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What Does Nanotechnology Mean to Venture Capitalists?

Venturecapitaliststodayaremorecautiousthaneverbefore,notonlybecauseofthe internet bubble, but also because nanotechnology is still in its infancy. Healthy scepticism is a trademark of the profession, one that is valued more these days than in the boom times. Most in the venture capital community are still focused on digesting theirearlierinvestmentsfrompreviousyears.Bydefinition,theamount of new investment per year is only a small fraction of the total amount of funds under management. Very few new funds are being formed that focus on nanotechnology.

The top-tier venture capital firms are always alert to the possibility of new breakthrough technologies and will fund a very small number of start-ups. Startups need to rely on the few smaller, specialist firms that have the resources to support a nanotechnology company. Significantly, the history of investments in advanced materials has not been encouraging. Licensing as a primary business model is, in general, not appealing because companies that only license out their technology will generate very attractive profits but not large revenue streams. Such enterprises don’t grow to become big companies which would be valued highly by the public stock markets, so an initial public offering of stock is unlikely to be the exit strategy of choice. More often, the technology and the company are acquired by a major corporation that may be a strategic partner initially, or even a competitor. The path to tangiblevalue creation is long and arduous. This situation with nanotechnology start-ups actually poses a bit of a quandary for venture capitalists. They can clearly perceive the substantial market opportunities, but they cannot clearly see the path to commercial success. The increasing multitude offactors faced by entrepreneurs are shared by aventurecapitalist who is willingtoinvest.Venture capitalistsaremostcomfortablewhentheyunderstandthe business model, one that is based on previous successful experience, butwhich also includes new features to deal with the current risks. Today, venture capitalists tend to be specialists in certain areas of technology: software, semiconductors, wireless technologies, biotechnology, medical devices, etc. Venture capitalists rely on realworld experience as the most valuable asset of a management team, so they must apply that same rule to their partners, if not themselves.

Who are the experts in nanotechnology? Partners with a strong background in the chemicals or materials industries are relatively rare in the venture capital world.The situation is reminiscent of the early days of biotechnology. In the days of Amgen and Genentech, there were only biologists, biochemists and pharmacists, as well as chemists and chemical engineers. What was a biotechnologist? Today the term is broad enough to include all the earlier specialists, plus people who look at the business from a different, unique point of views. Before venture capitalists will invest large amounts of money in nanotechnology start-ups, they will have to develop not only technical expertise, but more importantly, a new and different point of view about their investment strategy. At this point in the development cycle of the technology, the smart investors are looking at powerful technology platforms with broad patent coverage of multiple market opportunities. Some nanotechnology start-ups have more than one hundred patent applications, with some already issued. Again likethe biotech industry, establishing strong intellectual property positions is going to be extremely important for startups, for defensive as well as aggressive strategies.

Nanotechnology Law & Business
Nanotechnology and the Best Mode
MATTHEW J. DOWD , NANCY J. LEITH and JEFFREY S. WEAVER
ABSTRACT The number of nanotechnology-related patent applications being filed with the Patent & Trademark Office (“PTO”) has steadily increased over the last few years—a trend that is certain to continue. One factor driving this trend is the need for nanotechnology start up companies to present a vibrant patent portfolio in order to attract much needed investment dollars. Associated with this increased patent activity, patent practitioners are faced with the challenge of certifying that such inventions comply with the traditional patentability standards. In this article, Matthew J. Dowd, Nancy J. Leith and Jeffrey S. Weaver address the particular challenge of ensuring a nanotechnology invention’s compliance with the “best mode” requirement of Section 112 of the Patent Statute. Following a detailed discussion of the best mode requirement in light of Federal Circuit precedent, Dowd, Leith and Weaver outline several helpful suggestions that may benefit the patent practitioner in prosecuting nanotechnology applications with an eye toward avoiding allegations of best mode violations should the patent be later litigated. Important considerations are included regarding the best mode requirement and due diligence investigations, and the pros and cons of trade secret protection for nanotechnology inventions are briefly discussed.
http://pubs.nanolabweb.com/nlb

A JOINT ECONOMIC COMMITTEE STUDY ON NANO TECHNOLOGY
Abstract
Enhanced abilities to understand and manipulate matter at the molecular and atomic levels promise a wave of significant new technologies over the next five decades. Dramatic breakthroughs will occur in diverse areas such as medicine, communications, computing, energy, and robotics. These changes will generate large amounts of wealth and force wrenching changes in existing markets and institutions. This paper discusses the range of sciences currently covered by nanotechnology. It begins with a description of what nanotechnology is and how it relates to previous scientific advances. It then describes the most likely future development of different technologies in a variety of fields. The paper also reviews the government’s current nanotechnology policy and makes some suggestions for improvement.

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Nanotechnology Patents With Demonstrated Commercial Value:An Analysis of the Characteristicsof Licensed Nanotechnology Patents From Publicly Announced Commercialization Deals. Download Pdf free full
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Corporate Partnering for Nanotechnology Startups
ABSTRACT
Using real world examples, Mike Moradi outlines and explains the steps that Nanotechnology Startups can use to achieve rapid growth and viability. Of particular interest is the nanotechnology entrepreneur with very limited resources, a great idea and a will to succeed. While there are significant risks inherent with corporate partnering, there are also substantial gains that can be realized if the right strategies are taken. By approaching the prospect of corporate partnerships with the following six steps in mind, the nanotechnology entrepreneur may initiate a corporate partnership in the interests of both the startup and the large multinational corporation: ( 1) make a list of ideal partners; (2) identify and contact technical and business champions within the target organization; (3) demonstrate value to the project; (4) visit key members of the target corporation in person; (5) brazen the partnership through by striking a balance between good lawyering and excessive lawyering; and (6) manage the partnership productively.
Conclusion
Technology commercialization is not easy. If it were, everyone would be doing it. However, where there is risk and uncertainty, where there is hard work and serendipity, entrepreneurs will find a way to create lasting institutions.

Nanotechnology, Artificial Intelligence and Robotics ; A technical, political and institutional map of emerging technologies.
The aim of this report is to provide basic, background information of global scope on three emerging technologies: nanotechnology, artificial intelligence (AI) and robotics. According to the Department of Trade and Industry (DTI), it is important to consider these emerging technologies now because their emergence on the market is anticipated to ‘affect almost every aspect of our lives’ during the coming decades (DTI, 2002). Thus, a first major feature of these three disciplines is product diversity. In addition, it is possible to characterise them as disruptive, enabling and interdisciplinary.

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Abstract:- Nanotechnology and Electronics, the article focuses on the present state of micro-electronics and the problems faced at nano levels in silicon nanotechnology (smaller than 100nm) and the options and solutions available by Nanotechnology. Also about the application of new nano technological solutions available like the use of nanotubes, nanowires, nanodots and other nanomaterials in electronics and the physics governing their behavior at nanoscale.

Keywords:- Nanotechnology, nanoelectronics, carbon nanotube, semiconductor nanotechnology, CMOS nanotechnology, Silicon nanotechnology, nanowires, nanoparticles, nanodevices, nanophysics.

1. INTRODUCTION

Nanotechnology has affected nearly every field of Engineering and Science but most of the innovation and funding (private) in Nanotechnology came from Electronics giants, in search for making faster computers. The other fields that worked with nano electronics hand in hand were nano-photonics and nano-instrumentation. Also the marketing and making of nano gadgets started from the computers and mobiles which are the only machines made at nano scale that were available economically in the market at a very early stage. So it is of no doubt that the only area where nanotechnology penetrated deeply is electronics where it had lead to cost advantage and performance attributes especially in transistors and today we have 1 billion transistors in the latest processor. The backbone of nanotechnology in electronics are the results that we have taken from nano physics that is quantum physics and solid state physics because then we talk of things at nano scale these are the two stream of physics that helps us in predicting things. Eventually when we talk of electronics it is all about electrons and how we use them in various gadgets to get the required result. So it is very important to know electrons and how it behaves at nano scale in electronics.

Introduction and Importance Quantum Mechanics

A fundamental aspect of quantum mechanics is the particle-wave duality, introduced by De Broglie, according to which any particle can be associated with a matter wave whose wavelength is inversely proportional to the particle’s linear momentum. Whenever the size of a physical system becomes comparable to the wavelength of the particles that interact with such a system, the behavior of the particles is best described by the rules of quantum mechanics. All the information we need about the particle is obtained by solving its Schrodinger equation. The solutions of this equation represent the possible physical states in which the system can be found. But quantum mechanics is not required to describe the movement of objects in the macroscopic world. The wavelength associated with a macroscopic object is in fact much smaller than the object’s size, and therefore the trajectory of such an object can be excellently derived using the principles of classical mechanics. Things change, for instance, in the case of electrons orbiting around a nucleus, since their associated wavelength is of the same order of magnitude as the electron-nucleus distance.

We can use the concept of particle-wave duality to give a simple explanation of the behavior of carriers in a semiconductor nanocrystal. In a bulk inorganic semiconductor, conduction band electrons (and valence band holes) are free to move throughout the crystal, and their motion can be described satisfactorily by a linear combination of plane waves whose wavelength is generally of the order of nano-meters. This means that, whenever the size of a semiconductor solid becomes comparable to these wavelengths, a free carrier confined in this structure will behave as a particle in a potential box. The solutions of the Schrodinger equation in such case are standing waves confined in the potential well, and the energies associated with two distinct wave functions are, in general, different and discontinuous. This means that the particle energies cannot take on any arbitrary value, and the system exhibits a discrete energy level spectrum. Transitions between any two levels are seen as discrete peaks in the optical spectra, for instance. The system is then also referred to as ‘‘quantum confined’’.

The main point here is that in order to rationalize (or predict) the physical

properties of nanoscale materials, such as their electrical and thermal conductivity or their absorption and emission spectra, we need first to determine their energy level structure.

2. THEORY OF NANO-ELECTRONICS

2.1 PRESENT STATE OF NANO-ELECTRONICS.

Moore’s law states that the number transistor on an integrated chip for a component doubles every two years. How ever this law does not holds perfectly true for RAM (Random Access memory). This does not mean that the number of transistor on a chip increases but about the density of transistors at which the cost per transistor is the lowest.Currently processors are fabricated at 90nm and 65nm that are being introduced by Intel.

The 90 nanometer (90 nm) process refers to the level of semiconductor process or fabrication technology that wasachieved in the 2002-2003 period, by most leading semiconductor companies, like Intel, Texas Instruments, IBM etc.

However it is not true for RAM and hard disk. New materials seeing possible use in nano-electronics and will probably keep this law on track. The future is seen as molecular electronics but there is lots of work still to be done to make that possible.

2.2 SILICON NANOTECHNOLOGY

2.2.1 CMOS Nanotechnology

For the past several decades, miniaturization in silicon integrated circuits has pro-

gressed steadily with an exponential scale described by Moore’s Law.

