Investment in quantum computing to be major economic driving force - GulfToday

Investment in quantum computing to be major economic driving force


Panellists during a session at the Investopia 2023 annual conference in Abu Dhabi.

Thought leaders and entrepreneurs from around the world discussed the opportunities presented by AI and quantum computing to optimise efficiency and growth in all walks of life, during Investopia 2023 annual conference, which took place on 2nd and 3rd March, 2023.

The session, titled “Quantum Leap: Transforming Industry Through Quantum Computing & AI”, was led by Jan Goetz, CEO and co-Founder of IQM Quantum Computers, Joanna Shields, CEO of BenevolentAI and Herman Narula, CEO & Co-Founder of Improbable.

The speakers presented their thoughts on integrating technology into every aspect of work to create opportunities and resolve shared problems.

They explored different elements of AI, quantum computing, and the Metaverse, and their game changing potential to ensure purposeful jobs and contributions to society on a whole.

In the context of the new economic formations resulting from the tremendous technical developments, experts affirmed that, investment in quantum computing will be the new economy during the next two years.

Jan Goetz emphasised on the power of quantum technology in the application of AI, allowing for faster problem-solving. He explained that quantum allows you to solve problems exponentially faster. “If you want to simulate a molecule, and you use a normal computer, it takes millions of years, but with quantum, it will solve this problem in days or minutes. We find this problem in all industries. In the class of optimisation and supply chain problems, quantum is a disruptive tech that can solve some of these issues.”

He also noted that we are at the beginning of the development of this emerging technology, and there are vast opportunities for building the industry together. As technology disrupts every industry, it is important to create opportunities for people to maintain their fulfilment. For example, the Metaverse has the potential to provide new opportunities in the education sector and that the creation of virtual experiences goes beyond video games and can serve a purpose. Finally, he underlined the need to thoroughly understand the type and kind of skills and infrastructure we need as an industry to prepare for this dynamic future.

Joanna Shields highlighted the increasing use and mainstream understanding of general-purpose language models, such as ChatGPT, and the potential ethical challenges associated with AI.

She emphasises the exciting development of large language models for specific purposes, such as deciphering complex diseases, and the ability to ingest data from multiple sources to aid decision-making. From an investment perspective, she noted the real-world impact of this technology. However, she stressed upon the importance of a multi-stakeholder approach and engaging with organisations and experts to generate awareness of ethical AI.

Shields also discussed the need for the technology to be in the hands of thousands of scientists to better understand disease biology and have a broader impact on society.

Herman Narula put the spotlight on the potential of the Metaverse and its applications in various industries such as sports, music, gaming, and defence.

He emphasised the importance of making the virtual world meaningful and creating new opportunities for people as there will be a shift in the way we work and operate.

He argued that the idea of Singularity AI being perfect at every problem is a misguided notion, and instead, we are likely to see many specialised AI models for different purposes. However, he suggested that AI is already smarter than humans in some areas.

Female entrepreneurs: Prominent women entrepreneurs from around the world gathered to discuss initiatives that foster businesses based on good practices, at a session held during Investopia 2023 annual conference.

Organised in partnership with The Helm, this session was moderated by Rachel Pether, Senior Advisor for Sovereign Wealth Fund Institute and hosted panelists Lindsey Taylor Wood Founder & General Partner at The Helm; Huda Al Lawati, Founder and CEO at Aliph Capital; and Nadine Benchaffai, Founder Angel Investor.

Women entrepreneurs start businesses at a rate 1.5x higher than men, tackling the world’s biggest problems and spurring innovations that will shape our future. Yet, female-led investment firms receive just 2 per cent of all venture capital, with a disproportionate amount being invested in consumer-focused funds. The speakers presented important facts about the realities that face female founders and solutions to address the gender bias.

Lindsey Taylor Wood shined a spotlight on the huge discrepancy between investments received by men and women. Using data from Harvard Business School, she highlighted differences in questions asked during interviews that influence this division. She encouraged re-framing of narratives around good business practices. She also said that “decade’s worth of data from multiple institutions and resources clearly showcases that women-led businesses perform better, so why are we so wilfully engaging and ignoring that data”. She added that women-founded companies perform 63 per cent better and 35 per cent returns higher.


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