Abstract
Innovations in nanotechnology are making a revolution in manufacturing and production, creating new materials and products through novel processes for commercial applications. New products based on nanotechnology with novel characteristics are continued to grow and benefit the society. Being general purpose technology, nanotechnology is expected to support all fields of the society, but some fields like medicine, energy, environmental remediation, robotics, manufacturing, commerce, and space exploration are expected to undergo explosive developments. In this paper, we made a detailed analysis of advantages, benefits, constraints, and disadvantages of progress in nanotechnology for the society and discussed the reason for the failure of estimated timeline for realizing various generations of progress and proposed a modified timeframe for anticipated nanotechnology innovations. Based on the business perspective, we have developed a nanotechnology products/services commercialization model and discussed the opportunities for nanotechnology commercialization. The paper also contains a detailed analysis of common commercialization challenges faced by nanotechnology firms including time lag, valley of death, lack of infrastructure, lack of standard for evaluation, bureaucratic delays, dearth of funding, and lack of trained professionals, brand image, and public support. Finally, we have mentioned how the various corporate business strategies can be used in the successful business of nanotechnology products and services.
Highlights
Nanotechnology has the potential to solve problems related to human civilizations pertaining to both basic needs and aspirations for comfort life
Even though nanotechnology involves the manipulation of matter on an atomic, molecular, and supramolecular scale, the particular technological goal is of precisely manipulating atoms and molecules for fabrication of macroscale products, referred to as molecular nanotechnology
By studying the reviews on predictions of the timeline of nanotechnology commercialization, it is found that there is a delay in commercialization of nanotechnology research and the duration of each generation is expanded against the prediction by Roco, 2004 [3]
Summary
Nanotechnology has the potential to solve problems related to human civilizations pertaining to both basic needs and aspirations for comfort life. Due to continuous efforts of scientists and engineers during last 30 years, there is a substantial progress in realizing the nanotechnology-based components and products in different areas including agriculture, food product and packaging, purification of water, automobiles, atmospheric cleaning, renewable energy, energy storage, consumer goods, sports equipment, cosmetics, cloth and fabrics, construction materials, shelter, health, information communication technology, high speed manufacturing, space travel, military, sustainable environment, computer & robotic technology, and even lifespan expansion [1]. We analyze the advantages, benefits, constraints, and disadvantages of nanotechnology as an anticipated breakthrough general purpose technology of the twenty-first century. In this paper, based on the possible applications of nanotechnology in many important areas like agriculture, food industry, water purification, renewable energy & storage, cloth & fabrics, automobiles, cosmetics, computer technology, consumer goods, medicine & health, aerospace sector etc. The paper contains a detailed analysis of common challenges faced by nanotechnology firms including Time Lag, Valley of Death, Lack of infrastructure, Lack of standard for evaluation, Bureaucratic delays, Dearth of funding, Lack of trained professionals, Brand image, and Public support
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