Finland expects billion-dollar revenues from quantum technologies — YLE News
In Cambridge, United Kingdom, representatives of Finland's technology sector discussed the development of quantum technologies and stronger cooperation between the technology hubs of Cambridge and Espoo. Finland's quantum sector expects to significantly accelerate the country's economic growth and create thousands of jobs, YLE News reports.
Jouni Fliktman, head of defence and security at IQM Quantum Computers, said that the global quantum technology market could reach 100 billion by 2040. In his assessment, Finland has a chance to secure a significant share of this market, while companies in the sector could generate billion-dollar revenues.
Fliktman also said that Finland's quantum technology development strategy envisages the creation of 10,000 jobs over ten years. According to IQM, one in five quantum computers delivered to customers worldwide was built by the company. IQM has invested €40 million in a new production facility in Finland.
Cooperation between Cambridge and Espoo
According to the European Centre for International Political Economy (ECIPE), Cambridge and the Finnish city of Espoo are leading global centres for quantum technologies. Representatives of these hubs intend to intensify cooperation.
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Chris Bruce, a member of the Cambridge Tech Week board, noted that Cambridge and Espoo specialise in deep tech, quantum development, artificial intelligence, semiconductors and security. According to him, Finland's NATO membership also creates additional grounds for closer interaction in technology, defence and security.
Talent and funding
Representatives of the Finnish sector indicate that faster funding decisions and freer movement of capital are needed for the industry's growth in Europe. IQM is expanding its operations in the United States, while the company says it remains committed to Europe and is listed in New York and Helsinki.
Enter Espoo CEO Jaana Tuomi considers it important to attract international companies and specialists to Finland. She drew attention to tensions surrounding residence permits due to tighter migration policy. According to Anu Honkalinna, head of spin-off funding at Aalto University, more than half of the university's professors and researchers are foreigners.
Kvanttinova Oy CEO Jussi Tuovinen predicts that within five to ten years, Finland could have several leading quantum companies rather than one new technology giant like Nokia. Fliktman noted that quantum computing could reduce energy consumption for artificial intelligence tasks, while also accelerating the emergence of both the benefits and risks of this technology.