This incredible progress has generally meant that critical dimensions are reduced by a factor of two every three years, while chip density increases by a factor of four over this period. However, modern chip manufacturers have been accelerating this pace recently, and currently chips are being made with gate lengths in the 45 to 65 nm range. More scaling is expected, however, and 15-nm gate lengths are scheduled for production before the end of this decade.

In MOSFET there is electric field between the gate and the semiconductor is such that an inverted carrier population is created and forms a conducting

channel. This channel extends between the source and drain regions, and the transport through this channel is modulated by the gate potential.

As the channel length has gotten smaller, there has been considerable effort to

incorporate a variety of new effects into the simple (as well as the more complex)

models. These include short-channel effects, narrow width effects, degradation of

the mobility due to surface scattering, hot carrier effects, and velocity overshoot.

Ballistic transport in the MOSFET (discussed in later part)

Thermodynamics is just as significant in limiting scaling as the preceding effects.

The first way it limits scaling is in its control of the subthreshold behavior of

MOSFETs. The subthreshold current of a MOSFET originates in the high-energy

tail of the statistical distribution of carriers in its source region. The carriers in the

source are governed by Fermi-Dirac statistics, and so the tail of the distribution is essentially Boltzmann.

There two major scattering regions - the barrier between the channel and the

source and within the channel.

There also exists a phenomenon Granularity is the failure of thermodynamic averaging in small devices.

Quantum behavior in the device, there are two effects and Effective Carrier Wave Packet .

These effects also include tunneling through the gate insulator, tunneling through the band gap, quantum confinement issues, interface scattering, discrete atomistic effects in the doping and at interfaces, and thermal problems associated with very high power densities.

Ballistic Properties:-

It is the phenomenon where the the contribution in electrical resistivity due to scattering by the atoms, molecules or impurities in the medium itself, is negligible or absent meaning the electron can move without hindrances. There is no loss of kinetic energy due to collision of hitting of electrons with atom of metal thereby electrons move in a mean free path where it can move freely.

Image from Book - Silicon Nanotechnology by Shunri Oda and David Ferry , Taylor and Fransis Group LLC.

Quantum mechanical scaling limitations include both confinement effects and tun-

neling effects. Confinement effects occur when electron or hole wave functions are squeezed into narrow spaces between barriers. In FETs this primarily happens in the channel, where the charges are squeezed between the gate insulator on one side and the built-in field of the body on the other side. Quantum confinement in this approximately triangular well raises the ground state energy of the electrons or holes, which increases the threshold voltage, and shifts the mean position of the carriers a little farther from the Si-SiO2 interface.

Quantum mechanical tunneling is generally more detrimental to scaling than the

Confinement effects. When electrons or holes tunnel through the barriers of the FET, it causes leakage current. As scaling continues, this ultimately causes unacceptable increases in power dissipation. The leakage may also cause some types of dynamic logic circuits to lose their logic state, but the former problem usually seems to arise first.

There are primarily two forms of tunneling leakage: tunneling current through the gate insulator, and tunneling current through the drain-to-body junction.

The atomistic effects that cause limitations to scaling are those in which the discreteness of matter gives rise to large statistical variations in small devices. These statistical variations occur because the atoms or molecules tend to display Poisson statistics in their number or position, and the Poisson distribution for small numbers can become very wide.

2.2.2 Memory

As the semiconductor device feature size enters the sub-50-nm range, two new effects come into play. One is the quantum effect, which is rooted in the wave nature of the charge carriers, and gives rise to non classical transport effects such as resonant tunneling and quantum interference. The other is related to the quantized nature of the electronic charge, often manifested in the so-called single-electron effect: Charging each electron to a small confined region requires a certain amount of energy in order to overcome the Coulomb repulsion; if this charging energy is greater than the thermal energy, kb*T (kb Boltzman constant, T temperature), a single electron added to the region could have a significant effect on other electrons entering the confined region.

To increase the storage density of semiconductor memories, the size of each memory cell must be reduced. A smaller memory cell also leads to higher speed and lower power consumption. This is the incentive for studying the nanoscale semiconductor memory.

One of the general schemes for semiconductor data storage is by storing charges

on a capacitor. The charged state and the uncharged state can be used to represent

binary information 1 and 0, respectively. Usually charges are transferred to the

capacitor through a resistive.

The motivation for this work is to investigate the ultimate limit of a floating gate

MOS memory. In a conventional floating gate memory, there are typically on the

order of 10 to power 4 electrons stored on the floating gate to represent one bit of information.

The ultimate limit in scaling down the floating gate memory is to use only one

electron for the same purpose, hence the name “single-electron MOS memory”

(SEMM). The advantage of such a memory is that not only can it be very small,

but also it can provide some unique characteristics that are not available in the

conventional device, such characteristics as quantized threshold voltage shift and

quantized charging voltage.

To make single-electron memory practical, both thermal fluctuation and quantum

fluctuations of the stored charge have to be minimized.

In order to reduce the variation in the device structure, we would like to build a

single-electron memory device in crystalline silicon that has well-controlled dimensions. We defined the transistor channel and the floating gate by using lithography.

Finally, the single-electron memory potentially has a number of advantages over

conventional memories: (1) the quantized characteristics of the device make it

immune to the noise from the environment—unless the noise level reaches a certain threshold, it will not affect the memory state. The immunity to noise is especially important for the future terabits integration, simply because of the sheer large number of devices present on a single small chip area. (2) the inherent quantized nature of the SEMM makes it possible to easily implement multilevel logic storage in a single memory cell; (3) the device can operate at a higher speed due to the use of only one or few electrons during writing and erasing; (4) for the same reason, the device can also have ultralow power consumption.

2.3 NANO TUBES, CNT ELECTRONICS.

Single-walled carbon nanotubes (SWNTs), which are graphite cylinders

made of a hexagonal carbon-atom lattice, have drawn a great deal of interests due to their Fundamental research importance and tremendous potential technical applications . For Example, they might play an important role in future molecular electronic devices, such as room-temperature single electron and field-effect transistors , and rectifiers . A SWNT can be either a semiconductor or a metal, depending on its helicity and diameter.

The electronic properties of the SWNT have been the subject of an increasing number of experimental and theoretical studies since 1995. And it is expected that very soon SWNT will see it’s application in Nano electronics. SWNT is going to see it’s application in transistors where it can reduce the gate length and also reduce leakage current.

SWNTs have very low electrical resistance. Resistance occurs when an electron get deflected away from its path, when it is traveling through a material. In a 3-D conductor, electrons have plenty of opportunity to scatter, since they can do so at any angle. All these scatterings will give rise to electrical resistance. The situation is different in 1D. In a truly 1D conductor, however, electrons can only travel forward or backward. Only backscattering will lead to electrical resistance. But backscattering in nanotubes is impeded by the special symmetry of graphite and carbon nanotubes, and is therefore less likely to happen. Because of this, electrons can travel in nanotubes for long distances without being scattered, and this type of ballistic transport has been observed experimentally

2.4 NANO WIRES

A nanowire is a wire of dimensions of the order of a nanometer. They are also called quantum wires because their properties are governed by quantum mechanics. They can be used to link or connect tiny component is nanocircuits. They are referred as 1 dimensional materials (because their length to width ratio is very high). The electrons here are quantum confined and occupy different energy levels than those of bulk material.

They will see their application in electronics, opto-electronics and Micro Electro mechanical systems. They will be seeing possible applations in future molecular electronic devices, as resonant tunneling diodes, single-electron transistors, and field effect structures and also in making logic gates.

2.5 QUANTUM DOT

It is the semiconductor nanostructure which exhibits the phenomenon of confining motions of electrons of conduction, valence or excitons in all three spatial directions. They have superior quantum and optical properties and are being researched for diode laser, amplifier, sensors, etc. They are also seeing application in Light Emitting Diodes(Quantum Dot Single Electron Device). The ability to control electron charging of a capacitive node by individual electron makes there devices suitable for memory application.

A quantum well is a potential well that confines particles, which were originally free to move in three dimensions, to two dimensions, forcing them to occupy a planar region

3. MANUFACTURING CHALLENGES

Nanofabrication is being developed to construct devices such as resonant tunneling diodes and transistors and single electron transistors and carbon

nanotube transistors. The most common type of transistor being developed for use at the nanoscale is the field effect transistor.

Economics issues are constraining nano-electronics to hit market.

Two ways of manufacturing nano materials are:-

1. Bottom up self assembly (wet chemistry) In this type of fabrication we start from atoms or molecules to get to the desired material.

2. Top down self assembly (Lithography and derivatives) In this type of fabrication the bulk material is broken down into smaller pieces.

Thought we have knowledge about many new materials and their physics at nanoscale but to get the technology economically available (cost effective) and to get the state of art levels of manufacturing nanomaterials is still under development.

4. ABBREVIATION:-

IBM – International Business Machine

CMOS – Complimentary metal oxide semiconductor

CNT - Carbon nanotube

SWNT – Single Walled Nano Tube (carbon nanotube in most cases)

MOSFET - Metal-oxide-semiconductor field-effect transistor

5. ACKNOWLEDGEMENTS:-

I would like to thank Prof. Manish Sharma(S.V.I.T.S. Indore), Prof. K.K. Chaudhari(S.V.I.T.S. Indore), Prof. R.N. Paul(S.V.I.T.S. Indore) for their guidance and support.

6. CONCLUSIONS

Nanotechnology is bringing new solutions to micro electronics to take to nano electronics to get better, faster as well as cost effective solutions.

7. REFERENCES

1. Silicon Nanotechnology by Shunri Oda and David Ferry , Taylor and Fransis Group LLC.

2. International Technology Roadmap of Semiconductors http://public.itrs.net/

3. En.wikipedia.org

4. Nano Cmos working and physical device Wiley Interscience

5. CMOS Electronics- how it works how it fails IEEE Press Wiley interscience

Nano's Big Numbers

2007-08-31T10:29:00.000-07:00

In 2005, leading nanotechnology research firm Lux Research issued a report claiming that nanotechnology would be the basis for $2.6 trillion in new products and services by 2015. At the time, it was widely hailed by nanotech supporters as an indication of the field's immense potential. To critics, it was just another example of excessive hype.

Debate still rages over the validity of that figure. I was recently asked for my opinion, and here's my answer: I think $2.6 trillion is a reasonable estimate.

Start small
Earlier this spring, Wilbur Ross indicated that while nanotechnology is only enhancing $11 billion worth of textiles today, he expects that figure to increase to $120 billion by 2012. Meanwhile, BASF (NYSE: BF) has publicly indicated that it expects its new nanotechnology research and development facility to account for between $61 billion and $74 billion in new products by 2011.

Earlier this month, Cientific, another nano consulting firm -- and a tough critic of the $2.6 trillion figure -- issued a report on the future market for nanoparticle drug-delivery particles. The firm estimated the current market at $3.9 billion, growing only to $26 billion by 2012.

That's hardly pocket change, but it's still a thousand times short of $2.6 trillion. Even if one then adds in Ross' $120 billion projection for textiles, and BASF's $70 billion figure, the total barely reaches one-tenth of $2.6 trillion. Does that make Lux's estimate overinflated? Not necessarily.

