The move would create new industries, jobs and value creation.
BlackBerry inventors, Mike Lazaridis and Doug Fregin, have jointly launched a new $97m quantum technology fund aimed at converting devices such as the medical tricorder into reality.
Based in Ontario, Quantum Valley Investments is aimed at offering financial and intellectual capital for the development and commercialisation of local research into quantum information science, which is claimed to lead the next wave of computing.
Lazaridis said: "Nothing you see in the classical technology world can prepare you for what you will see in the quantum technology revolution."
"Our belief in the power of quantum physics to transform society inspired us to develop a strategy some 12 years ago that led to the world-class quantum research capability that exists in Waterloo today.
"This combination of technology and business experience has given us a unique understanding and deep commitment that we believe will be instrumental to the success of both this Fund and the 'Quantum Valley'."
Additionally, the investments are believed to create new industries, jobs and value creation that would assist in transforming the Waterloo Region into Canada's Quantum Valley.
Fregin said: "Quantum Physics will not only allow us to continue the development of existing ideas, but may also lead to ones which we may not have dreamed of yet."
"It gives me much satisfaction not only to participate in this endeavour with Mike, but also to help build on the groundwork that we have helped lay in Quantum Physics and Nanotechnology in this region, bringing commercialization one step closer to realization for the benefit of all people."