Commercialization of nanotechnologies

Abstract

Nanotechnology, which involves creating and manipulating organic and inorganic matter from the molecular to the nanoscale level, is an emerging, enabling technology that is receiving enormous amounts of attention in industrial and scientific communities. It is an umbrella term for a wide range of science and technologies. Significant and rapid advances in nanoscience and nanotechnology have been made in the past two decades. Numerous potential applications have been identified, with a promise to transform virtually every industry. These industries include aerospace, agriculture, biotechnology, electronics, energy and environment, information technology and telecommunication, materials science and manufacturing, and medicine. Governments from developed nations around the globe and private investors, including venture capitalists, are investing heavily in nanotechnology. Established companies and entrepreneurial startup firms are now exploring options for commercializing nanotechnology innovations. This thesis was initiated to investigate the current state of nanotechnology commercialization with respect to identifying the differences in commercialization strategies between startup firms and large corporations; the managerial and technical challenges facing nanotechnology based companies; the critical success factors in commercializing nanotechnologies; and the factors limiting the adoption and diffusion of nanotechnologies. The results and analysis of the interviews demonstrate that commercialization strategies for large corporations differ from those for start-up companies, with respect to methods for entering new business, funding new business, project selection criteria, risk management. There are several

(cont.) critical success factors which firms attempting to commercialize nanotechnology-based innovation must carefully consider. These factors, along with current and potential managerial and technical challenges identified by the study are discussed. The pace of commercialization will become rapid, and products based on nanotechnology will gain market acceptance once the identified are resolved.