The tip of the iceberg
For starters, all of those cited figures just take us through 2012. They don't address the next three years at all, and that's when things should get interesting. Even the ever-pessimistic Cientific admits that the market for nanoparticle drug delivery devices will grow to $220 billion by 2015 -- an eightfold improvement from its 2012 estimates.

More importantly, drug-delivery devices, textiles, and BASF's nanocoatings represent just the tip of the proverbial iceberg for nanotechnology-enabled products.

Hewlett-Packard (NYSE: HPQ), IBM (NYSE: IBM), and Intel (Nasdaq: INTC) have all announced nanotech breakthroughs in semiconductors just this year. As the industry continues to scale down the circuit paths of its chips to a mere 45 nanometers apart, with future goals of 32 and 22 nanometers, these firms' research in nanomaterials and carbon nanotubes will likely pay off in substantial ways.

The energy industry is also poised for immediate gains from nanotech in the coming years. Altair (Nasdaq: ALTI) and A123 Systems are currently employing nanotech advances to improve lithium-ion batteries, and the results are being actively explored by firms such as General Motors (NYSE: GM) and Pacific Gas & Electric. Meanwhile, Chevron (NYSE: CVX) and Headwaters are experimenting with nanoparticle catalysts to transform the heavy oils of the Canadian sand pits into lighter, more valuable crude oil.

Nanotech also holds great potential to radically transform the economics of solar-cell production. Harris & Harris holds equity stakes in at least two companies -- Innovalight and Nanosys -- pursuing advances in the field of thin-film solar cell production. Other firms pursuing similar advances include Nanosolar, Miasole, and Konarka.

An industry in its infancy
The list of companies and industries pursuing revolutionary nanotech advances is nearly endless. DuPont is creating new nanocoatings; Motorola is applying nanomaterials to the creation of flat-panel displays; and Ford and Boeing are investing millions in nanotech research, hoping for advances in the construction of next-generation airplanes and automobiles.

Given the depth and breadth of products that nanotech might enhance, Lux's $2.6 trillion figure sounds ever more realistic. The industry is undergoing exponential growth, a trend whose power most investors underestimate. Nanotechnology isn't quite doubling every year, but it's still making rapid progress. Come 2015, the field's overall value might surprise a great many people. If you want to take advantage of this opportunity, start familiarizing yourself with the industry now.

Semiconductor market to touch $5.49 bn in 2009

2007-08-31T10:28:00.000-07:00

NEW DELHI: Global chip majors may not be rushing to India but the Indian semiconductor segment is showing potential with the total market revenues expected to reach $5.49 billion in 2009 driven by telecom, IT, power and broadcasting equipment.

But this may not be enough as India will be just 1.62 per cent of the global semiconductor market in 2009 which is a small improvement over 1.09 per cent in 2006.

The Indian Semiconductor Association - Frost & Sullivan report update today said "the global semiconductor Total Market is growing at a rate of 8-9 per cent compounded annual growth rate while India's TM is growing at 26.7 per cent CAGR" showing there are strong indicators pointed to the emerging boom in the domestic manufacturing in the electronics eco-system.

The growth of Total Availabler Market (TAM) revenues is expected to grow at 35.8 per cent in 2009 at $3.18 billion from $1.26 billion. The Total Market (TM) revenues in the same period are likely to grow at 26.7 per cent to $5.4 billion (2009) from $2.69 billion (2006), the report said.

TAM which represents semiconductor usage in local manufacturing is expected to grow faster than the TM and this signifies increasing domestic manufacturing for different electronic products in India, Anand Rangachary, MD, South Asia & ME, Frost & Sullivan said.

As domestic demand for all electronics product is growing, India's semiconductor market is emerging as one of the fastest growing region in the world, he said.

Mobile handsets, desktops and notebooks, GSM base stations, set top boxes and energy meters are the top five end-user products that are expected to drive growth. The top four semiconductor products that are expected to drive revenues are micro-processors, analog, memory and discretes.

Indian marketplace is rapidly evolving with the changing dynamics. The findings are pointers to direction in which the semiconductor market is headed, Poornima Shenoy, president, ISA said.

Government has already announced the Semiconductor Policy but the guidelines are yet to come halting the projects in the pipeline. The policy announced in February is aimed at creating a high-tech manufacturing sector in India and expected to attract investments of over $10 billion.

The government will bear 20 per cent of the capital expenditure in the first 10 years if a unit is located inside Special Economic Zones (SEZs) and 25 per cent in case of other units. The countervailing duty (CVD) on capital goods would also be exempted in case of units outside SEZs.

For semiconductor manufacturing (wafer fabs) plants, the threshold Net Present Value (NPV) of investments would be Rs 2,500 crore and the NPV of investments for manufacturing other products would be Rs 1,000 crore. Assuming the projects have a 1:1 debt to equity ratio, the government is likely to restrict its participation to around 26 per cent of the equity.

The remaining will be in the form of interest-free loans, tax subsidies, and concessions. The policy covers LCDs, plasmas, storage devices, solar cells, photo-voltaics and nanotechnology products and includes assembly and testing of these products.

Bangalore Nano 2007

2007-08-29T12:11:00.000-07:00

Will focus on the integrated roles of technologies, applications and market for successful commercialisation of nanotechnology.

Friday, August 24, 2007: Department of IT and Biotechnology, Government of Karnataka, in association with Jawaharlal Nehru Centre for Advanced Scientific Research, is going to organise a two-day Bangalore Nano 2007 Convention on 6 and 7 December 2007. The theme of Bangalore Nano 2007 is 'Bridging the Research- Industry Gap in Nanotechnology'.

The event will create opportunity for researchers, innovators, entrepreneurs, venture capitalists and large business enterprises to showcase the latest advancements in various sectors of nanotechnology. The two-day event will enable investors and the industry to pick the technology winners and identify the investment opportunities of the future.

"Nanotechnology and science have many potentially valuable societal applications for poor people, including the creation of more efficient filtering systems for producing clean drinking water (through the creation of filters that prevent viruses and toxins from entering the water supply) and the provision of cheap and clean energy (through more efficient solar cells)," said Professor C N R Rao, president, Jawaharlal Nehru Centre.

The conference will focus on nanotechnology, nanomedicine, healthcare, nanobiotechnology, chemical industry and new nanomaterials, nanotechnologies for ICT, electronics, impact of nanotech on lifestyle, nanotech for aerospace, defence and nuclear technology, investment opportunities and partnering opportunities.

"The Government of Karnataka is committed to the development of nanoscience and nanotechnology and is destined to become a hub. Necessary support will be given to scientists, researchers and companies who can engage their fellow-citizens in an open dialogue on the benefits. The Bangalore Nano 2007 will usher a new era and set platform for discussions and direction for this cutting-edge technology to reflect the new realities of global science," shared VidyaShankar, secretary to government, department of IT, Biotechnology and Science and Technology, govt of Karnataka.

Beating the United States in the Race for Nanotechnology

2007-08-29T12:10:00.001-07:00

Since the launch of the National Nanotechnology Initiative by the US in the year 2000, at least 35 countries around the world have initiated national programs in nanotechnology. It has been estimated that, from 1997 to 2003, government organizations worldwide have increased their R&D investments in the field six-fold. In Singapore, we have identified it from quite early as an exciting new area for our own economic development.

I remember having a long conversation with President Shimon Peres in Israel a few years ago on the importance of nanotechnology. In case you don't know, he has become an absolute convert, and in many ways a missionary in nanotechnology. Seeing in some of the new advances in scientific development hopes for transcending some of the age old problems in the middle east. He has always been an idealist and god knows in a place like the middle east you do need people who are idealistic.

Just yesterday, I met a Taiwanese visitor and he gave me a coffee mug. I was wondering, why did he give me a coffee mug? I looked at the fine print and it said, "made of nano material". If I were to pour Coca Cola into it, all of the gas would quickly fizzle off... Thats Taiwan, they are very quick sensing opportunity. Move! Commercialization!

For Singapore, a city-state which lacks space and has no natural resources, the biomedical sector suits us well. We are small, very small, but we are quite well-run. Having a cosmopolitan outlook, Singaporeans welcome foreigners into our midst... Our culture enables people of diverse backgrounds to come and work together on the basis of equality, using English as the common language. Since our Free Trade Agreement with the US was signed a few years ago, our protection of intellectual property has become the best in all of Asia. That has proved to be a great advantage. In six years, the value of the biomedical sector more than tripled from $6 billion Singapore Dollars in 2000 to $23 billion last year.

Singapore thrives only to the extent that it is a crucible for interesting ideas and a habitat for interesting people. We cannot create such a mix by ourselves. We have to be like an Italian renaissance city-state... welcoming talented individuals from near and far, and facilitating their creative development.

Nano Technology scores over IT and Biotech

2007-08-29T12:07:00.000-07:00

COIMBATORE: With Cumulative Aggregate Growth Rate of Nano Technology registering 50 per cent from 2000 to 2007, compared to 35 per cent in IT and 25 per cent in BioTech sectors, there was tremendous investment potential in Nano sector, a top official said on Thursday.

Compared to $700 million in 1999, when the technology was in its infancy, the investment in the sector had crossed $50 billion in 2006 alone, Dr A Sivathanu Pillai, Chief Controller, R&D, DRDO said.

In a presentation on 'Nanotechnology: opportunities and challenges,' after inaugurating a Nanotechnology Department in Bharathiar University here, Pillai said the US has invested $780 million, EU $660 million, Japan $800 million and other countries $770 million in the field, with India investing Rs 200 crore as it was at 'starting point now'.

With a one trillion nano technology market size expected in 2015, materials would contribute $340 billion, electronics $300 billion, pharmaceuticals $180 billion, chemical and refining $100 billion, aerospace $70 billion, health care $30 billion, tools $20 billion and sustainable processes $45 billion, he said.

As far as Nanoscience and Technology initiatives in India were concerned, 37 institutions have been involved to develop the technology, with identification of 110 projects.

There should be a larger interface between academy and industry and also heavy generation of trained manpower to compete with other countries, Pillai said.

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Public Markets and Nanotechnology Companies

2007-08-12T17:01:00.004-07:00

Public Markets and Nanotechnology Companies

R. Douglas Moffat

Historically, public equity markets have provided capital for rapidly expanding firms having established products and seeking growth capital. Periodically, new technology or corporate growth models, combined with unusually heavy money flows into the stock market, fuel speculative demand for shares in new companies. Biotechnology investing has run in such cycles for more than 20 years. The Internet boom of the late 1990s reached unprecedented levels of irrational expectations and speculation. Other examples include the fuel cell boom of 20002001.

The public market's appetite for initial public offerings (IPOs) in a sector also is heavily influenced by the business model characteristics and the track record of the model for success. Biotech has achieved success in part because of the appetite for these firms by big pharmaceutical firms. Software stocks have proven to be fast growers without heavy capital investment.

