Nanotechnology Commercialization: Prospects in India

Abstract

Nanotechnology manipulates and creates matter to formulate nanometer scale materials and objects. It is an interdisciplinary field that involves a wide range of scientific and engineering disciplines, and has societal implications. The past few decades have produced nanotechnology innovations and applications for agriculture, healthcare and medicine, biotechnology, energy and environment, materials science, electronics, information technology, telecommunication and manufacturing. Governments and private investors, including venture capitalists, have made considerable investments in emerging nanotechnologies. Both large organizations and new startup companies are exploring options to commercialize nanotechnology-based products. This review examines the commercialization of nanotechnology by considering the strategies of large corporations and start-up firms, and the major challenges facing the adoption and diffusion of nanotechnology. Its primary focus is the development of nanotechnology research and industry in India, which, as a test case, helps identify the challenges and strategies for nanotechnology commercialization in emerging economies. Much of nanotechnology R&D in India remains conceptual. Fundamental research is not robustly linked to viable commercial production and large-scale manufacturing, but this could be improved by enhancing IP protection, regulations and ethical guidelines. Enhancing nanotechnology R&D, and commerce, will require a policy focus on infrastructure, education, standards and workforce preparation.