Issue link: https://industrialmanagement.epubxp.com/i/285723
20 Industrial Management 2020, between 1990 and 2008, 17,600 companies from 87 countries were involved in nanotechnology publica- tions and patent applications. Further, in 2009, the market included $254 billion worth of products that used nanotech- nology. Though the nanotechnology industry started solely with large corpora- tions and countries investing, that landscape is changing. According to Georgia Institute of Technology researcher Jan Youtie, smaller concerns are beginning to jump on board: "A lot of small companies are involved in novel nanomaterial development. Large companies often focus on integrating those nanomaterials into existing products or processes." Thanks to the investment on the part of small and large companies, global nanotech industry output is predicted to reach $2.4 trillion as early as 2015. Its future impact beyond next year, however, is incredibly challenging to forecast, for nanotechnology has the potential to affect and fundamentally change multiple industries. Many, such as the Pew Charitable Trusts, even speculate that it will usher "in the next technologi- cally driven Industrial Revolution." Patenting activity also has risen. In fact, the U.S. patent office published a record number of more than 4,000 patents in 2012, which is an increase of more than 2,000 patents from just three years before. Unfortunately, though, this "patent feeding frenzy" may have detri- mental effects on the industry at large. Last year, Chemistry World reported in the article "Nanotech Patent Jungle Set to Become Denser in 2013" that "hyper- active nanotechnology patenting is increasing costs for innovators, slowing technological development and locking away fundamental knowledge from use." As a result, some have called for a reprieve on patents for publicly funded research. 'Invisible' materials, self-propelled cancer fighters Despite some of these research barriers, progress in the field is still being made. For example, new drugs and diagnostic tools already have been developed with nanotechnology. Moreover, through metamaterials, we have almost achieved invisibility. A metamaterial is an artificially created matter that bends light around it, and to the human eye, an object covered in a metamaterial appears invisible. In June 2013, Stanford University made a break- through in creating invisibility through the use of optical metamaterials. Previous efforts only allowed invisibility within a limited range of optical wavelengths and, therefore, colors. The Stanford research team, however, has designed a material that can bend nearly all wavelengths of light visible to the human eye. Other nanotech breakthroughs include the discovery of graphene, the best heat conducting material known to man, new cancer treatments and energy-generating shirts. Penn State researcher John Badding and his team have developed the first fiber-optic solar cell. The fibers are thinner than human hair and can produce electricity. The U.S. military already has begun to invest in the fiber, which can power small electronics for soldiers in the field. In the longer term, nanotechnology will continue to impact the world in which we live. Nanotechnology researchers and developers can be broken into two camps of thought. The scientists in one camp create the products we see in the market today, such as wrinkleless shirts and high storage computer chips. They miniaturize products and take advantage of the properties of elements at the nanoscale. The scientists in the other camp believe that one day we will be able to build things from the bottom up, atom by atom. They imagine personal desktop nanofactories that build objects from the most basic raw materials. Developments made in the first camp certainly will shake the business world. A breakthrough in the second camp would transform the business world. Perhaps one day there really will be tiny, self-propelling structures that seek out and destroy cancer cells inside the human body. Nanotech eventually could change the nature of healthcare – moving us from what General Electric had called a "see and treat" world to a "predict and prevent" world. Treating the human body at the cellular level could allow doctors to develop new methods to correct a number of cellular disorders, including many types of cancer. Although it perhaps sounds a bit futuristic, nanotechnology also increases the medical community's understanding of brain function. A nanostructured data storage device the size of a typical human liver cell could hold information amounting to what the entire Library of Congress can store. Implanted in the human brain and equipped with appropriate interface mechanisms, this device could provide insights into brain function and artificial intelligence (AI) – the technology used to create intelligent robotic machines. Besides commercial products and healthcare, nanotechnology also has the potential to effect change in indus- tries ranging from energy and the environment to communications and computing to more. In time, nanotech- nology could change all of materials science, all of computing, and much of biology. Safety worries and streamlined manufacturing A transformation of that scope could generate serious concerns over nanoethics. It is unlikely, though, that anything would cause the nanotech- nology baton to drop. We are watching a classic technological revolution unfold. The critical questions for business people are where we are in that revolution and where we will be in the near future. When perfected, advanced nanotech- nology, also known as "molecular manufacturing," is expected to streamline production and reduce manufacturing costs so that they do not greatly exceed the cost of the required raw materials and energy. With every molecule in order, production will generate less waste and be more efficient, producing low-cost, high- quality, nanoengineered products. Treating the human body at the cellular level could allow doctors to develop new methods to correct a number of cellular disorders. IM MarApr 2014.indd 20 3/24/14 12:13 PM