Space: The Final Frontier
The Rise of the Commercial Space Economy For decades, access to space was the preserve of governments. Today, a rapidly evolving commercial ecosystem is reshaping the industry, driven by falling launch costs, advances in satellite technology, increasing demand for connectivity and data, and a more supportive regulatory environment. In his latest paper, William Jeffrey explores the forces underpinning the growth of the global space economy and examines where value may ultimate
Mind the Gap: Bridging the Chasm Between Technology and Value Creation
Breakthrough technologies are often born in laboratories and research centres, but far fewer ever translate into durable commercial success. The gap between technical promise and real-world value creation remains one of the most persistent challenges in technology investing. While innovation is frequently equated with novelty or scientific advancement, commercial innovation requires something more: a clear customer need, a viable route to adoption, and an ecosystem capable of
DARPA Will Decide the Fate of Your Quantum Investment!
Quantum computing has spent the past decade living comfortably in the world of bold forecasts, elegant physics and ambitious capital raising. Promised breakthroughs span chemistry, cryptography, logistics and national security, yet the uncomfortable question has largely been deferred: can any of today’s quantum architectures ever become economically useful at an industrial scale? As Matthew Gould, Portfolio Manager of the ICM HPQC Fund, notes, DARPA’s Quantum Benchmarking Ini
The AI Bubble and How to Stay Out of the Bath
Will the AI bubble burst? Is there even an AI bubble? Are bubbles good or bad for early-stage tech investors? We get a lot of questions asked of us at the HPQC Fund. We do try to answer them all. Investors are rightly fascinated by the explosive growth of AI, but beneath the rapid shifts in software and public-market sentiment lies a far more durable transformation. As Matthew Gould, Portfolio Manager of the ICM HPQC Fund, notes, the real opportunity is not in chasing the nex
Neuromorphic Computing
At the ICM HPQC Fund we seek out early-stage investments in technologies that can radically improve the way compute can be generated and...
