dedicated to advancing quantum technologies. In doing so, industry leaders can catalyse innovation and share risks, while public-private collaborations can amplify collective capabilities. Open innovation frameworks, built on mutual trust, can further accelerate the development and adoption of quantum technologies. The Forum is providing access to flagship industry- and societally-relevant applications for the ecosystem through the Quantum Application Hub. Initiating pilot programmes is an essential step for testing quantum applications and gathering insights. Small-scale projects (PoCs/ PoVs) allow businesses to assess the feasibility, benefits and challenges of integrating quantum technologies into their operations. These pilots provide valuable hands-on experience and help organizations understand how to effectively implement quantum solutions in real-world scenarios. However, executing these projects will require the building of a dedicated quantum team. By recruiting and training a team with specialized knowledge in quantum technologies and their business applications, companies can drive their quantum strategies forward and maintain a competitive edge. This internal capability will be instrumental in exploring proprietary quantum solutions and integrating them into the organization’s operations.Strategic investment in quantum technologies is necessary to capitalize on their transformative potential. Businesses should identify key areas for investment, considering market potential, risk management and the regulatory environment. Allocating resources to quantum initiatives will accelerate the development and commercialization of quantum technologies, positioning companies at the forefront of the quantum revolution. Leveraging UpLink, the World Economic Forum’s Quantum Economy Network68 and the Centre for the Fourth Industrial Revolution Saudi Arabia69 have launched the Quantum for Society Uplink Innovation Challenge.70 This will enable ecosystem partners to support early-stage innovation by enabling capital infusion, engaging a mission-aligned ecosystem, fostering product-market fit, and shifting perceptions about quantum technologies’ role in global sustainability efforts. Finally, continuous monitoring and adaptation of quantum initiatives are essential for long-term success. Organizations must regularly review the progress of their quantum projects and adapt their strategies based on emerging trends and outcomes. This is a once-in-a-generation opportunity to reshape industries and solve complex global challenges. The World Economic Forum calls upon your organizations to explore and share your learnings to demonstrate the potential of quantum technologies in solving the toughest problems the world faces today. Embracing the Quantum Economy: A Pathway for Business Leaders 46

Embracing the Quantum Economy 2024