Could quantum computing be South Carolina’s next economic draw? This statewide initiative says yes

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The future of cutting-edge computer technology in South Carolina is getting a huge boost from an initiative announced March 25.

The South Carolina Quantum Association has launched an effort to develop quantum computing technology and talent in the state through $15 million approved by the South Carolina legislature in the fiscal year 2023-24 budget, the state’s largest ever investment in a tech initiative, according to information from SCQA.

SC Quantum hopes to increase collaboration among academia, entrepreneurs, industry and government to further the advancement of this technology in the Midlands and South Carolina in general, officials said.

Columbia Mayor Daniel Rickenmann, state Sen. Dick Harpootlian, and Joe Queenan, executive director of SC Quantum, announced the landmark project at an event held at the Boyd Innovation Center on Saluda Avenue in Columbia’s Five Points district.

Quantum computing is a concept that many people haven’t even heard of and one that is still in development. In a nutshell, it’s a computing system that uses the principles of quantum physics to simulate and solve problems that are difficult for traditional digital systems to manage, according to MIT’s Sloan School of Management. Quantum computing was first proposed in the 1980s and the first well known quantum algorithm emerged from MIT in the 1990s.

Unlike traditional computers which use binary electric signals, quantum computers use subatomic particles called qubits which can represent combinations of both ones and zeroes. Experts say the technology could be used to help scientists, businesses, economists and others to work through complex problems and find solutions in a more efficient way.

The funds will go toward education including workforce development, certificate and micro-credential programs, entrepreneurship support and engagement projects such as gatherings of experts and quantum demonstration projects.

“Quantum is a new way of solving problems, and this initiative will allow us to build out a quantum-ready workforce able to solve important real-world problems with this cutting edge technology,” Queenan said.

Queenan noted the importance of funding quantum development because massive efforts are already underway overseas. China has recently dedicated $15 billion to development of quantum technology, and the European Union is devoting $8 billion.

The U.S. government has named quantum an “industry of the future” on par with artificial intelligence and 5G, and committed more than $1.2 billion for quantum research and development budgets in 2022, according to information from SCQA.

Work in the quantum computing field is already underway at the University of South Carolina, where students recently came in third at a quantum competition held at MIT and others have recently developed a prototype quantum-based hedge fund, which is showing strong returns, Queenan said.

Mayor Rickenmann said the new initiative will help develop Columbia’s role as a technology research hub for the state.

“This is the right project at the right time,” he said. “This is an investment in the intellectual capital of our city and state. I think we’re going to see a renaissance of intellectual development here in this community.”

Sen. Harpootlian, who has lived in the Five Points area for more than 50 years, said the quantum initiative being launched from there is just the latest marker of the dramatic change that has transformed the neighborhood since he first moved to the area to attend law school in 1971.

“I look back fondly on the days when this was a sleepy little village, of going to get breakfast at Gibson’s and then a hot dog at Frank’s Hot Dogs,” Harpootlian said, referencing two iconic eateries that were symbols of the area’s previous incarnation, “But those days are long gone and they aren’t coming back — what’s coming is much better. South Carolina Quantum is putting South Carolina ahead of the curve. Columbia could be a major hub of innovation for this technology that is rapidly growing in use across the globe.”