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How to grow a quantum start-up. ORCA Computing co-founder on pragmatism

There’s a lot to be said for challenging a stereotype. Richard Murray, co-founder and CEO of ORCA Computing is on stage at a recent Economist Impact Commercialising Quantum event in London. He’s a confident, relaxed speaker and has already referred to doing “cool stuff” with photonics. He goes on to speak about new customers, such as the Montana State University (MSU), and the need to “go outside” with quantum – out of the lab and into the real world.

It’s a far cry from the pervasive quantum computing image – a fledgling industry still dominated by theory, and (mainly) men in research labs. The event was a good illustration of where the industry currently sits and there are some promising signs of progress, as we revealed in our recent write-up of the event. As well as the likes of IBM, Google, Nvidia and Microsoft, there are a few start-ups leading the hardware charge (Alice & Bob, Pasqal, QuEra and Atom Computing, for example) and ORCA is certainly among the frontrunners.

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BI Foresight

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Dave Grimm at AlbionVC talks about the shifting sands of deep tech investing

“Last year was a difficult year for generalist VCs, but deep tech didn’t really suffer the same slowdown,” says Dave Grimm, partner at London-based AlbionVC, which in August last year entered into a £13m Series A investment round for University of Bristol and UCL quantum start-up Phasecraft. “There’s certainly a lot more optimism for 2024.”

For Grimm, a seasoned analyst and investor in quantum computing, cleantech, machine learning, and data analytics technologies, there’s still a way to go for UK start-up hubs to reach the levels of their US counterparts. That said, he admits there is a lot more deep tech cash in the UK market today and much of that is focused on university spin-outs, where he expects to see even more activity this year.

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BI Foresight

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Is tech investment sexist and what can be done about it?

“My worst moment was when an investor blatantly invited me to visit his hotel room to discuss a potential deal,” says Gemma Lloyd, co-founder and CEO of Work180, a jobs network and recruitment platform for women in the workplace. “Female entrepreneurs still get a raw deal from investors, with discrimination taking different forms,” she adds.

Given that two-thirds of women feel they’ve not been taken seriously by potential investors when raising money for a new venture, according to IW Capital, and that just nine percent of UK start-up funding goes to women-run businesses, Lloyd must have a point. In February, research firm Pitchbook found that women took home close to 1p in every £1 of all start-up funding last year.

“Then there’s the less obvious discrimination,” continues Lloyd. “One time, after presenting to an investment firm, one of the investors rang me up afterwards to apologise when he realised that I’d had been subjected to a tougher round of questioning compared to the male founders that had presented to them on the same day. I was completely unaware at the time of the unconscious bias I was being subjected to, so it begs the question, how many other times did this happen to me and are other female founders being treated in the same way without their knowledge?”

The short answer is yes. Kim Nilsson, founder and CEO of Europe’s biggest data science hub, Pivigo is one of many similar stories. Like Lloyd, discrimination for Nilsson has manifested through stereotypical perceptions of her as a woman and the way in which she presents. Woman first, entrepreneur second.

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IDG Connect

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