In an era where technological advancements are reshaping industries at an unprecedented pace, it’s crucial for Canadian businesses to take proactive steps 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.
In addition to insights from the organizers, the event included presentations from Mehdi Bozzo-Rey, Chief Revenue Officer at DistriQ; the Quantum Innovation Zone of Sherbrooke, Québec; and Dr. Martin Laforest, Managing Partner at Quantacet, the first and only Québec-based venture capital fund focused on the global quantum technology market. The participation of these experts highlighted the collaborative nature of the country’s quantum sector and underscored Canada’s end-to-end capabilities in nurturing quantum technologies from concept to commercialization.
This roundtable builds upon Canada’s commitment to quantum leadership, exemplified by the January 2023 launch of the National Quantum Strategy (NQS). The NQS, founded on the pillars of research, talent development and commercialization, positions Canada to capitalize on decades of quantum R&D investment. It 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).
Understanding Quantum Technologies and Their Business Impact
Quantum mechanics is the science of how things behave at the tiniest scales, where the rules of everyday physics no longer apply.
Quantum technologies leverage the principles of quantum mechanics 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:
- Quantum computing: Aims to tackle complex problems currently beyond the reach of traditional computers, with potential applications in supply chain optimization, financial modeling, drug discovery, and more.
- Quantum communications and networking: Seeks to offer enhanced data transmission security, working towards creating networks with significantly improved protection for sensitive business information.
- Quantum sensing and imaging: Strives to provide improved precision in measurement and detection, enabling advancements in fields such as healthcare diagnostics, environmental monitoring, and navigation systems.
As quantum technologies mature, they are expected to become a key differentiator across industries, potentially reshaping business models and creating new market opportunities for early adopters leveraging them to solve problems that are currently intractable.
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.
Canada’s homegrown quantum ecosystem offers businesses a distinct early-adoption advantage. “I applaud the Canadian Chamber of Commerce for their foresight in raising awareness of quantum technologies among their members,” says Lambert. “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.”
Embracing made-in-Canada quantum technologies across various industries can enhance the nation’s standing as a global leader in cutting-edge technology, creating a robust ecosystem for refining and perfecting Canadian quantum solutions. This approach not only supports domestic innovation but also positions Canada to play a pivotal role in the global quantum market.
The Quantum-Ready Imperative
The roundtable illuminated the expansive potential of quantum applications across industries. From quantum computing’s promise in supply chain optimization to quantum sensing’s potential in providing precise navigation in GPS-denied environments to quantum communication’s role in enabling telecom providers to offer ultra-secure data transmission services, these emerging technologies are poised to transform diverse sectors of the economy.
A critical focus of the discussion was post-quantum cybersecurity, an essential aspect of quantum readiness already being adopted by tech giants like Zoom and Apple. As quantum computing capabilities rapidly advance, they pose an existential threat to current encryption methods and risk compromising sensitive data and critical systems. Proactively implementing post-quantum cryptography not only future-proofs organizations, but also enhances their current security posture.
The urgency of this transition is stressed by the imminent release of the first standardized post-quantum cryptographic algorithms by the U.S. National Institute of Standards and Technology (NIST) this summer. These standards will provide a crucial framework for implementing quantum-safe cybersecurity measures.
With quantum capabilities advancing swiftly, the window to transition to quantum-resistant algorithms before potential exploitation is narrowing, making immediate action imperative for businesses across all sectors.
Preparing for the Quantum Future
The roundtable highlighted six questions visionary businesses should ask themselves as they embark on their quantum journey:
- How might we leverage quantum technologies to reimagine our products, services, operations, and supply chain to propel our business into the future?
- Working backwards from our envisioned future, how might quantum technologies overcome our current constraints or transform our value chain?
- 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?
- Which entities are actively tackling constraints and challenges like the ones we face, and what can we learn from their approaches?
- Is our R&D and corporate venture strategy aligned with the potential of quantum technologies?
- How can we ensure our workforce is prepared and skilled to maximize the potential benefits of emerging quantum technologies?
The Canadian Chamber of Commerce and Quantum Industry Canada are committed to supporting businesses on this journey and are currently exploring next steps based on learnings from the first roundtable and feedback from participants.
Quantum Leap: Positioning Canada at the Forefront of the Next Technological Revolution
The quantum future isn’t coming; it’s already here and Canadian businesses have a unique opportunity to lead in this technological revolution. Early adopters of quantum technologies stand to gain significant advantages, positioning themselves to reap the benefits of this transformational field and drive growth, innovation and competitiveness in the quantum age.
As we approach leap into a new era of technological innovation and economic prosperity. With collaborative efforts from quantum industry leaders, government and businesses, we can solidify Canada’s position as a global quantum powerhouse.
Take the Next Step in Your Business’s Quantum Journey
The potential of quantum technologies is too significant to ignore. Whether you’re taking your first steps into quantum technologies or seeking to enhance your existing strategies, don’t get left behind – accelerate your quantum readiness now:
- Subscribe to Quantum, Eh? QIC’s free monthly newsletter is an invaluable resource to help you navigate Canada’s emerging quantum technology sector and explore the latest developments. Subscribe here to stay ahead of the curve.
- Engage directly with Canada’s quantum community: You can also contact Angela Olano (angela@quantumindustrycanada.ca), QIC’s Director of Member Services & Marketing, to explore avenues for your business to connect directly with Canada’s leading quantum innovators.