Will COVID-19 Economic Fracas Kill Off Quantum Computing Startups?
Start-ups say stimulus package won’t work on its own
In brief…
+ Founders and investors in the previously booming start-up sector have warned that the $189 billion rescue package so far announced by the federal government, will not be sufficient to save companies as venture capital funding tightens and revenue disappears.
“No more ‘urging, ‘requesting’ or ‘imploring’ self-isolation. Enforcement is needed,” Mr Biercuk said.
+ While technology-based start-ups differ to more traditional small businesses, many of them will qualify for increased payments, announced on Sunday, where companies with turnovers up to $50 million a year, will get up to $100,000 per business.
+ Founder and chief executive of well-funded quantum computing software infrastructure start-up Q-CTRL Michael Biercuk said he was glad to see the government recognising the severity of the situation for businesses and individuals in its funding measure, but that early-stage companies would be killed off if the government didn’t match it with stronger societal shutdown policies.
+ “As quantum physicists we are quite accustomed to the notion of exponential scaling … Accordingly, the data we see on daily infections – though still reasonably small – are alarming. Because they will not look small at all in a time way shorter than almost anyone expects,” said Mr Biercuk, a professor of quantum physics.
+ He said the economic safety net measures would only work if the government simultaneously mandated a full, enforced, community-wide lockdown and quarantines, to dramatically slow the pace of infections and shift away from current exponential growth trajectories.
Source: FINANCIAL REVIEW (Australia). Paul Smith, Start-ups say stimulus package won’t work on its own…
Content may have been edited for style and clarity.