Nanotech probably will be a big hit on Wall Street, but the timing will depend on progress achieved in moving products closer to market acceptance. Many of the nanoscience-enabled products being commercialized now are coming out of large companies. Examples include nanotube-based plasma televisions and personal care products. A limited number of smaller firms are introducing nanotech products in the short term. Most companies, however, are still refining the science behind paradigm-shifting technologies having massive potential. Commercialization issues include interfacing nanodevices with the macro environment, scalable manufacturing, and, in the health-care world, long FDA approval cycles.

Wall Street investors typically have preferred focused business models concentrated on growth from a narrowly defined technology or product group. Management focus historically has produced better execution and shareholder returns.

At this stage of nanotechnology development, however, intellectual property platforms based on broad patents (often coming from academia) are the main assets behind many companies. The applicability of this IP could cut across many markets and applications. Some firms have amassed broad IP by taking a portfolio approach to early-stage commercialization, an approach most stock investors do not favor. Such diversification, however, makes sense not only from a scientific point of view but also to lessen risks associated with potential patent litigation. The patent landscape in nanotech might be likened to the gold rush days, with overlapping claims.

Nanotechnology is different from other tech waves. First, the technology is often paradigm shifting, either creating new markets or providing quantum improvement in performance at a low cost. The enabling science probably is applicable to a wide variety of applications. In time, stock market investors may come to appreciate the power of a new nanotech business model, one with core IP at its center and with the prospects to spin off many companies with varied new products. The evolution of acceptable nanotech business models in public markets will depend in part on VC investors' willingness to extend funding horizons to allow firms to develop products.

There is significant buzz on Wall Street around nanotechnology. Leading Wall Street firms are beginning to commit resources to research and fund nanotechnology. A favorable environment is emerging for a successful nanotech début on the street.

Since the Internet bubble deflation in 2000, public equity markets have taken on a more risk-averse character. IPO investors have preferred to fund companies with established products, revenues, and profits as well as large companies restructured by private equity firms. A limited number of nanotechnology-enabled firms have been able to tap public equity markets. Public equity access likely will improve as nanotechnology firms move closer to the introduction of novel products having a clear path to revenue and profits. Equity issuance by nanotech firms likely will grow slowly over the next five years, gathering potentially explosive momentum thereafter.

Nanotechnology Start-up Companies

2007-08-12T17:01:00.003-07:00

Nanotechnology Start-up Companies

Nanotechnology start-up companies should not expect to defy fundamental business principles, as did the Internet companies of the mid- to late 1990s, if only for a brief period. Nanotechnology companies should expect to be measured by standard metrics and to confront the same industry dynamics and fundamental business issues (for example, personnel choices, sales strategy, high-volume manufacturing, efficient allocation of capital, marketing, execution of their business model, time-to-market challenges, and so on) that face the other companies in their relevant industry category.

Certain key characteristics often differentiate nanotechnology start-up companies. They possess a technology platform with a body of intellectual property and a team of scientists, but no formal business plan, product strategy, well-defined market opportunity, or management team. Second, they are founded by (or are associated with) leading researchers at top-tier academic institutions. They employ a financing approach that highly leverages equity financing with the application of grant funding, and they need to have a more scientifically diverse workforce than other start-up companies.

It is common for these companies to employ chemists, physicists, engineers, biologists, computer scientists, and materials scientists because of the interdisciplinary nature of nanotechnology and the unique skills and knowledge that are required for product commercialization. Moreover, nanotech companies tend to sign up development partners (usually larger, more established companies) early in their maturation to provide technology validation and additional resources in the form of development funds, access to technology, sales and distribution channels, and manufacturing expertise.

Nanotechnology start-up companies can best be classified into six primary categories: nanomaterials and nanomaterials processing; nanobiotechnology; nanosoftware; nanophotonics; nanoelectronics, and nanoinstrumentation. Many companies in the nanomaterials category are developing methods and processes to manufacture a range of nanomaterials in large quantities as well as developing techniques to functionalize, solubilize, and integrate these materials into unique formulations. A variety of nanomaterials will ultimately be integrated into a host of end products (several are on the market) that will provide unique properties, such as scratch resistance, increased stiffness and strength, reduced friction and wear, greater electrical and thermal conductivity, and so on.

The three areas that have received the most funding based on dollars invested are nanoelectronics, nanophotonics, and nanoinstrumentation. However, in terms of the absolute number of companies that have been funded, nanomaterials companies are the clear leader.

Nanobiotechnology is the application of nanotechnology to biological systems. Applications exist in all of the traditional areas of biotechnology, such as therapeutics discovery and production, drug-delivery systems technologies, diagnostics, and so on. Incorporating nanotechnology into biotechnology will lead to the enhanced ability to label, detect, and study biological systems (such as genes, proteins, DNA fragments, single molecules, and so on) with great precision as well as to develop unique drug targets and therapies.

Nanoelectronics is based upon individual or ordered assemblies of nanometer-scale device components. These building blocks could lead to devices with significant cost advantages and performance attributes, such as extremely low power operation (~nanoWatt), ultra-high device densities (~1 trillion elements/cm²), and blazing speed (~1 Terahertz switching rates). In addition, the possibility exists of enabling a new class of devices with unique functionality. Examples include, but are not limited to, multi-state logic elements; high-quantum-efficiency, low-power, tunable, multicolor light-emitting diodes (LEDs); low-power, high-density nonvolatile random access memory (RAM); quantum dot-based lasers; universal analyte sensors; low-impedance, high-speed interconnects, and so on.

Nanophotonics companies are developing highly integrated, subwavelength optical communications components using a combination of proprietary nanomaterials and nanotech manufacturing technologies, along with standard complementary metal oxide semiconductor (CMOS) processing. This provides for the low-cost integration of electronic and photonic components on a single chip. Products in this category include low-cost, high-performance devices for high-speed optical communications, such as wavelength converters, tunable filters, polarization combiners, reconfigurable optical add/drop multiplexers (ROADMs), optical transceivers, and so on.

Nanoinstrumentation is based on tools that manipulate, image, chemically profile, and write matter on a nanometer-length scale (far less than 100nm). These tools include the well-known microscopy techniques such as transmission electron microscopy (TEM), scanning electron microscopy (SEM), and atomic force microscopy (AFM), as well as newer techniques such as dip-pen nanolithography (DPN), nanoimprint lithography (NIL), and atom probe microscopes for elucidating three-dimensional atomic composition and structure of solid materials and thin films. These are the basic tools that enable scientists and engineers to perform nanoscale science and to develop nanotechnology products.

Nanosoftware is based on modeling and simulation tools for research in advanced materials (cheminformatics) and the design, development, and testing of drugs in the biotechnology industry (bioinformatics). This category also includes electronic and photonic architecture, structure, and device modeling tools such as specific incarnations of electronic design automation (EDA) software or quantum simulations, and so on. In addition, one might further include proprietary software packages developed to operate nanoinstrumentation-based tools or interpret data collected from such instruments.

Nanotechnology Venture Capital Investment

2007-08-12T17:01:00.001-07:00

Nanotechnology Venture Capital Investment

Nanotechnology is not a single market but rather a set of enabling (and potentially groundbreaking) technologies that can be applied to solve high-value problems in almost every industry. This includes industries as disparate as telecommunications, biotechnology, microelectronics, textiles, and energy. Many investors refer to nanotechnology investing as if it were its own investment category, because nanotechnology can add unique and specific value to a product that results in greatly enhanced performance attributes or cost advantages (or both). But customers purchasing nanotechnology products are buying these products, not because they are based on nanotechnology, but because they are characterized by specific performance enhancements, reduced costs, or both.

Almost every product application of nanotechnology is based either on a material characterized by nanoscale dimensions or on a process technology conducted at the nanometer scale. Nanomaterials possess unique propertiesincluding optical, electronic, magnetic, physical, and chemical reactivity propertiesthat, when harnessed appropriately, can lead to entirely new, high-performance technologies and products. Changing a material's size, rather than its chemical composition, enables the control of that material's fundamental properties.

Venture Capital Investing

2007-08-12T17:00:00.001-07:00

Venture Capital Investing

Daniel V. Leff

Venture capital is money that is typically invested in young, unproven companies with the potential to develop into multibillion-dollar industry leaders, and it has been an increasingly important source of funds for high-technology start-up companies in the last several years. Venture capitalists are the agents that provide these financial resources as well as business guidance in exchange for ownership in a new business venture. VCs typically hope to garner returns in excess of 3050 percent per year on their investments. They expect to do so over a four- to seven-year time horizon, which is the period of time, on average, that it takes a start-up company to reach a liquidity event (a merger, acquisition, or initial public offering).

Very few high-tech start-up companies are attractive candidates for VC investment. This is especially true for nanotechnology start-ups, because the commercialization of nanoscience is still in its nascent stages. Companies that are appropriate for VC investment generally have some combination of the following five characteristics: (1) an innovative (or disruptive) product idea based on defensible intellectual property that gives the company a sustainable competitive advantage; (2) a large and growing market opportunity that is greater than $1 billion and is growing at more than 2030 percent per year; (3) reasonable time to market (one to three years) for the first product to be introduced; (4) a strong management team of seasoned executives; and (5) early customers and relationships with strategic partners, with a strong likelihood of significant revenue.

An early-stage start-up company rarely possesses all of these characteristics and often does not need to in order to attract venture financing. Indeed, early-stage start-ups are often funded without complete management teams, strategic partners, or customers. Absent these characteristics, however, there should be, at a minimum, a passionate, visionary entrepreneur who helped develop the core technology and wants to play an integral role in building the company.

The Commercialization of Nanotechnology

2007-08-12T16:57:00.000-07:00

The Commercialization of Nanotechnology

Nanotech is often defined as the manipulation and control of matter at the nanometer scale (critical dimensions of 1 to 100nm). It is a bit unusual to describe a technology by a length scale. We certainly didn't get very excited by "inch-o technology." As venture capitalists, we start to get interested when there are unique properties of matter that emerge at the nanoscale and that cannot be exploited at the macroscale world of today's engineered products. We like to ask the start-ups that we are investing in, "Why now? Why couldn't you have started this business ten years ago?" The responses of our nanotech start-ups have a common thread: Recent developments in the capacity to understand and engineer nanoscale materials have enabled new products that could not have been developed at larger scale.

Various unique properties of matter are expressed at the nanoscale and are quite foreign to our "bulk statistical" senses (we do not see single photons or quanta of electric charge; we feel bulk phenomena, like friction, at the statistical or emergent macroscale). At the nanoscale, the bulk approximations of Newtonian physics are revealed for their inaccuracy and give way to quantum physics. Nanotechnology is more than a linear improvement with scale; everything changes. Quantum entanglement, tunneling, ballistic transport, frictionless rotation of superfluids, and several other phenomena have been regarded as "spooky" by many of the smartest scientists, even Einstein, upon first exposure.

