Nanotechnology Innovations and Commercialization – Opportunities, Challenges & Reasons for Delay

Aithal, Sreeramana and Aithal, Shubhrajyotsna (2016): Nanotechnology Innovations and Commercialization – Opportunities, Challenges & Reasons for Delay. Published in: International Journal of Engineering and Manufacturing (IJEM) , Vol. 6, No. 6 (15 August 2016): pp. 15-25.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Commercialisations of nanotech products, Challenges in commercialization of new products, Nanotechnology commercialization model.
• Subjects: M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M1 - Business Administration; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M1 - Business Administration > M10 - General; N - Economic History > N7 - Transport, Trade, Energy, Technology, and Other Services; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O14 - Industrialization ; Manufacturing and Service Industries ; Choice of Technology

References

[1] Aithal P. S., and Shubhrajyotsna Aithal, Managing Anticipated Breakthrough Technologies of 21st Century - A Review, International Journal of Research & Development in Technology and Management Sciences, 2015; 21 (6) :112 - 133.

[2] Aithal, P. S., and Shubhrajyotsna Aithal, Ideal Technology Concept & its Realization Opportunity using Nanotechnology, International Journal of Application or Innovation in Engineering & Management, 2015; 4 (2) : 153-164.

[3] Renn, O., Roco, M. White paper no.2 Nanotechnology risk governance. International Risk Governance Council, Geneva, Switzerland. p.103. 2006.

[4] Craig B., Richard M., Grant E., and Darren M., Success factors to a nanotech-enabled whole product, in Nanotechnology Commercialisation edited by Takuya Tsuzuki, Pan Stanford Publishing Pvt. Ltd. 2013, p. 171.

[5] Rogers, E.M., 'Diffusion of Innovation', The Free Press, NY, 1995.

[6] Mazzola L. Commercializing nanotechnology, Nature Biotechnology, 2003; 21: 1137-43.

[7] Hobson D. W., Commercialization of nanotechnology, Wiley Interdiscip Rev Nanomed Nanobiotechnol, 2009; 1:189-202.

[8] Beer C, Foldbjerg R, Hayashi Y, Sutherland DS, Autrup H. Toxicity of silver nanoparticles - nanoparticle or silver ion? Toxicology Letters. 2012; 208: 286-92.

[9] Patra J.K, Gouda S. Application of nanotechnology in textile engineering: An overview. J Engineering Techn Res, 2013; 5: 104-11.

[10] McNeil RD, Lowe J, Mastroianni T, Cronin J, Ferk D. Barriers to nanotechnology commercialization. U.S. Department of Commerce Technology Administration, 2007.

[11] Naseri R, Davoodi R. In commercialization of nanotechnology in developing countries, 3rd International Conference on Information and Financial Engineering, Singapore, IACSIT, 2011.

[12] Mazumder S, Sarkar D, Puri I.K. Nanotechnology Commercialization: Prospects in India. J Mater Sci Nanotechnol, 2014; 2(2) : 201.

[13] Waitz A, Bokhari W. Nanotechnology commercialization best practices, 2003.

[14] Aithal P. S. and Shubrajyotsna Aithal. Nanotechnological Innovations & Business Environment for Indian Automobile Sector : A Review, International Journal of Scientific Research and Modern Education, 2016; 1(1) : 296-307.

[15] Aithal P.S. and Shubhrajyotsna Aithal, Business Strategy for Nanotechnology based Products & Services, Journal of Management Sciences and Business Research, 2016 ; 5 (4) :139-149.

[16] Aithal P.S. and Shubhrajyotsna Aithal, Nanotechnology Innovations & Business Opportunities : A Review, International Journal of Management, IT and Engineering, 2016 ; 6 (1) : 182-204.

[17] Porter M. E., Competitive Strategy, New York, The Free Press, 1980.

[18] Kim W. C., and Mauborgne R., Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant, Harvard Business Review, October, 2004; pp.71-81.

[19] Silviu M. and Adrian D. T., The Green Ocean Innovation Model, Global Advanced Research Journal of Management and Business Studies, 2013; 2(11) : pp. 536-541.

[20] Aithal P. S., The concept of Ideal Strategy & its realization using White Ocean Mixed Strategy, International Journal of Management Sciences and Business Research, 2016; 5(4) : pp. 171-179.

[21] Aithal P.S., Suresh Kumar P. M., Black Ocean Strategy - A Probe into a New type of Strategy used for Organizational Success, GE International Journal of Management Research, 2015; 3(8), pp. 45 - 65.