Bianca Heyward writes for the New York Post about another bit of bad news for the Golden State’s economy.
The state of California is losing yet another tech company to Florida.
In a dramatic sign of the rising allure of low-tax, pro-business states, quantum computing firm D-Wave Quantum Inc. announced it is relocating its corporate headquarters and key R & D operations from Palo Alto to Boca Raton, Florida.
The move, confirmed in a statement from the company, marks a stinging blow to Silicon Valley, in what many see as a broader trend of tech companies leaving high-cost Cali for more business-friendly regions.
CEO Dr. Alan Baratz made no secret of the strategy: Florida’s rapidly growing tech ecosystem, expanding talent pool, and supportive research environment make the state ideal for quantum innovation.
“With our new headquarters in Boca Raton, D-Wave will bring to South Florida incredible opportunities for advanced research, talent recruitment, and high-impact technology development that is shaping the future of computing,” Baratz said in a statement.
Florida officials hailed the move as a major victory.
“We’re excited to welcome D-Wave to Florida as it accelerates the development and delivery of its quantum computing technologies, which will help further establish the state as a center of high demand job growth and business formation through innovation,” said Florida Secretary of Commerce J. Alex Kelly.
“By welcoming D-Wave’s flagship … we are strengthening our position as a destination for advanced innovation, attracting top-tier technology talent, and laying the foundation for long-term economic growth,” Boca Raton Mayor Scott Singer said.
The relocation is a centerpiece of a major partnership with the state of Florida. D-Wave will install its “Advantage2” quantum computer at Florida Atlantic University’s Boca Raton campus, in an effort to “accelerate and solidify the state of Florida’s position as a leader in quantum computing.”
While Sacramento faces political uncertainty and weighs a controversial new “billionaire tax,” Florida has been rolling out the red carpet with tax breaks and economic development incentives.