For a simple example of nanotech's discontinuous divergence from the "bulk" sciences, consider the simple aluminum soda can. If you take the inert aluminum metal in that can and grind it down into a powder of 2030nm particles, it will spontaneously explode in air. It becomes a rocket fuel catalyst. In other words, the energetic properties of matter change at that scale. The surface-area-to-volume ratios become relevant, and even the distances between the atoms in a metal lattice change from surface effects.

Innovation from the Edge

Disruptive innovation, the driver of growth and renewal, occurs at the edge. In start-ups, innovation occurs out of the mainstream, away from the warmth of the herd. In biological evolution, innovative mutations take hold at the physical edge of the population, at the edge of survival. In complexity theory, structure and complexity emerge at the edge of chaosthe dividing line between predictable regularity and chaotic indeterminacy. And in science, meaningful disruptive innovation occurs at the interdisciplinary interstices between formal academic disciplines.

Herein lies much of the excitement about nanotechnology: in the richness of human communication about science. Nanotech exposes the core areas of overlap in the fundamental sciences, the place where quantum physics and quantum chemistry can cross-pollinate with ideas from the life sciences.

In academic centers and government laboratories, nanotech is fostering new discussions. At Stanford, UCLA, Duke, and many other schools, the new nanotech buildings are physically located at the symbolic hub of the schools of engineering, computer science, and medicine.

Nanotech is the nexus of the sciences, but outside the sciences and research itself, the nanotech umbrella conveys no business synergy whatsoever. The marketing, distribution, and sales of a nanotech solar cell, memory chip, or drug delivery capsule will be completely different from each other and will present few opportunities for common learning or synergy.

Market Timing

As an umbrella term for a myriad of technologies spanning multiple industries, nanotech will eventually disrupt these industries over different time framesbut most are long-term opportunities. Electronics, energy, drug delivery, and materials are areas of active nanotech research today. Medicine and bulk manufacturing are future opportunities. The National Science Foundation predicts that nanotech will have a trillion-dollar impact on various industries within 15 years.

Of course, if one thinks far enough in the future, every industry eventually will be revolutionized by a fundamental capability for molecular manufacturingfrom the inorganic structures to the organic and even the biological. Analog manufacturing will become digital, engendering a profound restructuring of the substrate of the physical world.

Futuristic predictions of potential nanotech products have a near-term benefit. They help attract some of the best and brightest scientists to work on hard problems that are stepping-stones to the future vision. Scientists relish exploring the frontier of the unknown, and nanotech embodies the tangible metaphor of the inner frontier.

Given that much of the abstract potential of nanotech is a question of "when" and not "if," the challenge for the venture capitalist is one of market timing. When should we be investing, and in which subsectors? It is as if we need to pull the sea of possibilities through an intellectual filter to tease apart the various segments into a time line of probable progression. That is an ongoing process of data collection (for example, the growing pool of business plan submissions), business and technology analysis, and intuition.

Two touchstone events for the scientific enthusiasm for the timing of nanotech were the decoding of the human genome and the dazzling visual images output by the scanning tunneling microscope (such as the arrangement of individual xenon atoms into the IBM logo). These events represent the digitization of biology and mattersymbolic milestones for accelerated learning and simulation-driven innovation.

More recently, nanotech publication has proliferated, as in the early days of the Internet. In addition to the popular press, the number of scientific publications on nanotech has grown by a factor of 10 in the past ten years. According to the U.S. Patent and Trademark Office (USPTO), the number of nanotech patents granted each year has skyrocketed by a factor of 3 in the past seven years. Ripe with symbolism, IBM has more lawyers working on nanotech than engineers.

With the recent codification of the National Nanotech Initiative into law, federal funding will continue to fill the pipeline of nanotech research. With $847 million earmarked for 2004, nanotech was a rarity in the tight budget process; it received more funding than was requested. Now nanotech is second only to the space race for federal funding of science. And the United States is not alone in funding nanotechnology. Unlike many previous technological areas, we aren't even in the lead; Japan outspends the United States each year on nanotech research. In 2003, the U.S. government spending was one-fourth of the world total.

Federal funding is the seed corn for nanotech entrepreneurship. All of our nanotech portfolio companies are spin-offs (with negotiated intellectual property [IP] transfers) from universities or government labs, and all got their start with federal funding. Often these companies need specialized equipment and expensive laboratories to do the early tinkering that will germinate a new breakthrough. These are typically lacking in the proverbial entrepreneur's garage.

Corporate investors have discovered a keen interest in nanotechnology, with internal R&D, external investments in start-ups, and acquisitions of promising companies, such as chipmaker AMD's recent acquisition of Coatue, a molecular electronics company.

Despite all this excitement, there are a fair number of investment dead ends, and so we continue to refine the filters we use in selecting companies to back. All entrepreneurs want to present their businesses as fitting an appropriate time line to commercialization. How can we guide our intuition to determine which of these entrepreneurs are right?

The Question of Vertical Integration

Nanotech involves the reengineering of the lowest-level physical layer of a system, and so a natural business question arises: How far forward do you need to vertically integrate before you can sell a product on the open market? For example, in molecular electronics, if you can ship a DRAM-compatible chip, you have found a horizontal layer of standardization, and further vertical integration is not necessary. If you have an incompatible 3-D memory block, you may have to vertically integrate to the storage subsystem level, or farther, to bring a product to market. That may require that you form industry partnerships, and it will, in general, take more time and money as change is introduced farther up the product stack. Three-dimensional logic with massive interconnectivity may require a new computer design and a new form of software; this would take the longest to commercialize. And most start-ups on this end of the spectrum would seek partnerships to bring their vision to market. The success and timeliness of that endeavor will depend on many factors, including IP protection, the magnitude of improvement, the vertical tier at which that value is recognized, the number of potential partners, and the needed degree of tooling and other industry accommodations.

Product development time lines are impacted by the cycle time of the R&D feedback loop. For example, outdoor lifetime testing for organic light-emitting diodes (LEDs) will take longer than in silicon simulation spins of digital products. If the product requires partners in the R&D loop or multiple nested tiers of testing, it will take longer to commercialize.

The Interface Problem

As we think about the start-up opportunities in nanotechnology, an uncertain financial environment underscores the importance of market timing and revenue opportunities over the next five years. Of the various paths to nanotech, which of them are 20-year quests in search of a government grant, and which are market-driven businesses that will attract venture capital? Are there co-factors of production that require a whole industry to be in place before a company ships products?

As a thought experiment, imagine that I could hand you today any nanotech marvel of your designa molecular machine as advanced as you would like. What would it be? A supercomputer? A bloodstream submarine? A matter compiler capable of producing diamond rods or arbitrary physical objects? Pick something.

Now imagine some of the complexities: Did it blow off my hand as I offered it to you? Can it autonomously move to its intended destination? What is its energy source? How do you communicate with it?

These questions draw the interface problem into sharp focus: Does your design require an entire nanotech industry to support, power, and interface to your molecular machine? As an analogy, imagine that you have one of the latest Intel Pentium processors. How would you make use of the Pentium chip? You then need to wire-bond the chip to a larger lead frame in a package that connects to a larger printed circuit board, fed by a bulky power supply that connects to the electrical power grid. Each of these successive layers relies on its larger-scale precursors (which were developed in reverse chronological order), and the entire hierarchy is needed to access the potential of the microchip.

Where Is the Scaling Hierarchy for Molecular Nanotech?

To cross the interface chasm, today's business-driven paths to nanotech diverge into two strategies: the biologically inspired bottom-up path, and the top-down approach of the semiconductor industry. The developers of nonbiological micro-electromechanical systems (MEMS) are addressing current markets in the micro world while pursuing an ever-shrinking spiral of miniaturization that builds the relevant infrastructure tiers along the way. Not surprisingly, this path is very similar to the one that has been followed in the semiconductor industry, and many of its adherents see nanotech as inevitable but in the distant future.

On the other hand, biological manipulation presents numerous opportunities to effect great change in the near term. Drug development, tissue engineering, and genetic engineering are all powerfully impacted by the molecular manipulation capabilities available to us today. And genetically modified microbes, whether by artificial evolution or directed gene splicing, give researchers the ability to build structures from the bottom up.

The Top-Down "Chip Path"

This path is consonant with the original vision of physicist Richard Feynman (in a 1959 lecture at Caltech) of the iterative miniaturization of our tools down to the nanoscale. Some companies are pursuing the gradual shrinking of semiconductor manufacturing technology from the MEMS of today into the nanometer domain of nanoelectromechanical systems (NEMS).

MEMS technologies have already revolutionized the automotive industry with air-bag sensors, and the printing sector with ink-jet nozzles, and they are on track to do the same in medical devices and photonic switches for communications and mobile phones. In-StatJMDR forecasts that the $4.7 billion in MEMS revenue in 2003 will grow to $8.3 billion by 2007. But progress is constrained by the pace (and cost) of the semiconductor equipment industry, and by the long turnaround time for fab runs.

Many of the nanotech advances in storage, semiconductors, and molecular electronics can be improved, or in some cases enabled, by tools that allow for the manipulation of matter at the nanoscale. Here are three examples:

Nanolithography: Molecular Imprints is commercializing a unique imprint lithographic technology developed at the University of Texas at Austin. The technology uses photo-curable liquids and etched quartz plates to dramatically reduce the cost of nanoscale lithography. This lithography approach, recently added to the ITRS Roadmap, has special advantages for applications in the areas of nanodevices, MEMS, microfluidics, and optical components and devices, as well as molecular electronics.
Optical traps: Arryx has developed a breakthrough in nanomaterial manipulation. Optical traps generate hundreds of independently controllable laser tweezers that can manipulate molecular objects in 3-D (move, rotate, cut, place), all from one laser source passing through an adaptive hologram. The applications span from cell sorting, to carbon nanotube placement, to continuous material handling. They can even manipulate the organelles inside an unruptured living cell (and weigh the DNA in the nucleus).
Metrology: Imago's LEAP atom probe microscope is being used by the chip and disk drive industries to produce 3-D pictures that depict both the chemistry and the structure of items on an atom-by-atom basis. Unlike traditional microscopes, which zoom in to see an item on a microscopic level, Imago's nanoscope analyzes structures, one atom at a time, and "zooms out" as it digitally reconstructs the item of interest at a rate of millions of atoms per minute. This creates an unprecedented level of visibility and information at the atomic level.

Advances in nanoscale tools help us control and analyze matter more precisely, which in turn allows us to produce better tools. To summarize, the top-down path is designed and engineered with the following:

Semiconductor industry adjacencies (with the benefits of market extensions and revenue along the way and the limitation of planar manufacturing techniques)
Interfaces of scale inherited from the top

The Biological, Bottom-Up Path

In contrast to the top-down path, the biological bottom-up archetype is

Grown via replication, evolution, and self-assembly in a 3-D, fluid medium
Constrained at interfaces to the inorganic world
Limited by gaps in learning and theory (in systems biology, complexity theory, and the pruning rules of emergence)
Bootstrapped by a powerful preexisting hierarchy of interpreters of digital molecular code

To elaborate on this last point, a ribosome takes digital instructions in the form of mRNA and manufactures almost everything we care about in our bodies from a sequential concatenation of amino acids into proteins. The ribosome is a wonderful existence proof of the power and robustness of a molecular machine. It is roughly 20nm on a side and consists of only 99,000 atoms. Biological systems are replicating machines that parse molecular code (DNA) and a variety of feedback to grow macroscale beings. These highly evolved systems can be hijacked and reprogrammed to great effect.

