News – Thought Leadership
16 October 2023
Quantum computing harnesses the principles of quantum mechanics to process information in ways that classical computers cannot replicate. This means quantum computers can solve problems much faster by utilising quantum bits – or “qubits”. In the abstract, while our everyday computers function on a binary system of 0 or 1, a qubit can be both at the same time, meaning they are significantly more powerful.
Quantum computers’ ability to rapidly solve complex problems could unlock progress in several areas, which are ripe for challenge prizes. This could:
However, several challenges must be addressed to realise these benefits. Quantum computers rely on something called superposition, a process highly susceptible to noise and errors, rendering them unreliable for real-world problem-solving at present. Researchers are actively pursuing quantum error correction, a complex technique aimed at safeguarding quantum information from disruptions caused by qubit instability (Google anticipates reliable quantum computers within this decade). Additionally, developing large-scale quantum systems requires significant progress in materials science, engineering, fabrication, synthesis methods, and measurement and materials analysis techniques.
Amidst an uncertain road toward the next era of quantum computing, researchers, start-ups, industry players, and governments are taking action. The UK government launched its first Quantum Strategy in May and plans to invest £2.5 billion of government funding into R&D between 2024-2034. Among other goals, the strategy sets out an interest for challenge-led funding.
Challenge prizes already support quantum computing development significantly, and recent examples can shed light on their future potential.
Challenge prizes can accelerate the quantum computing roadmap
The three editions of the IBM Quantum Open Science Prize have been calling for innovators to solve specific bottlenecks in quantum computing. This year, the winning team will be awarded a $30,000 prize for an open source solution to tackle a problem related to quantum state preparation (which entails taking a quantum system from one state to another).
Challenge prizes are great at casting a wide net and uncovering new approaches to problems that haven’t yet been solved. Quantum computing offers a myriad of these problems and it would be easy to develop more prizes to help further it’s development.
Challenge prizes can uncover new applications for quantum computing
We’ve already seen several challenge prizes seeking to surface and support potential applications of quantum computing in adjacent fields.
Airbus has been using challenge prizes to understand how quantum computing can transform the aerospace industry. The organisers proposed five flight physics challenges faced in aircraft design and in-service optimisation; the winning team contributed a quantum computing solution to aircraft loading, potentially increasing revenue and reducing operating costs. Wellcome Leap’s Quantum for Bio employs a similar approach to identify and accelerate applications of quantum computing in health.
The Fujitsu $100,000 Quantum Simulator Challenge is another example of an applications-focused challenge prize – but without specifying a problem area. The prize employs Fujitsu’s 39-qubit CPU-based quantum state vector simulator system, and invites industry and academia members to test it on new problems. This format benefits innovators with training, support, resources – and cash prizes; and it enables Fujitsu to explore collaborative use cases and receive performance and scalability feedback.
Challenge prizes can be an effective mechanism to bring together people from different fields and explore new possibilities – without the ‘strings attached’ and high barriers to entry typical to traditional R&D grant funding.
Challenge prizes can inspire a new cohort of innovators
We’ve already seen initiatives using a competitive model to incentivise new cohorts of innovators to learn about and work on quantum computing.
The Classiq Coding Competition offered a $25,000 prize pool for innovators of all ages globally, solving coding challenges like Kakuro and Hamiltonian simulation. Similarly, Microsoft’s Quantum Computing Challenge invited students worldwide to address quantum problems using the LIQUi|> simulator, with cash prizes for the best solutions.
Challenge Prizes set an incentive, and create publicity and excitement around a problem area, leading to innovation.
Imagine being able to more effectively harness energy or treat diseases.
Challenge prizes are a powerful tool for organisations who want to shape the future of quantum computing – either by accelerating its development, identifying and directing its areas of application, or generating awareness and excitement around the topic.
Get in touch if you’re interested – or if you think you have a better idea – and we’ll schedule a call.
