufacturing, and the Quantum Computing and Simulation Hub.
The study was motived by the productivity slowdown in major economies (and especially the UK) despite the prevalence of digital technologies. The hypothesis is that we need to innovate business models to achieve productivity and economic growth. Hence, preparing UK firms and the economy early for the adoption of quantum technologies would be crucial in enabling such economic growth.
The study is based on the findings from over 60 interviews with stakeholders (start-ups, incumbent firms, academics, policymaker, investors and consultants) and three roundtables (with 40 participants). We examine how firms and policymakers need to prepare for the development and commercialisation of quantum technologies (with a focus on quantum computers) to identify value to society and contribute to economic growth.
In the white paper we highlight key strengths of the UK quantum programme including being leaders in science and engineering of Quantum Technologies (QT), Innovate UK funding seen as very effective, a knowledgeable workforce, significant funding from VCs and angels and a vibrant start up community.
We also highlight some of the key challenges of QT adoption and propose some recommendations. Our recommendations include:
- The need to initiate mission-driven funding calls to solve industry-wide/societal challenges
- Forming a forum of systems integrators in the UK and also developing strategic initiatives that combines Quantum Computing and Quantum Communications
- Developing an IP strategy that enables better accessibility of University IP whilst protecting commercial interests
- Preparing scale-up capabilities in technology and manufacturing
- Creating shorter-timescale training programmes and increase quantum business literacy.
It is hoped that the findings and recommendations will help to develop the framework needed to ensure that there is timely benefits of quantum technologies through productivity improvement and economic growth.