So how does this help with the development of molecular electronics or nanotech manufacturing? The biological bootstrap provides a more immediate path to nanotech futures. Biology provides us with a library of prebuilt components and subsystems that can be repurposed and reused, and research in various labs is well under way in reengineering the information systems of biology.

For example, researchers at NASA's Ames Research Center are taking self-assembling heat shock proteins from thermophiles and genetically modifying them so that they will deposit a regular array of electrodes with a 17nm spacing. This could be useful for making patterned magnetic media in the disk drive industry or electrodes in a polymer solar cell.

At MIT, researchers are using accelerated artificial evolution to rapidly breed an Ml3 bacteriophage to infect bacteria in such a way that they bind and organize semiconducting materials with molecular precision.

At the Institute for Biological Energy Alternatives (IBEA), Craig Venter and Hamilton Smith are leading the Minimal Genome Project. They take Mycoplasma genitalium from the human urogenital tract and strip out 200 unnecessary genes, thereby creating the simplest organism that can self-replicate. Then they plan to layer new functionality onto this artificial genome, such as the ability to generate hydrogen from water using the sun's energy for photonic hydrolysis.

The limiting factor is our understanding of these complex systems, but our pace of learning has been compounding exponentially. We will learn more about genetics and the origins of disease in the next ten years than we have in all of human history. And for the minimal genome microbes, the possibility of understanding the entire proteome and metabolic pathways seems tantalizingly close to achievable. These simpler organisms have a simple "one gene, one protein" mapping and lack the nested loops of feedback that make the human genetic code so rich.

An Example: Hybrid Molecular Electronics

In the near term, a variety of companies are leveraging the power of organic self-assembly (bottom-up) and the market interface advantages of top-down design. The top-down substrate constrains the domain of self-assembly.

Based in Denver, ZettaCore builds molecular memories from energetically elegant molecules that are similar to chlorophyll. ZettaCore's synthetic organic porphyrin molecule self-assembles on exposed silicon. These molecules, called multiporphyrin nanostructures, can be oxidized and reduced (their electrons removed or replaced) in a way that is stable, reproducible, and reversible. In this way, the molecules can be used as a reliable storage medium for electronic devices.

Furthermore, the molecules can be engineered to store multiple bits of information and to maintain that information for relatively long periods before needing to be refreshed. Recall the water-drop-to-transistor-count comparison, and add to that the fact that these multiporphyrins have already demonstrated as many as eight stable digital states per molecule.

The technology has future potential to scale to 3-D circuits with minimal power dissipation, but initially it will enhance the weakest element of an otherwise standard 2-D memory chip. To end customers, the ZettaCore memory chip looks like a standard memory chip; nobody needs to know that it has "nano inside." The input/output pads, sense amps, row decoders, and wiring interconnect are produced via a standard semiconductor process. As a final manufacturing step, the molecules are splashed on the wafer, where they self-assemble in the predefined regions of exposed metal.

From a business perspective, this hybrid product design allows an immediate market entry because the memory chip defines a standard product feature set, and the molecular electronics manufacturing process need not change any of the prior manufacturing steps. Any interdependencies with the standard silicon manufacturing steps are also avoided, thanks to this late coupling; the fab can process wafers as it does now before spin-coating the molecules. In contrast, new materials for gate oxides or metal interconnects can have a number of effects on other processing steps, and these effects need to be tested. That introduces delay (as with copper interconnects).

Generalizing from the ZettaCore experience, the early revenue in molecular electronics will likely come from simple 1-D structures such as chemical sensors and self-assembled 2-D arrays on standard substrates, such as memory chips, sensor arrays, displays, CCDs for cameras, and solar cells.

IP and Business Model

Beyond product development time lines, the path to commercialization is dramatically impacted by the cost and scale of the manufacturing ramp. Partnerships with industry incumbents can be an accelerant or an albatross for market entry.

The strength of the IP protection for nanotech relates to the business models that can be safely pursued. For example, if the composition of matter patents afford the nanotech start-up the same degree of protection as for a biotech start-up, then a "biotech licensing model" may be possible in nanotech. A molecular electronics company could partner with a large semiconductor company for manufacturing, sales, and marketing, just as a biotech company partners with a big pharmaceutical partner for clinical trials, marketing, sales, and distribution. In both cases, the cost to the big partner is on the order of $100 million, and the start-up earns a royalty on future product sales.

Notice how the transaction costs and viability of this business model option pivot on the strength of IP protection. A software business, on the other end of the IP spectrum, would be very cautious about sharing its source code with Microsoft in the hopes of forming a partnership based on royalties.

Manufacturing partnerships are common in the semiconductor industry, with the "fabless" business model. This layering of the value chain separates the formerly integrated functions of product conceptualization, design, manufacturing, testing, and packaging. This has happened in the semiconductor industry because the capital cost of manufacturing is so large. The fabless model is a useful way for a small company with a good idea to bring its own product to market, but the company then must face the issue of gaining access to its market and funding the development of marketing, distribution, and sales.

Having looked at the molecular electronics example in some depth, we can now move up the abstraction ladder to aggregates, complex systems, and the potential to advance the capabilities of Moore's Law in software.

Nanotechnology in The Potomac Region

2007-08-10T04:00:00.001-07:00

Nanotechnology in The Potomac Region
By Vic Peña, CEO nanoTITAN, Inc.

Nanotechnology, the ability to control or manipulate on the atomic scale, for the purpose of creating beneficial tools for mankind, has become a powerful economic and technological force in the Potomac Region, and promises to achieve the NVTC Nanotechnology Committee's Vision, "The Nanoplex on the Potomac".

Establishing the Nanotechnology Committee

Recognizing this growing force, in March 2003, the Northern Virginia Technology Council (NVTC) established the Nanotechnology Committee to serve the Council's growing membership of nanotechnology based companies, and to give recognition to the emergence of nanotechnology in the Federal and Academia Sectors in the proximity of the region. This region offers a critical mass of resources to attract the continued growth of nanotechnology: The Federal Government, Academia, and an Entrepreneurial Friendly Environment.

Strengths of the Region

The Potomac Region is geographically and literally at the doorstep to the Federal Government and its nanotechnology invested agencies. Virtually all of the Agencies of the Federal Government are involved and have committed budgetary resources to the research and development of nanotechnology applications. Notably among these is the Department of Defense, and its laboratories in the area, Army Research Laboratory, Naval Research Laboratory, and the Defense Advanced Projects Agency (DARPA). NASA, The National Science Foundation, Department of Energy, National Institutes of Health, National Institute of Standards and Technology, Department of Agriculture, Environmental Protection Agency, Department of Homeland Security, and the Department of Justice, all have active research and development in nanotechnology.

So what does all this mean to the Potomac Region?

It means that nanotechnology businesses coming into the region have a decided advantage: Proximity to the Federal Marketplace, and the ability to meet with and interact with potential Federal Clients and Customers. Simply stated, nanotech businesses locating in this area, can take advantage of their location to tailor and customize research, development, and prototyping in response to rapidly changing discoveries in the science.

But there are other significant strengths for nanotech businesses to locate in the Potomac Region. Perhaps the most important of these, is the professional and highly educated workforce in the area. Forbes Magazine recently ranked this area's workforce among the most highly educated in the United States. This fact, along with other people factors such as schools and universities, superb health care facilities, cultural and metropolitan attractions, are strong magnets to draw the interdisciplinary science and technology talents that are demanded in the nanotechnology arena.

Also of significant value to nanotech businesses coming into the area, is the availability of some of the country's premier universities. Immediately in Northern Virginia, are George Mason University, and the extension campuses of the University of Virginia, Virginia Tech, Old Dominion University, and the various campuses of the Northern Virginia Community College. In Washington D. C., Howard University and Georgetown University are involved in nanotechnology research and offer advanced science and engineering programs in this exciting field of study. The University of Maryland and Johns Hopkins University are also available an offer study programs in this science and engineering field.

Emerging Nanotechnology Business and Commerce

The Potomac Region is attracting a presence of nanotechnology businesses. At once there are pillars of Federal Contracting, such as, BAE, Lockheed Martin, MITRE, Northrop Grumman, and SAIC. But there are a host of small, entrepreneurial businesses, which are making their presence in the area's nanotechnology community felt. These include, Biomimetics Products, ISTN, Luna Innovations, Materials Modifications, CNRI, Nano Interface, NanoSonic, nanoTITAN, and Nanoverse.

Of course no business enterprise is a standalone endeavor. Businesses rely on support organizations and institutions to become established, and to operate profitably, legally and ethically. The Potomac Region is rich in these resources as well. This region is noted for being the home of some of the leading Accounting, Consulting, Financial, Legal, and Real Estate services providers in the country. Additionally, it can be said that this area is the gateway to the world economy, with its proximity to the Diplomatic Legations from abroad, and specifically to their trade missions.

The Future

The future of nanotechnology business in the Potomac Region is indeed bright. This Region is rich in resources, business acumen and scientific curiosity. By working as a team, Academia, Government, and Industry, the Potomac Region can achieve the Vision of the NVTC's Nanotechnology Committee: "The Nanoplex on the Potomac".

http://nanoinvesting.webs.io/nanoinvesting.html

Thoughts on the Topic: Security and Nanotechnology

2007-08-10T03:58:00.001-07:00

Thoughts on the Topic: Security and Nanotechnology
By Vic Peña, CEO nanoTITAN, Inc.

"Anything that makes money under the rubric of nanotechnology is nanotechnology." Suchan Chae, Associate Professor of Economics, Rice University.

This quote is significant because it underscores what is becoming a driving force in the rapid evolution and commercialization of things nanotechnology - Speed to Market. This being the case, Nanotechnology Security may be compromised in the process.

Nanotechnology is "the next big thing". As this phrase becomes common in business and scientific circles throughout the world, the very perception causes concern about the security implications and issues surrounding the entire emergence of nanotechnology as well as its impact on so many things affecting our daily lives.

The security implications for doing things right in nanotechnology are as big as the science of nanotechnology itself.

