Scientist-Entrepreneurs as the Catalysts of Nanotechnology Commercialization

Abstract

There has been a rapid increase in nanotechnology patenting activity over the past two decades, and substantial government, corporate and venture capital investments. However, the commercialization of nanotechnology products and processes has been surprisingly slow. This paper reviews the reasons why commercialization of nanotechnology is constrained, along with promising models for commercializing nanotechnology, and makes recommendations as to how scientist-entrepreneurs can overcome challenges in nanotechnology commercialization. Scientist-entrepreneurs should: (1) become more knowledgeable about the principles and practice of entrepreneurship, (2) patent broadly, including emerging market applications, (3) consider alliance partners when prioritizing potential applications, (4) initially commercialize a lower risk, substitution application, and (5) employ a hybrid organizational structure in nanotechnology ventures. Through such strategies, scientist-entrepreneurs can act as catalysts of nanotechnology commercialization.