Institute of Physics launches UK Business Innovation Award
London, 10 November 2022 – The Institute of Physics (IOP) today announced its continued drive for growth in the quantum technologies sector with the launch of the Quantum Business Innovation and Growth Group (qBIG) Award, in association with Quantum Exponential, the first award in the UK. The foundation’s venture capital fund focuses on quantum technology. The prestigious award focuses on supporting innovation and commercialization of quantum technologies.
qBIG Prize winners will receive £10,000 in unrestricted cash prize, along with 10 months of mentorship from our innovative Quant Investment Team. In parallel with access to the vast Quantum Exponential network, this opportunity will result in the winner having the best chance of future success in their field. The winner will be connected to businesses and opportunities across IOP’s qBIG’s growing business community of industrial quantum physicists, engineers, innovators and entrepreneurs. They will receive six months of free use of the Institute of Physics Accelerator workspace and be selected at the IOP’s annual business fair. The award winner will be selected by the IOP’s qBIG Group panel, which includes business leaders from Aegiq, Airbus, AnchoredIn, BAE Systems, Coherent, Cold Quanta, Fraunhofer, Leonardo, NQCC, ORCA Computing, Oxford Instruments, Quantum Base Alpha and Quantum Exponential and Quantum Dice, Slingby Partners, Thales, and Trace Element.
Stuart Nicholl, Chief Investment Officer, Quantum Exponential said: “Quantum Exponential is extremely proud to announce its relationship with such a prestigious organization as IOP. Working closely with the Institute of Physics allows us to continue our focus on quantum commercialization in the UK by supporting a broader range of investments. potential financially as well as with broader support through, for example, mentoring. We hope that sponsoring the new IOP Innovation Award will help increase support from across the industry and help accelerate market readiness.”
Ann Crane, Head of Science and Innovation at the Institute of Physics added: “We are delighted that Quantum Exponential has agreed not only to be a founding member of the Quantum Business Innovation and Growth Group but also to sponsor our new innovation award. We hope this award will help Great for small and medium-sized businesses wanting to succeed in the UK’s ever-growing quantum technology sector.”
Richard Tatham, Intellectual Property Consultant at ORCA Computing, said: “It is great to see the announcement of a joint partnership between the Institute of Physics and Quantum Exponential plc and their sponsorship of the qBIG Award. Awards like this are very important in helping SMEs get the necessary exposure that will help them on success in the quantum technologies industry.”
qBIG Member Dr Harriet van der Velte, Director of Product – Quantum Technologies at Oxford Instruments NanoScience stated, “For the UK to become a shining light in Europe’s quantum industry we need more support from across the ecosystem, such as the qBIG Prize. So It is great to see private companies play their part in driving the UK quantum industry forward by sponsoring prestigious awards, as well as investing in small and medium businesses that can make a difference in the quantum space.”
To be eligible for the award, companies/organizations must meet the following criteria:
- Ability to offer an innovative product/solution either quantum-enabled or for the quantum sector
- Small and medium businesses are incorporated either in the UK or Ireland, with a sound for-profit business plan
- Validate the product, ideally with the customer
- A plan showing how the award money will add value to their organization
- An intention to obtain external equity financing in order to help accelerate the growth of your business.
To apply, all applicants must complete and submit a form via the link below before the announced closing date of 16/01/2023.
About the quantum exponential group
Quantum Exponential is a first-of-its-kind, AQSE Growth Market company, focused on opportunities in quantum technology and the broader quantum computing sector, with an advisory board made up of industry advisors, entrepreneurs, and technology investment professionals with broad access to opportunities and quantum markets. Quantum Exponential’s investment strategy is to pool a portfolio of minority investments in early-stage global quantum technology companies, particularly in NATO allied countries, giving institutional and private investors access to technologies and industries that are revolutionizing the areas of artificial intelligence, manufacturing, and healthcare. Quantitative exponential trades in the AQSE Growth Market under the ticker symbol “QBIT”.
About the Institute of Physics
The Institute of Physics (IOP) is the professional body and learning community for physics in the United Kingdom and Ireland, with an active role in promoting cooperation in the field of physics throughout the world. IOP strives to make physics accessible to people of all backgrounds. The IOP’s 21,000 members demonstrate professional expertise in physics in settings ranging from schools, universities, and national research facilities to companies of all sizes, and in diverse roles as educator, researcher, intern, technician, engineer and product developer.
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