In this episode, we welcome Kris Naudts & Zeynep Koruturk two leading voices in quantum investing and deep tech innovation from Firgun Ventures to break down where the industry is really heading. Quantum is often spoken about as a single technology but the reality is far more fragmented. In this episode, we break down the three core pillars of the quantum industry: computing, sensing, and communications —and why treating them as interchangeable is leading to major misallocations of capital and a misunderstanding of the space. We explore where venture capital is actually flowing, why hardware is dominating funding, and how middleware like error correction is quietly becoming one of the most important layers in the ecosystem. Timestamps: 00:01:25 — Quantum investing intro & capital misallocation across sectors 00:03:51 — Hardware vs software vs middleware in quantum 00:06:52 — Confusion in the quantum ecosystem (sensing vs computing vs crypto fears) 00:08:00 — Where quantum is in its lifecycle (3–7 year horizon shift) 00:09:25 — Early commercialisation + SPACs + emerging quantum “majors” 00:11:26 — Why exits may happen faster than expected in quantum 00:12:36 — Key barriers: talent, regulation, and adoption challenges 00:15:38 — Seed vs Series A/B funding gap in quantum VC 00:18:31 — Europe vs US vs China: capital, strategy & sovereignty 00:21:24 — Global competition and where quantum ecosystems are forming 00:24:54 — Hardware vs software trade-offs for investors 00:28:28 — Exit paths: public markets, consolidation & defence primes 00:30:57 — Non-dilutive funding (DARPA & government capital) 00:34:52 — Quantum use cases: pharma, finance, sensing 00:41:33 — Contrarian views: China, geopolitics & ecosystem blind spots 00:45:23 — What emotionally drives founders & investors in quantum Find Kris Naudts & Zeynep Koruturk online at: LinkedIn: https://www.linkedin.com/in/dr-kris-naudts-md-phd-10403838/ https://www.linkedin.com/in/zeynepkoruturk/ Firgun Ventures: https://firgun.vc This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.