Smith hails Scotland’s quantum leap amid Widows move – Daily Business

Alyn Smith and wafer processing

Innovation Minister Alyn Smith will today encourage global industry leaders to invest in Scotland’s fast-growing quantum technology sector.

Addressing the Quantum Technologies Showcase Scottish reception at Edinburgh Castle tonight, Mr Smith will highlight Scotland’s unique strengths to UK and international leaders.

His call comes as Scottish Widows, one of the UK’s largest workplace pension providers, has invested in four companies, including two in quantum computing, though neither is in Scotland.

However, they are its first investments in UK venture growth companies and coincide with mounting concern at the pace at which institutional funds are backing early-stage British tech. Aberdeen Investments manages the overall fund on behalf of Scottish Widows.

“These investments show how pension capital can help category-defining UK companies move from scientific leadership to commercial scale,” Scottish Widows said.

The guests at tonight’s reception in Edinburgh include Technology Scotland CEO Dr Alastair McInroy; British Ambassador to Denmark Victoria Billing; and delegates from across the US, Europe and Asia-Pacific, including business and finance representatives from companies such as Fujitsu, Ericsson and Hitachi.

The sector uses quantum physics to build new kinds of technology which can solve problems that conventional technology struggles to overcome.

Quantum technology is part of Scotland’s Critical Technologies Supercluster which already supports more than 160 companies and 11,500 jobs. Turnover is projected to grow to £10 billion by 2035 – creating a further 6,600 jobs.

In the last financial year the Scottish Government has committed £5 million to support increased innovation and economic growth in advanced technology areas where Scotland has the greatest potential to lead.

Ahead of tonight’s event, Mr Smith said: “Quantum is not a technology for one sector. It’s a foundation for the next generation of innovation..

“For Scotland, quantum technologies have applications across industries where we already excel – from our space sector, helping satellites navigate to life sciences, enabling faster drug discovery and disease research. And in defence, improving sensing and security, as well as optimising power networks in our energy systems.

“There is no doubt, Scotland is the place to do quantum. We are a top five location globally for the quantum sector with 40% of the UK’s research in quantum technologies over the last decade taking place here in our world-class universities, and Scottish universities leading two of the UK’s Quantum hubs while being active in all five.

“For centuries Scotland has punched above its weight in science and innovation, and we intend to keep doing so in the quantum era.”

Tonight’s event is happening ahead of the UK National Quantum Technologies Showcase in London on 6 November.

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