Recent developments in science have elevated quantum information from a physicists’ theory to a source of benefit for mankind, particularly business enterprises. This new technology has the potential to add value to businesses by solving various difficult problems in entirely new ways. In our series of Founders Insights, TechObserver – Frankfurt Rhein Main´s startup community platform– features Markus Braun, the founder of JoS Quantum, a company that will provide software algorithms for quantum computers to speed up and improve the financial service industry.
Markus is a theoretical physicist and big data analyst with industry experience in risk management and financial crime. After his academic and professional experiences in Magdeburg, Tokyo and Taipei, he worked in the Financial sector and realized that he wanted to take the possibility to improve the industry with quantum computing.
“We started to work seriously on our business idea at the beginning of this year, and basically the idea of Quantum computing in financial services was born through having noticed – while working in Banks and consulting services for banks – that optimization problems are typically difficult and time-consuming to solve. By working in risk management, modelling and big data analytics I felt the pain which we had within banks to analyze data in a good way and the huge opportunity that quantum computer can bring to the financial services. In the beginning of this year we directly approached TechQuartier because it is the go-to Fintech hub in Frankfurt”.
Regarding the openness of big funds and Banks to adopt this type of technology, Markus explains that:
“Banks are always a bit slower than startups (…) but they are usually really open to this topic because everyone has heard about it over the press, but they don´t really know how to categorize it and how far they need to go and the next steps following. This is exactly what we are trying to do: helping them to evaluate the opportunities in this new area… mostly as a knowledge transfer helping them to develop new approaches and to identify new algorithms they can run quantumly.”
About the main challenges of starting their venture, Markus expresses that one of them is “to find customers who are willing to go completely into it, because (…) they realize there is something interesting but struggle to say yes and invest into research”.
In terms of the Fintech Hub, the community at TechQuartier he sees potential collaborations on different fields – blockchain and cryptocurrencies- and even though there are not so many experts in this area, we are quite focused on international collaboration to implement and nurture a Quantum community in Frankfurt. “Of course, it will take some time to settle it up, but we are going that way”.
We invite you to watch the following interview to go deeper into the solutions that JoS Quantum can offer to the financial services industry, explore collaborations and learn about the role and potential benefits that getting involved in a Fintech community could bring to your venture.