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Preparing for a Quantum-Ready Future: Canadian Business Leaders Explore Quantum Frontiers at Roundtable

Preparing for a Quantum-Ready Future: Canadian Business Leaders Explore Quantum Frontiers at Roundtable

On May 29, the Canadian Chamber, in collaboration with Quantum Industry Canada and Canada’s National Quantum Strategy Secretariat, hosted a landmark virtual roundtable to introduce quantum technologies to forward-thinking Canadian business leaders.

In an era where technological advancements are reshaping industries at an unprecedented pace, it’s crucial for Canadian businesses to stay ahead of the curve.

Recognizing this imperative, on May 29, 2024, the Canadian Chamber of Commerce, in collaboration with Quantum Industry Canada (QIC) and Canada’s National Quantum Strategy Secretariat, initiated and hosted a landmark virtual roundtable, with a cross-section of Canadian Chamber members, to introduce quantum technologies to forward-thinking business leaders nationwide.

Quantum technologies leverage the principles of quantum mechanics — the science of how things behave at the tiniest scales, where the rules of everyday physics no longer apply — and have the potential to transform key areas of business and industry. These innovations offer fundamentally new ways for companies to process information, secure their data, and measure the world around them.

The roundtable builds upon Canada’s commitment to quantum leadership, exemplified by the January 2023 launch of the National Quantum Strategy (NQS). The NQS aims to reinforce Canada’s world-renowned quantum ecosystem, ensuring the nation remains at the vanguard of this transformative sector while also equipping the workforce and Canadian businesses for the burgeoning quantum economy.

Just days after the roundtable, the United Nations declared 2025 the International Year of Quantum Science and Technology (IYQ).

The Urgency of Quantum Readiness

Recent findings from the Canadian Chamber’s Business Data Lab (BDL) reveal sluggish adoption of Generative Artificial Intelligence (Gen AI) among Canadian businesses, even though Gen AI has the potential to grow Canada’s productivity between 1% and 6% over the next decade. These findings should serve both as a cautionary tale and as motivation for businesses looking to participate in the quantum revolution.

“As we’ve seen with AI and cybersecurity, early adoption and awareness of transformative technologies are crucial for maintaining Canada’s competitive edge in the global market. On its current trajectory, Gen AI could reach a tipping point in the next three to six years, which likely isn’t fast enough to beat global competitors,” says Ulrike Bahr-Gedalia, Senior Director of Digital Economy, Technology and Innovation at the Canadian Chamber of Commerce. “Our goal with this roundtable was to demystify quantum technologies and inspire business leaders, particularly those who operate small- and medium-sized enterprises, to start their quantum-ready journey now, so they can secure a competitive advantage for the sake of Canada’s economy.”

Early adopters stand to gain significant competitive advantages by leveraging quantum solutions to solve complex problems. Additionally, a BCG analysis found that early adopters of quantum technology have limited buyer’s remorse: nearly all quantum adopters plan to maintain or increase spending in the coming years.

Canada’s Quantum Advantage

Canada holds a unique position in the global quantum landscape, currently boasting the second-highest number of quantum SMEs globally according to the Council of Canadian Academies Quantum Potential report.

“By intensifying our commercialization efforts in this critical sector, we can accelerate the transformation of innovations into market-ready solutions, capitalizing on our early lead to drive value creation for Canada,” says Lisa Lambert, CEO of Quantum Industry Canada. “I applaud the Canadian Chamber of Commerce for their foresight in raising awareness of quantum technologies among their members. By being on the vanguard of adopting made-in-Canada solutions, our industries can boost productivity, drive economic growth, and shape the future of quantum applications worldwide.”

Preparing for the Quantum Future

While the imperative for quantum readiness is clear, the path forward can seem daunting. Recognizing this challenge, the roundtable touched on practical steps and strategies for preparing for the quantum future, while emphasizing the government’s supportive role.

Michael Rosenblatt, Director of the National Quantum Strategy Secretariat noted the importance of this type of roundtable to enhance collaboration between quantum companies and end-users, to ensure that Canada remains at the forefront of innovation and collaboration. 

The roundtable highlighted six questions visionary businesses should ask themselves as they embark on their quantum journey:

  1. How might we leverage quantum technologies to reimagine our products, services, operations, and supply chain to propel our business into the future?
  2. Working backwards from our envisioned future, how might quantum technologies overcome our current constraints or transform our value chain?
  3. What unique strengths do we possess that can help us incentivize innovation, manage risks, eliminate barriers, and form effective partnerships in the quantum technology sector to advance our business goals?
  4. Which entities are actively tackling constraints and challenges like the ones we face, and what can we learn from their approaches?
  5. Is our R&D and corporate venture strategy aligned with the potential of quantum technologies?
  6. How can we ensure our workforce is prepared and skilled to maximize the potential benefits of emerging quantum technologies?

The quantum future isn’t coming; it’s already here and Canadian businesses have a unique opportunity to lead in this technological revolution.

The Canadian Chamber and QIC are currently exploring next steps based on learnings from the first roundtable and feedback from participants. Contact Ulrike Bahr-Gedalia (ubahr-gedalia@chamber.ca) to access resources, participate in industry roundtables and connect with other businesses embarking on their quantum journey.

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