Quantum computing is apparently close and Australia is all in. We’ll… sort of. We just don’t know if it will work. Seems like our CEO is puzzled so we asked for more info. $950m is a lot of cash to splash for what appears to be highly experimental RnD. But what would happen if we actually cracked the quantum nut. Glenn says ‘you may need to sell your cryptos fast’. ‘may’ is the operative word. A quantum computer is not like any ordinary computer. It’s a different beast. Trouble is, not really many people know what we could do with it if we had it. So is this $950m bet going to pay off? Glenn doesn’t hold high hopes. He says ‘It may or it may not, but it’s highly experimental at this stage. If it does, it could be harnessed to crack all forms of security keys. That’s a big problem for the world, because all internet security is predicated on encryption keys. If a quantum computer can hack keys quickly, that could spell the end of cryptos. Be careful what you wish for’. $950m is quite a big sum of money for a single tech investment. It’s just under half the total RnD budget made available by the Australian Government to all entities conduction RnD. Glenn’s point is that those funds could be channeled into tech that Australia needs right now. ‘I speak to tech entrepreneurs every week and finding reliable access to large pools of funding is scarce and a real drag on our industry. We have really smart people doing incredible work in the tech sector, but government support is lacking. So much could be done with this level of capital, and it’s a real blow seeing it burned on potential white elephants that don’t really have any viable use cases as yet. Qantum computing is an exciting field but is it our nations top priority? Me think not. Let’s just hope it doesn’t go down the tube like our submarines’. So what does quantum computing mean for a connected commerce platform like SQUIZZ.com? We’ll know, once it works :)
Is our world upside down? I find it hilarious that after submitting our RnD report for FY2024 having had to examine the onerous level of splitting hairs over what is constituted Novel RnD versus general business. I think this obscene and gross mis-guided bet on future computing is a travesty for all companies attempting RnD across our country. Scrap the computer and setup a debt funded loan to back real Aussie companies doing amazing work across the tech sector, rather than an onerous and expensive apparatus that’s screening novel RnD, and high risk investments that could most likely be Australia’s greatest tech white elephant. #dumbfounded #wasteofmoney #whiteelephant #rndgrants #comeonaussie #mamamia