Nanotechnology Innovations And Commercialization – Opportunities, Challenges & Reasons For Delay

Abstract

Innovations in nanotechnology are making a revolution in manufacturing and production, creating new<br> materials and products through novel processes for commercial applications. New products based on<br> nanotechnology with novel characteristics are continued to grow and benefit the society. Being general<br> purpose technology, nanotechnology is expected to support all fields of the society, but some fields like<br> medicine, energy, environmental remediation, robotics, manufacturing, commerce, and space exploration are<br> expected to undergo explosive developments. In this paper, we made a detailed analysis of advantages,<br> benefits, constraints, and disadvantages of progress in nanotechnology for the society and discussed the<br> reason for the failure of estimated timeline for realizing various generations of progress and proposed a<br> modified timeframe for anticipated nanotechnology innovations. Based on the business perspective, we have<br> developed a nanotechnology products/services commercialization model and discussed the opportunities for<br> nanotechnology commercialization. The paper also contains a detailed analysis of common commercialization<br> challenges faced by nanotechnology firms including time lag, valley of death, lack of infrastructure, lack of<br> standard for evaluation, bureaucratic delays, dearth of funding, and lack of trained professionals, brand image,<br> and public support. Finally, we have mentioned how the various corporate business strategies can be used in<br> the successful business of nanotechnology products and services.