Global Firm to Help Enable Startups, Entrepreneurship in Quantum-based Technology
Research in UMD physics labs has helped make the university a center of quantum discovery. Now, the global professional services firm EY has become a founding partner of UMD's Quantum Startup Foundry, which supports fledgling businesses developing quantum technologies.
A leading global professional services firm announced today it has signed on as a founding partner of the Quantum Startup Foundry (QSF), a business incubator recently established at the University of Maryland to accelerate leading-edge technologies that promise to remake whole industries and economic sectors.
Ernst & Young (EY), the first firm to establish a relationship with the QSF, will support programs that connect the virtual and physical resources needed to support quantum entrepreneurs and startups. Additionally, EY will provide insight, mentorship, customer and investor introductions and other services to companies cultivated through the QSF.
“We are excited to collaborate with a world-leading institution like the University of Maryland to support the development of revolutionary quantum technologies and connect these products with organizations around the world,” said Ellen Polansky, managing director for markets at Ernst & Young. “Quantum is an emerging technology with game-changing potential, especially for first movers who can leverage it to collect and analyze data in a faster and more insightful way than possible today.”
EY’s decision to become the first founding member of the QSF was supported by both Raj Sharma, EY Americas financial services consulting managing partner; and Matthias Loh, EY financial services technology leader; who recognized the benefits of the collaboration to the financial services industry, as well as the opportunity to drive a new wave of innovative offerings.
UMD is widely recognized as a global quantum powerhouse with six centers leading research across the quantum spectrum, including fundamental physics, materials, sensors, communications and computing.
During his inauguration in April, UMD President Darryll J. Pines announced the launch of the QSF as a signature program designed to make it easier for quantum startups around the world to access the unique resources housed within the university, as well as at regional partners in the Mid-Atlantic Quantum Alliance.
The QSF offers the TraQtion program to leverage these resources and other partnerships to connect companies with large government contractors for technology validation and potential customers looking for quantum and quantum-enabling technologies. Its Pre-TraQtion program is designed for earlier-stage quantum and enabling technology startups who are looking for grant funding opportunities. Learn more at quantum.umd.edu/startup.
“We are thrilled to work so closely with the world's leading services provider to the technology and financial services sectors,” said Julie Lenzer, UMD’s chief innovation officer and the founding director of the QSF. “EY can provide an unparalleled network and deep insights into customer needs that will help our companies develop and deliver the products and solutions that will deliver on quantum's enormous, transformational potential. Together, we’re going to change the world.”
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