Colorado is set to chart the future of quantum computing, a technology that could revolutionize everything from biopharmaceuticals to artificial intelligence.
Designated as a national quantum technology center, the state is home to four Nobel laureates in quantum science and already boasts more quantum-related jobs than anywhere else in the world.
But for all the optimism, Colorado faces stiff competition. States including California, Massachusetts and Illinois are angling to outpace the Centennial State, and a first-mover advantage isn’t a guarantee of continued leadership. To cement its position, Colorado must lean in to its unique strengths and address critical challenges. There are outsized opportunities here, and banks, financial firms and investors would be wise to act as catalysts in this effort.
Quantum computing holds the worldwide potential to generate as much as $850 billion in economic value a year by 2040, according to a study published by Boston Consulting Group. That same report suggests global government spending in this area may top $10 billion in five years. As it stands now, Colorado has five of the top 20 quantum companies in the world including Quantinuum, formed by the merger of Cambridge Quantum and Honeywell Quantum Solutions.
Turning this once-in-a-generation opportunity into lasting success will require decisive action. The challenges — accelerating our existing innovation culture, supporting affordable housing and workforce development, and building an entrepreneurial network — are significant, and go together with the immense potential in front of us. With the right strategy, Colorado can meet those challenges and dramatically accelerate its ascent as a global quantum leader.
Colorado’s housing market is under immense strain, producing tens of thousands fewer units annually than needed. Renters are paying more of their income in housing costs, according to the state of Colorado.
As quantum-related jobs attract talent from across the country, the demand for housing — at all price points — will only intensify. Financial firms, real estate investors and developers should take an active role as a catalyst and convener. By increasing Colorado’s housing stock, we can make our state more affordable for those who will move here to work in this industry (including in support jobs) and for those of us who already call Colorado home.
For example, at Huntington, we have made direct investments in low-income housing and collaborated with Colorado organizations like Mercy Housing Mountain Plains and Brothers Redevelopment. By committing to this kind of support more broadly, the Colorado business community can help close the housing gap.
Entrepreneurial programs and training are critical to maximizing Colorado’s potential. Initiatives should prioritize equipping aspiring entrepreneurs with the capital and other tools to navigate the complex quantum ecosystem. This includes workshops on quantum business fundamentals, mentorship programs with seasoned experts and hands-on support for creating business plans. I’m excited about microloans and business education to help diverse entrepreneurs entering the quantum field, as well as engagement with the state’s loan-guarantee program that promises to catalyze entrepreneurial ventures.
To meet workforce demands, apprenticeship and vocational training must also take center stage. While quantum science itself may demand physics Ph.D.s, the ecosystem it fuels will depend on skilled tradespeople: electricians, plumbers, HVAC specialists. Skilled technical workers — those with two-year associate degrees or vocational training — already constitute a substantial portion of the STEM workforce, the National Science Foundation reports.
Huntington’s experience with the construction of Intel’s chipmaking plant in Ohio, which is part of the Silicon Heartland initiative, offers a blueprint for success. By facilitating partnerships, banks played a key role in supporting an environment where startups, academic institutions and corporate giants could collaborate seamlessly.
As one example, Huntington appointed a director of regional economic development to support the anticipated growth not only within the semiconductor ecosystem but also more broadly throughout the state as other new industries emerge. This has been a game changer, ensuring opportunities are maximized and challenges addressed collaboratively.
The Colorado quantum initiative could benefit from a similar approach. The state’s regional strategy provides a solid foundation. Quantum research blossomed with the creation of a center for the National Institute of Standards and Technology in Boulder, as well as the Sandia National Laboratories and Los Alamos National Laboratory in New Mexico. The region also hosts more than 40 other federally funded research labs.
For Colorado to succeed, its business leaders, policymakers and institutions must act with urgency. The lessons from other quantum hubs and the cautionary tales of regions that failed to capitalize on early leadership are clear: Standing still is not an option.
For anyone who asks me about the next steps in Colorado’s quantum journey, I tell them: “Lean in.” The quantum computing designation isn’t just a feather in our cap. It’s a rallying cry of sorts.
The next decade will determine whether the Rocky Mountain West can transform this opportunity into enduring economic leadership. And while the challenges are significant, the potential rewards are staggering — tens of thousands of jobs, a diversified economy and a region firmly entrenched as a global leader in innovation.
Joe Nimmons of Denver is the Colorado regional president at Huntington Bancshares Inc.
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