Sitting with Nobel prizewinners Shimon Peres and Richard Smalley at lunch during the World NanoEconomic Congress in Washington DC last month brought home the magnitude of some of the hopes being held for nanotechnology. The words of James Heath of UCLA came to mind. In his talk at TNT 2002 last year, explaining how his work on molecular memories led to an interest in the use of systems biology to address wider issues, he commented that if the result of putting all of this effort into nanotechnology ends up being just a faster computer memory, then it would hardly seem worth it.
Nanotechnology is at a crucial phase of its development, attracting serious interest and investment from governments, industry and investors, but there are large areas of the subject still not adequately understood. At Científica, I work with large corporations and governments around the world to help them understand the economic and financial impact of nanotechnology, and develop the strategies and networks that will allow them to make the right decisions, both in the short and long term.
While many can afford to pay for technical research and market analysis, many others who have an interest in, or will be affected by, nanotechnology cannot. In the past I have discussed the applications of nanotechnology to the developing world, and how providing solutions to local problems is the best way for developing countries to become a partner in nanotechnology rather than simply a consumer. But if business and government leaders around the world think that nanotechnology is all about tiny robots, confuse it with genetically modified organisms (GMOs) or feel that the developed world already has a stranglehold on the technologies, will they feel that it merits further investigation? We are already seeing the application of nanotechnology addressing issues of global concern, such as health, energy and water. We hope that by making these white papers available we can help to stimulate some real progress on these key topics.
A similar situation exists with environmental groups. While these organizations are a very necessary part of the global conscience, it is very important, as Greenpeace has already pointed out, to distinguish between the environmentally beneficial aspects of nanotechnology and those that could be potentially harmful. The ability to do so is hampered by the lack of clear and accurate information, without which we run the risk of throwing the baby out with the bath water.
Finally, the financial community, despite recent history, is still susceptible to hype, especially concerning technology. While nanotechnology will have a major impact on a whole range of companies and markets, some of the wilder claims being made will result in disaffection and disinterest if nanotechnology does not become a disruptive trillion-dollar industry within the next few years.
By making this information publicly available, and building on it in future, I hope to provide not only a resource for the entire nanotechnology community, but also a reality check. Nanotechnology certainly presents us with the chance to make a huge difference in almost every aspect of our existence, but let’s make sure that our expectations are both realistic and accurate. To ensure this, I will be working with the global nanotechnology community to maintain and update these technology sections in an open source project. If you feel you can contribute in any way, let me know, you will be more than welcome.