As president of the University of Maryland, one of the state’s most powerful economic engines, I’m acutely aware of the challenges that Gov. Wes Moore faces in closing a budget gap. But as he has said, we can’t limit our discussion of how to accomplish that — and make Maryland stronger than ever — to only spending cuts or revenue raises. We need to invest in the state, too.

So that’s why his new proposal to invest in and jump-start a $1 billion “Capital of Quantum” initiative is needed to propel Maryland into the forefront of an emerging industry that holds tremendous promise for our economic and national security.

Quantum science — the study of matter and energy at the most fundamental level — has potential applications in areas such as environmentally friendly batteries, targeted pharmaceutical development and cybersecurity. It is expected to eventually overhaul sectors like health care, finance, transportation and energy, ultimately making the life of each Marylander more sustainable, healthier and safer, with more start-ups and more jobs.

The University of Maryland is well positioned to be a leader in this field — which is projected to have a cumulative impact of $2 trillion in the next decade, according to a 2024 McKinsey analysis for the Quantum Technology Monitor — but we have to act now. Ranked among the top 20 public universities nationwide, UMD has a foundation of 35 years of quantum research, more than 200 researchers at 10 quantum-focused centers such as the Joint Quantum Institute, and is at the geographic intersection of a host of scientific and research agencies. In addition, past funding and support from government, industry, philanthropy and the Maryland taxpayer led to the founding of IonQ, a first-of-its-kind publicly traded, pure-play quantum computing company with a market capitalization as of this writing around $9 billion.

Our university has continued a close relationship with IonQ, and we have partnered to create the National Quantum Laboratory, or Q-Lab, where quantum researchers from around the world travel to Maryland for privileged use of IonQ’s computing systems and access to the expertise needed to leverage quantum’s potential. In addition, our Quantum Startup Foundry has collaborated with nearly 50 quantum startups in the past three years, providing the physical and virtual resources necessary to support entrepreneurs and businesses in their quest to get quantum technology to market. So I commend Gov. Moore for proposing this initial investment in the Capital of Quantum initiative. By bringing together our history, expertise and research with the resources of state government, federal grants, and private sector and philanthropic contributions, we can position Maryland at the center of a technological and economic revolution akin to what the dawn of the Internet Age did for Silicon Valley, and ensure we have a workforce ready to move fearlessly forward.

It is my honor to support this effort, and I humbly ask that all members of the General Assembly — and all Marylanders — do the same.

Darryll J. Pines is the president of the University of Maryland and the Glenn L. Martin Professor of Aerospace Engineering.