67% of Enterprise Decision-Makers Fear Falling Behind Their Competitors’ Deep Tech Progress, New Seeqc Report Finds
ELMSFORD, N.Y.–(BUSINESS WIRE)–High-stakes enterprise investment in deep tech solutions is largely driven by the threat of industry competition, with substantial R&D budgets and jobs on the line, according to a new report from Seeqc, the Digital Quantum Computing company.
Deep tech is a classification of technology aimed at providing solutions based on substantial scientific or engineering challenges to previously intractable problems. This category includes solutions such as autonomous vehicles, blockchain/cryptocurrency, quantum computing, advanced A.I./machine learning and more.
Seeqc surveyed more than 200 large enterprises (those with more than 1,000 employees) to investigate how pioneering companies discover, evaluate and eventually invest in deep tech solutions. The report, “Out of the Lab, Into the Market: Deep Tech’s Enterprise Future,” found that business decision-makers are under immense pressure and time constraints to source solutions to fast-approaching business challenges.
Business Leaders Investing In Deep Tech Solutions To Solve Custom Problems
The report states that 57% of large enterprises actively investigating deep tech solutions are doing so to solve a specific existing or emerging business problem. This majority is in contrast to those investing to solve less defined business challenges that span their entire companies’ operations.
“Large companies are well aware of the competitive advantage deep tech partnerships can bring them in the long term, the challenge is finding technology providers that can develop tailor-made solutions for business problems that matter the most,” said John Levy, CEO and co-founder of Seeqc.
“The data shows that the traditional ‘boil-the-ocean’ enterprise approach simply isn’t tenable from an investment standpoint for these types of emerging technologies for the majority of companies,” continued Levy.
While companies are forging ahead to solve specific challenges, the report also shows they’re keeping a close eye on their competitors’ progress. Either real or perceived, fear of their peers’ progress is a major investment driver — more than one-third of respondents (37%) said that keeping up with competition was their number one reason for investigating deep tech solutions.
The State of Enterprise Investment
Given that many deep tech applications are still in their nascent stages of development, companies are sourcing partnerships from a diverse range of providers to find the best solutions. The report shows a majority of enterprise decision-makers (54%) are IT leaders or C-suite executives who are willing to partner with deep tech vendors of varying size and origin.
Lacking a clear precedent or playbook for these types of investments, companies are investing equally in established companies, venture-backed companies and startups, their internal resources and universities or government-funded initiatives.
Where are companies sourcing partnerships?
Established corporations – 29%
Startups and venture-backed companies – 25%
Internally developed resources – 24%
Universities or research centers/government-funded initiatives – 21%
Investing Under Tight Timetables
Most respondents (58%) said they expect to see ROI from deep tech investments in only 1-5 years. While specific technologies each come with their own implementation timetables, deep tech’s impending business impact is accelerating with each dollar spent.
“It will be years before the average person has access or reason to use something so advanced as a quantum computer or benefit from a fully autonomous vehicle, but the enterprise applications for these technologies are already making themselves apparent in today’s most data-intensive industries,” Levy said.
“Imagine building a quantum computing application, for example, sufficient to simulate the safety and efficacy of clinical drug trials — without ever testing them on a real person. Or even an advanced A.I. application that can simulate entire ecosystem models, helping companies and governments better manage and combat the effects of climate change. This is the scale of the challenges companies are working to solve with today’s deep tech investments — but it all starts with the ability to perform a single application,” concluded Levy.
To read more about the state of enterprise deep tech investment, download the full report here.
Seeqc is developing the first fully digital quantum computing platform for global businesses. Seeqc combines classical and quantum technologies to address the efficiency, stability and cost issues endemic to quantum computing systems. The company applies classical and quantum technology through digital readout and control technology and a unique chip-scale architecture. Seeqc’s quantum system provides the energy- and cost-efficiency, speed and digital control required to make quantum computing useful and bring the first commercially-scalable, problem-specific quantum computing applications to market.
The company is one of the first companies to have built a superconductor multi-layer commercial chip foundry and through this experience has the infrastructure in place for design, testing and manufacturing of quantum-ready superconductors. Seeqc is a spin-out of HYPRES, the world’s leading developer of superconductor electronics. Seeqc’s team of executives and scientists have deep expertise and experience in commercial superconductive computing solutions and quantum computing. Seeqc is based in Elmsford, NY with facilities in London, UK and Naples, Italy.