Consider the scientific truth that nanotechnology, as a defining and enabling science and technology, will affect virtually all aspects of the human experience. In fact this phenomenon is best realized in the National Science and Technology Council's recently published "National Nanotechnology Initiative: Research and Development Supporting the Next Industrial Revolution: Supplement to the President's FY 2004 Budget". In this initiative nine areas are identified as having the "potential to realize significant economic, governmental and societal impact." These areas are collectively known as the "nine grand challenge areas". The reason for drawing attention to these is because while they represent a funding strategy, they best represent the spectrum across which nanotechnology will profoundly impact the socio-economic-technology scale. These are:

1. Nanostructured Materials by Design
2. Manufacturing at the Nanoscale
3. Chemical-Biological-Radiological-Explosive Detection and Protection
4. Nanoscale Instrumentation and Metrology
5. Nano-Electronics, -Photonics, and -Magnetics
6. Healthcare, Therapeutics, and Diagnostics
7. Efficient Energy Conversion and Storage
8. Microcraft and Robotics
9. Nanoscale Processes for Environmental Improvement

A significant addition to these would be a fully funded effort to study and resolve the security implications of nanotechnology on the world order, as we know it.

Security concerns in nanotechnology can be broken out into several areas and these are representative of the more urgent ones:

National Security and Defense

This is perhaps the most obvious area where concerns for security should be focused. Already, ongoing research and development for applications of nanotechnology to National Security and Defense is beginning to result in rapid advances in the way we do battle with our adversaries, to the way we defend ourselves. New weapons systems and combat support systems, assuredly, are being conceived and funding for their rapid development and deployment is being appropriated. While these are prudent measures under the constitutional requirement to provide for the common defense, a policy of extraordinary measures should be implemented to ensure that nano-weapons systems or supporting materiel currently under consideration and research should be extraordinarily secured in order to prevent their falling into the wrong hands. Equal policy guidelines should be enacted and enforced to prevent misuse of nanotechnology information and materiel, either in development or subsequent handling, which may result in compromise of National Security.

The infrastructure in the Federal Government upon which to build a security program already exists within these agencies to implement such a program. Its implementation costs therefor should not be too burdensome.

Recommendation on a Global Scope

Of more concern than US based R&D and deployment of nano-based Defense systems, is the undertaking of similar research by both allies and potential adversaries and the potential for malevolent proliferation. As a matter of policy, the U.S. should seek a Geneva Convention like model to address issues arising from the application of nanotechnology to weapons systems, and establish meaningful norms for security of such programs.

Industry

Perhaps the most challenging security program to implement in nanotechnology R&D will be in industry. The range of security challenges in industry, and for purposes of this think piece, academia is included, are more challenging than in Defense and National Security. Whereas in Defense and National Security, security programs implemented are mandatory under penalty of law, in industry such programs would be difficult to implement and to police. But security in industry is made all the more difficult by identifying and regulating "dual use" technologies. These are technologies that either in their intended design or by slight variation to their applications can be also used for malevolent purposes.

Another threat area of security in industry is economic advantage, in which competing companies or nations will entice or otherwise recruit unscrupulous researchers to divulge or export for profit company secrets. The risk or threat here is industrial espionage, and the resultant uncontrolled proliferation of technologies for monetary gain. More threatening is the risk of mishandling sensitive R&D that could result in serious environmental damage.

Environmental Security

Much has been written about environmental security, and about the risks of nanotechnology products or by-products getting into an ecological system and causing irreparable environmental damage. Certainly that risk is there. Few solutions have come forth that on cursory review offer much more than recommendations to stop or slow down the R&D of nanotechnology until solutions can be reached.

The fact is the pace of evolution of nanotechnology is moving at a very rapid pace and slowing down is not an option. There is one approach to mitigating nanotechnology risk to the environment that is currently emerging: it is the accelerated and increased funding to the National Institute of Standards and Technology (NIST) for research into enforceable standards in instrumentation and metrology in nanotechnology R&D and subsequent deployment of nano-based products.

The NIST recently held an "NNI (National Nanotechnology Initiative) Interagency Workshop: Instrumentation and Metrology for Nanotechnology" for the purpose of bringing together representatives from academia, government and industry, for the purpose of developing broad, long term visionary goals for researchers in particular nanoscale science and technology areas. The Workshop considered and discussed five areas relevant to Standards and Metrology:

1. Instrumentation and Metrology for Nanocharacterization
2. Instrumentation and Metrology for Nanomechanics
3. Instrumentation and Metrology for Nanoelectronics, Photonics and Magnetics
4. Instrumentation and Metrology for Nanofabrication
5. Instrumentation and Metrology for NanoManufacturing
6. Crosscut - Computational Science Issues

With the compilation of the results of this workshop, and the recommendations resulting from it, the NIST and the nanotechnology R&D community at large will have a vastly improved set of standards and metrology with which to approach "cleaner" nanotechnology R&D and subsequent fabrication of nanodevices.

The result of this work will have major beneficial effects on the environment from improved precision in R&D and assembly and fabrication of nanotechnology based products. This means less waste and pollution due to non-standard production runs.

Another consideration towards environmental risk management is the adoption by industry of life cycle design standards for the development of nano-based products. Emphasis would be placed on "what-if" engineering in each phase of the development process. Under this concept, for example, standards and metrology from the NIST would be built-in at the design phase, and would be enforced throughout the life cycle of the development. Special attention would be given to what-if scenarios in which risk probabilities and their management are modeled along with the nano-product R&D modeling and simulation process. Nanoinformatics products are available to support this concept.

Societal Security

No discussion of nanotechnology and it pros and cons could possibly be complete without addressing the profound societal impacts on humankind that will result with its maturing development. Virtually all aspects of the human experience will be impacted --perhaps none more cataclysmic than on education and the world's workforce.

Immediately the demand for advanced degreed scientists and engineers will be felt and international competition for the best talent will result. Other equally highly educated professions will be needed as well; among these, nanotechnology grounded business people, environmental engineers, lawyers, public policy developers, and sociologists to name but a few. Similarly, talents at the technician level will be needed and Community College level education and training will have to be changed to keep abreast of the demand for technical support talent.

Finally, nanotechnology as an enabling science affecting virtually every aspect of our lives will need to be taught as a regular subject, at least at the introductory level, in all schools. New generations dealing with nanotechnology goods and services must know how to be "Educated Consumers" of nanotechnology based products.

But the most profound challenge to nanotechnology security is the security of the workforce. From handling potentially deadly, toxic materials in their production state, to the training of the workforce to transition and succeed in the new Age of Nanotechnology. This means providing the education and training necessary to become working and productive citizens in the new Age - Workforce Security. Without these educational measures being undertaken now, future worldwide dislocation of the workforce will be rampant.

Recommendations

The age of nanotechnology puts forth a Tenth Grand Challenge -- "Development of Meaningful and Enforceable Standards of Security, Ethics and Societal Factors". But this Grand Challenge is directed not only to the National Nanotechnology Initiative but also to the World Community. This Challenge begs the recommendation for the adoption of a Nanotechnology World Body Convention to discuss the challenging issue of providing for a new standard for nanotechnology security equal to the "Next Industrial Revolution" and "The Next Big Thing". This Convention would result in a Geneva Treaty like resolution binding on the signatory countries towards a secure and benevolent nanotechnology future.

References:

http://www.nano.gov/html/res/nni04_budget_supplement.pdf

http://www.nist.gov/public_affairs/nanotech.htm

Drexler, K. Eric "Engines of Creation The Coming Era of Nanotechnology" Anchor Books, a Division of Random House, Inc. New York1990

Ratner, Mark and Ratner, Daniel "Nanotechnology a Gentle Introduction to the Next Big Idea" Prentice Hall, Professional Technical Reference, Upper Saddle River, NJ 2003

http://nanoinvesting.webs.io/nanoinvesting.html

The struggle of nanotechnology companies to create value

2007-08-10T02:21:00.001-07:00

The struggle of nanotechnology companies to create value (Nanowerk Spotlight) If you have been an investor in nanotechnology companies and been lured by the promised riches, the picture doesn't look very pretty right now. We have updated our Nanotechnology Stock Index Performance chart, that we first showed six months ago ("Investing in nanotechnology stocks - golden opportunity or bad idea?"), and the performance gap between the Dow Jones and the nanotechnology index funds has widened significantly (it looks even worse if you replace the Dow Jones industrial Index with a broad market index such as the Russell 2000). Of course, individual nanotechnology stocks have done better, but then, some have done much worse. That brings us to the question: What will it take for nanotechnology, taken as a set of enabling technologies, to realize its disruptive potential and create value for nanotechnology companies? An interesting answer can be found in an analysis of the recent Unidym and Carbon Nanotechnologies merger. Growth in the sector through consolidation may enable the creation of companies with the critical mass necessary to finally get public investors really excited about nanotechnology. Just a brief recap on the performance of the nanotechnology indices. The three major exchange-quoted indexes are the ISE-CCM Nanotechnology Index (launched in late 2005; symbol $TNY), the Lux Nanotechnology Index (launched in late 2005; symbol $LUXNI), and the Merrill Lynch Nanotech Index (launched in early 2005; symbol $NNZ). We took November 2005 as the starting point (that's when TNY and LUXNI were launched) and mapped against the Dow Jones Industrial Index. Nanotechnology stock indices. performance. Source: Nanowerk analysis; data from Bloomberg; yellow line: Dow Jones Industrial Average On April 23, 2007, Carbon Nanotechnologies, Inc. (CNI), a Texas-based manufacturer of carbon nanotubes and Unidym, a developer of nanotube-based electronics in Silicon Valley, announced the merger of the two companies. The combined company, called Unidym, will be operated as a majority-owned subsidiary of Arrowhead Research. "This transaction should be viewed as an important sign of the growing maturity of the nanotechnology business community" Ruben Serrato tells Nanowerk. "The pooling of investment capital, alignment of strategy and integration of materials and device production reflect a move away from early technology arrogance towards the beginning of a more sober market approach necessary for the commercialization of nanomaterials." Serrato is Venture Partner with Tokyo Electron Venture Capital, where he leads investments in semiconductor, alternative energy, nanomaterials and advanced electronic device companies. Together with Kevin Chen, Technical Marketing Director at NanoGram Corporation, he analyzed the Unidym/CNI merger in a recent paper in Nanotechnology Law & Business ("Mergers and Acquisitions of Nanotechnology Companies: A Review of the Unidym and CNI Merger"). Serrato and Chen draw four central conclusions from their analysis of the merger: The need for nanotech companies to focus on real products and revenues Here is a key statement that holds true for all nanotech companies: "The basic task of achieving profitability still lies ahead." "Instead of conjuring up new dreams of nanotech grandeur, the merger should be a wake up call for many nanotechnology companies" says Serrato. "The early hopes of some companies for unfettered success have proved to be elusive. High profile companies like CNI, Nanosys, and others have stumbled as a result of business strategies that placed too much emphasis on IP and produced too few results in terms of revenues." Integration of nanomaterials suppliers with companies focused on developing products incorporating nanomaterials is necessary to achieving commercial success The implicit valuation of CNI in the merger is a brutal wake-up call to nanomaterials producers, investors and intellectual property (IP) owners. On its website, CNI says that it works with "close to 700 customers worldwide" and that it has an "extraordinary intellectual property position", consisting of a portfolio that includes more than 100 patent filings. Nevertheless, an unspoken implication of this merger is that CNI saw that it should not go it alone as a carbon nanotube supplier. "The transaction was not the kind of exit a high profile company like CNI must have hoped for in its early days" says Serrato. He points out that CNI, as a market leader, was paid only approximately $5.4 million in Arrowhead common stock plus an undisclosed stake in the surviving Unidym entity. "This price indicates the relatively low value of a stand-alone carbon nanotube supplier. Even if CNI received a full 50% equity stake in the surviving Unidym entity, the decision reveals that the company's best option was to forego the dream of single-handedly benefiting from the broad growth of carbon nanotubes. Instead stockholders were forced to settle for sharing the value that a single customer, Unidym, could derive from using these carbon nanotubes in its intended target market." The merger also highlights that the ability to deliver applications and solutions, not just materials, will be essential to companies seeking successful exits in this space. Consolidation of the fragmented patent landscape is important to facilitating the development of the industry as a whole Carbon nanotube manufacturing is a perfect example where the commercial potential is vast, but the corresponding patent landscape is equally daunting (see our recent spotlight "Growing nanotechnology problems: navigating the patent labyrinth"). Firms seeking to manufacture nanotube-based products now face a dense thicket of patents and patent applications held by different universities, government labs, and companies. When products incorporating nanotubes begin to come to market in the near future, complicated and untested patent issues will confront lawyers and executives. Because of this, investments in companies developing related IP are harder to justify. Mergers could serve as a means to consolidate the patent landscape. "By consolidating many of the fundamental patents related to carbon nanotubes the merged company will be able to pursue a program to license packages of carbon nanotube patents outside of its core products" says Chen. "As such, the merger may encourage manufacturers to make new investments in carbon nanotube-based products, because they will have more direct access to multiple pieces of intellectual property needed to manufacture their product." A focus on electronics applications reveals where carbon nanotubes and other nanomaterials may have their greatest impact in the foreseeable future The Unidym/CNI merger demonstrates that the electronics industry may be the first to embrace carbon nanotubes. However, many companies in the industry do not have business strategies to realize this opportunity. "CNI was originally focused on enabling the most diverse applications possible and growing a range of markets for carbon nanotubes" says Chen. "Like many other nanotech companies, overshooting with inappropriately broad market focus reflected an early arrogance in the value of the underlying technology." The authors argue that nanotechnology companies stand to benefit from a more disciplined and realistic market approach that focuses on the most attractive markets. "CNI’s decision to combine with a carbon nanotube-based electronics company sheds light on where CNI management believed the most compelling opportunities for carbon nanotubes are in the near term." The jury is still out as far as Arrowhead's stock price is concerned. Like most other nanotechnology stocks it hasn't participated in the broader market rally. After the huge spike following the merger announcement, the stock is back to where it was a year ago.

