Success for South Carolina Quantum Computing Program as USC Students’ Project Sees Progress

University of South Carolina seniors majoring in finance and computer science have become the trailblazers for a state-backed endeavor aimed at equipping Palmetto State students with cutting-edge quantum supercomputer skills for lucrative tech jobs down the road.

Charleston’s Jordan Fowler, Raleigh’s Carter Burns, and Irmo’s Jack Oberman spearheaded a $20,000 research endeavor sponsored by the newly established South Carolina Quantum Association. The trio leveraged quantum computing to enhance retirement investment strategies for a local bank in Columbia, whose identity remains confidential.

Now, the Quantum Association is on the lookout for five to seven other South Carolina companies swimming in data that could derive benefits from quantum computing access. The association plans to match these companies with university students and researchers to formulate industry solutions while molding these students into quantum technology aficionados through hands-on training sessions.

The association, backed by a $15 million allocation in the state budget, is utilizing a portion of these funds to secure time on a quantum computer housed at the University of Maryland. This powerful resource is accessed through a web portal at the association’s office nestled in Columbia’s vibrant Five Points district.

The quantum computer is capable of swiftly solving complex calculations involving extensive data points that would otherwise consume years when computed on a conventional computer.

The USC students embarked on simulations to determine optimal investment strategies for an individual aiming to retire by a specific age. These simulations factor in variables ranging from weather conditions to geopolitical events and their repercussions on publicly traded entities, as outlined by the association’s orchestrator, Joe Queenan.

Throughout the project, the students utilized leased time on the out-of-state computer under the guidance of the association’s experts. Ultimately, the bank will reap the rewards of a novel, intricate investment model that is currently beyond the reach of most regional financial institutions.

Empowered by their newfound data analytics and computing prowess, the USC students showcased their skills at The Massachusetts Institute of Technology iQuHack Hackathon, clinching a commendable third place among 300 other participants last month.

Their immediate objective is to implement their acquired knowledge in a fledgling hedge fund named Shaw Circle, cofounded by two members of the team. They aspire to expand their venture and forge lasting careers in the financial realm.

“We have students from the Darla Moore School of Business who took part in MIT competitions against national teams, showcasing a remarkable level of talent that is relatively uncommon in our locale,” remarked Sen. Dick Harpootlian, the architect behind the $15 million state budget allocation.

The Columbia Democrat hailed this initiative as a strategic investment in the state’s “intellectual capital.”

“These students represent the cream of the crop,” Harpootlian lauded the USC cohort. “Their adeptness with quantum computing and the underlying technology underscores the exceptional caliber of talent within our state.”

The senator envisions these students choosing to establish themselves in Columbia post-graduation as they nurture their hedge fund aspirations.

From the students’ perspective, quantum computing presents an avenue to concurrently evaluate multitudinous investment permutations to pinpoint the most lucrative opportunities.

“With access to substantial data pools, we can now analyze that information to facilitate more astute decision-making for both ourselves and our investors,” Burns highlighted.

Fowler added, “Instead of enduring lengthy processing times on a regular computer, we are honing our quantum computing skills to condense calculation durations to mere minutes.”

The students primarily invested on behalf of willing friends and family members thus far, Burns disclosed.

“The time has come to inject real capital, recruit top talent, and expand our operations,” Burns articulated the duo’s growth plans. “We aim to extend pathways to success for Southern individuals.”

They aspire to attract investors from across the Southeast and scale their fund to between $25 million and $50 million. Enhanced by quantum computing proficiencies, their compact team believes they can outperform larger investment firms in identifying optimal deals for their clientele.

Nurturing student collectives like theirs is but a fraction of the broader objectives championed by the quantum association.

Future phases of this state-sponsored endeavor entail developing a specialized quantum computing degree program that universities statewide could emulate.

At least one such program will be introduced at a historically Black college in South Carolina. Additionally, organizers aim to roll out an online training academy catering to individuals eyeing a transition into tech-focused careers.