TY - JOUR
T1 - Barriers to the diffusion of nanotechnology
AU - Bozeman, Barry
AU - Hardin, John
AU - Link, Albert
N1 - Funding Information:
The 21st Century Nanotechnology Research and Development Act (PL 108-153; hereafter, the Act) was signed into law in December 2003 by US President George W. Bush. It authorized $3.7 billion in federal nanotechnology-related R&D spending over four years, starting in fiscal year 2005. Receiving broad bipartisan support in Congress, the Act put into law the programs and activities supported by the National Nanotechnology Initiative (NNI), one of the President’s highest multi-agency R&D priorities.1 The Act formally made nanotechnology the highest priority funded science and technology effort since the efforts of the United States to win the ‘space race’ (Choi, 2003).
Funding Information:
2‘Encompassing nanoscale science, engineering and technology, nanotechnology involves imaging, measuring, modeling, and manipulating matter at this length scale’ (http://www.nano.gov/). 3The $1 trillion estimate is from the National Science Foundation; the $2 trillion estimate is from Lux Research. 4 Zucker and Darby (forthcoming) provide technology-based information (e.g., patent activity) to support indirectly this conjecture. 5The section was prepared with the assistance of Craig Boardman (Bozeman and Boardman, 2004).
PY - 2008
Y1 - 2008
N2 - This paper provides the first empirical information about barriers related to the diffusion of nanotechnology, a general purpose technology. Our analysis is based on the findings from a state-wide survey of companies in North Carolina, USA. We find that the primary barrier is lack of access to early-stage capital, and the extent of this barrier is greater when the company contributes to the value chain for nanotechnology through R&D as opposed to through products or services. Another barrier is lack of access to university equipment and facilities, a problem greater in companies involved in nanotechnology research. From a policy perspective, our analysis suggests that state governments could act as venture capitalists to overcome market failure in the capital market, and that states could provide incentives to universities through public/private centers of excellence for sharing capital equipment and facilities with nanotechnology companies.
AB - This paper provides the first empirical information about barriers related to the diffusion of nanotechnology, a general purpose technology. Our analysis is based on the findings from a state-wide survey of companies in North Carolina, USA. We find that the primary barrier is lack of access to early-stage capital, and the extent of this barrier is greater when the company contributes to the value chain for nanotechnology through R&D as opposed to through products or services. Another barrier is lack of access to university equipment and facilities, a problem greater in companies involved in nanotechnology research. From a policy perspective, our analysis suggests that state governments could act as venture capitalists to overcome market failure in the capital market, and that states could provide incentives to universities through public/private centers of excellence for sharing capital equipment and facilities with nanotechnology companies.
KW - Innovation and University Partnerships
KW - Nanotechnology
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U2 - 10.1080/10438590701785819
DO - 10.1080/10438590701785819
M3 - Article
AN - SCOPUS:53549107176
SN - 1043-8599
VL - 17
SP - 749
EP - 761
JO - Economics of Innovation and New Technology
JF - Economics of Innovation and New Technology
IS - 7-8
ER -