Insider Brief
- Editors at Crain’s Business Chicago are urging policymakers and business leaders to support efforts to make Chicago a hub for quantum technologies.
- They point to growing interest from major quantum companies such as IBM and PsiQuantum as evidence of quantum’s potential.
- The editors call for greater city government activity to bolster Chicago’s quantum ambitions.
There’s a lot of hype around quantum, but behind all the noise, hype and quantum-related buzzwords, the technology isn’t going to be a true game-changer, according to the editorial board at Crain’s Chicago Business.
In a recent op-ed in Crain’s Business Chicago, editors report that Chicago is positioned to become a hub for quantum technology and an inside passageway to its potential. The op-ed points out Chicago’s potential and urges local leaders to seize the opportunity.
Quantum computing, while less glamorous than artificial intelligence, has the potential to revolutionize problem solving and even change our perception of reality. According to Crain’s, Chicago universities, particularly the University of Chicago and the University of Illinois, have already made great strides in this field, with significant government support. But the editors highlight growing interest from private companies as a more exciting development.
“The corporate investment is the kind of action that will accelerate Chicago’s emergence as a quantum computing hub, with the potential to deliver significant benefits to Chicago’s tech community and economy as a whole,” the editors wrote.
The growing interest from these companies, as made clear by discussions with quantum leaders IBM and PsiQuantum, could have a significant impact on the local tech ecosystem and economy as a whole. While neither company has yet revealed detailed plans, their interest, and especially IBM’s collaboration with local universities, could be a big step towards establishing a robust quantum infrastructure in the city.
As Crain’s John Pretz reported, IBM’s potential expansion would bolster Gov. JB Pritzker’s vision to make Illinois a quantum technology hub. Pritzker’s ambitious plan includes a $20 billion investment to develop a 150-acre campus dedicated to quantum computing. The proposed sites, a former U.S. Steel plant on the Far South Side and a former Texaco refinery in Lockport, are under consideration by PsiQuantum, a Silicon Valley startup that is also eyeing Chicago.
“Bringing IBM to the state will lend further credibility to Governor JB Pritzker’s efforts to make Illinois a quantum technology epicenter,” notes the Business News Journal. Quantum technology, which leverages quantum mechanics, promises a quantum leap in computing power, speed and security. This leap in capabilities could revolutionize fields ranging from medical research to climate modeling and put Chicago at the forefront of technological innovation.
The editorial also highlights the economic benefits of this quantum propulsion: the expected creation of high-paying jobs for researchers and semi-skilled workers will provide a significant boost to the economy. Crain’s highlights the potential of the Southworks facility to revitalize a long-dormant part of the city, injecting it with much-needed economic vitality. Crain’s calls for the city government to step in.
“That’s why City Hall should do all it can to smooth the way for this investment by making the South Works site a more attractive option,” the editors urge. “The tech companies that surround the area, and the real estate developers who work with them, will need help rehabilitating the site and building the infrastructure needed to make it viable. And while an overreliance on tax increment financing has been rightly criticized in Chicago for years, revitalizing the South Works site and its surroundings pretty much fits the textbook definition of what TIF was created for.”
Crain’s Business Chicago’s endorsement highlights a critical moment facing the city: Chicago has the opportunity to become a leading hub for quantum computing by leveraging its academic strengths and attracting large-scale corporate investment — a combination that could position the city as a key player in the next wave of technological advancements.
“Sources familiar with the project expect a decision by the end of this month,” the editors wrote, reflecting the urgency and high stakes of the project. IBM’s collaboration with PsiQuantum, along with potential collaborations with other quantum companies working in the field, has put Chicago at a critical crossroads.
