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Colorado is competing with Wyoming, New Mexico and Illinois for the advancement of quantum technologies.

to discuss their efforts.

BizWest editor and publisher Chris Wood joined KUNC host Michael Lyle on Monday to discuss the outcome of the meeting and learn how quantum technology works.

"Quantum computing includes aspects of computer science, mathematics, and physics to solve complex problems faster than on typical computers," said Wood. "Quantum computers use electrons or photons to form what are called qubits, or quantum bits...You can then entangle those qubits, meaning that they can be linked through quantum mechanics to one another, vastly increasing computer power."

Wood said there's a history behind why the technology has become so popular in Colorado.

"You would have to go all the way back to 1954 when the National Bureau of Standards opened its Boulder laboratory, now known as the ," said Wood. "That research has spawned many photonics companies in the Boulder area, which has fed the growth of the quantum computing sector. The University of Colorado Boulder also created the Joint Institute for Laboratory Astrophysics, which also engages in quantum research."

Wood added that despite competition from the other states, Colorado officials are making a strong pitch for billions of dollars in federal support to expand the technology here, with a focus on local businesses across the Front Range.

"Colorado does have a very good chance," said Wood. "But Illinois, especially the Chicago area, also brings a lot to the table. The University of Chicago, for one has many decades of research into quantum theory."

Wood also said some technology analysts are predicting that the quantum technology industry could bring $3 billion in funding to Colorado — along with 30,000 jobs over the next decade. A bill is expected to be introduced this legislative session that would offer loan guarantees and tax breaks to quantum companies.