  Building on decades of fundamental research, new applications of Quantum
Science have started to emerge in the fields of computing, sensing and
networks. In the current phase of deployment, in which quantum technology is
not yet in routine use but is still transitioning out of the laboratory,
Venture Capital (VC) is critical. In association with public funding programs,
VC supports startups born in academic institutions and has a role to play in
structuring the priorities of the ecosystem, guiding it towards applications
with the greatest impact on society. This paper illustrates this thesis with a
case-study: the experience of the first dedicated quantum fund, Quantonation I,
chronicling its impacts on the production of scientific knowledge, job creation
and funding of the industry. The paper introduces concepts to support the
emergence of new startups and advocates for funding of scale-up quantum
companies. The paper concludes with proposals to improve the impact of the
industry by taking steps to better involve society-at-large and with a call for
collaboration on projects focused on the applications with a large societal
benefit.