Making $CASH$ by betting on nanotechnology & nanoelectronics

2007-08-10T02:19:00.000-07:00

Making $CASH$ by betting on nanotechnology & nanoelectronics

In my spare time, like many of us, I take joy in thinking about potential investment options to pocket some extra cash. If I had $1M in hand what would I do? Since I am writing a column in nanotechnology and nanoelectronics, I thought it would be fit to base this lush hypothetical around this area. Here is what I would do:

Angel Investing (15% allocation)
A great deal of nanotechnology and nanoelectronics evolve around various start-ups and many are small cap privately funded ventures. To tap into this I would sign up with an angel group (such as the Los Angeles Tech Coast Angels) where member fees are about $1500 and a minimum annual investment required is about $50,000. Expected internal rate of return on investment ranges from 20-30%. According to the "Money-Tree Report" by PricewaterhouseCoopers the Tech Coast Angeles closed on 7 deals compared to Intel Capital that closed on 15. In 2006, biotechnology was the single largest industry sector with $1.5 billion going into 102 deals, unseating software, which is traditionally the largest sector.

Patent Trolling (50% allocation)
Patent Trolling is a derogatory description for firms which typically acquire patents and use them to extort money from legitimate businesses by suing or threatening to sue. The largest patent troll is run by Intellectual Ventures. Press accounts have estimated that the firm has gathered some 3,000 to 5,000 patents, an order of magnitude greater than that of any other purported troll. Microsoft has funded Intellectual Ventures of up to $76 million. The realism of exercising legal patent rights was recently demonstrated between Research in Motion (manufacturer of the BlackBerry) and NTP, which led to a $612 million settlement. Closer to nanotechnology, Harvard recently licensed more than 50 current and pending patents to Nano-Terra that includes patents covering various nanotechnology such as soft lithograph which could potentially be used to make next generation microchips. Similar patent rich nanotech startups include Nanosys, Molecular Imprints, Nantero and Zyvex. Given the mass of dormant patents sitting in Universities, I would establish a firm that sifts through University patents and obtains exclusivity in niche high growth technologies such as nanopatterning (44% growth), solar cells (30% growth), CMOS image sensors (13% growth) and other fundamental inventions based on physical limits to nanoscaling such as phonon engineering and high mobility planar devices. Doing so, I would then contract or recruit seasoned marketers to aggressively license the IP.

Stocks and ETFs (25% allocation)
A large number of nano enabled companies are publicly traded. Such companies span from old giants such as IBM, Intel and GE and newer IPOs such as Nanophase Technologies and the Harris and Harris Group. Various indexes do a good job at grouping these stocks. As many nanotechnology ventures promise to change the world, many on the other side warn of hype. An example is the recent disappoint by Britain's highest-profile publicly traded nanotech startup, Oxonica. The stock price recently plunged nearly 75% quoting one of its key catalyst products failed to work as expected for one of its largest clients. With that said, I would mix-up my nanotech stock portfolio to include picks such as NVE (NYSE: NVEC) working in the space of spintronics and already licensing its IP to some large cap companies where revenue is up 35% in a 12 month period and Luna Innovations (Nasdaq: LUNA) working on technologies that cover products for military and medical applications. Growth potential exists for product sales and licensing opportunities while revenue in the meantime is safely complemented by numerous SBIR contracts. Publicly listed nanotech companies have stumbled as a result of business strategies that placed too much emphasis on IP and produced too few results in terms of revenues, so caution here is required. From an aggregate perspective, nanotech exchange traded funds and indexes haven't done very well. The three famous ETFs include PowerShares Lux Nanotech ETF (AMEX: PXN) gaining 6% over the past year, The Merrill Lynch Nanotech Index (AMEX: NNZ) gaining 1% and the ISE-CCM Nanotechnology Index (Index: TNY) gaining 1%. In comparison the S&P 500-stock index appreciated 16% in the past 12 months. So to conclude, I would balance my portfolio with both old and new nano enabled stocks along with an allocation towards an ETF or two.

Domain Name Investing (10% allocation)
This is probably crossing the line, but it's pretty hard to resist looking at this space as a serious investment opportunity. Domain name investing is seeing explosive growth and becoming a sophisticated investment tool attracting the most flamboyant and refined venture capitalists. I would acquire www.nanotech.com and www.nanotechnology, www.nanoelectronics.com, and www.nano.com. To get a taste of domain valuation, www.nano.com is valued at $100K (according to swiftappraisal.com) which currently belongs to Nanomix. An estimate of domain name appreciation is at about 94% (according to DomainMart). Investing in domain names seems to make sense considering the one sided supply-demand relation.

Summary
When gambling in any investment tool pegged to nanotechnology keep in mind the following comment by Jack Uldrich, president of the consultancy NanoVeritas Group, "It is a common mistake to think of it as an industry. It isn't. Nanotechnology is more of a general-purpose technology, like electricity or the Internet. Because of this, I have always encouraged investors to think of nanotech's potential less from the perspective of what it is and more from the perspective of what it will allow existing businesses to do."

nanotechnology investing

2007-08-10T02:15:00.000-07:00

Leaders discuss bridging gap between nanotechnology research and commercialization
Wednesday, Aug 8, 2007

By Jason Wiest
Arkansas News Bureau
LITTLE ROCK - Arkansas nanotechnology experts took a day off from their microscopic studies Tuesday to brainstorm ways to shrink the gap between their breakthroughs in the laboratory and the marketplace.

Industry and government leaders, venture capitalists and economic development officials participated in a roundtable discussion at the University of Arkansas at Little Rock entitled "Overcoming Barriers to Nanotechnology Commercialization," one of three meetings nationwide.

Most experts said the field requires large infusions of capital and that the problem is a lack of funding.

In Arkansas, most people are not interested in investing in start-up technology because they are neither familiar with technology nor investing in it, said James Hendren, formerly of Arkansas Systems.

But the venture capital industry is not going to change, said Tom Walker, UALR vice provost for innovation and director of the Nanotechnology Center.

"There are too many easy ways to make money," Walker said.

But an Arkansas venture capitalist at the meeting disagreed.

"From a capitalist's perspective, I think we tend to think there is more capital than there are good deals to invest in within the state," said Jeff Stinson, executive director of the Fund for Arkansas' Future, an angel investor fund formed for the purpose of capitalizing early-stage Arkansas-based companies.

Stinson said the fund, which has 57 members and is the only angel fund in Arkansas, has about $60 million in capital, $6.6 million of which is committed.

During the fund's existence, it has averaged 3.5 funding requests per month, and a third of the requests were from companies outside of Arkansas. Other angel funds in the nation average 15 to 20 deals a month, he said.

Commercializing nanotechnology is just going to take time because it's a young industry, he said.

But the state has had recent successes.

Two University of Arkansas professors and their respective companies received Recognition of Excellence in Innovation certificates Tuesday from the U.S. Department of Commerce. Undersecretary Robert Cresanti presented the awards.

Xiaogong Peng and his company, Nanomaterials and Nanofabrication Laboratories, were recognized for pioneering the manufacturing and application of high-quality nanocrystals in solution that can be used in solid-state lighting, light-emitting diodes, solar cells and biomedical detection.

Ajay Malshe and his company, NanoMech, were recognized for developing nanoparticle-based coatings and coating deposition systems that have unique properties such as extreme wear resistance, corrosion resistance, bio-compatibility and other attributes important for military and industrial products and for medical implants.

Both companies are spin-offs based on technology developed at the University of Arkansas in Fayetteville.

For such successes to continue, new investment vehicles need to be created, Walker said.

"The government's going to have to step up," Walker said.

Although Sen. Mark Pryor, D-Ark., said he recognized the importance of nanotechnology and was committed to fostering its commercialization, he said its difficult to get support from other lawmakers because of the military conflicts and other demands on federal funding.

Developing innovations can take eight to 12 years, he said.

"For a lot of people at the Capitol, that's just not very appealing," Pryor said, especially at a time when the nation's finances are strained, the national debt is high and the war in Iraq is still in full-swing.

Tax credits could encourage venture capitalists to invest in nanotechnology, Hendren said.

Grants and scholarships could also be used to educate engineers and scientists further, transforming them into entrepreneurs, another participant suggested.

It's extremely important that something is done, Walker said.

"If we don't step up the R&D investment at the federal level three to four times, we are going to fall behind," he said.

Russia recently made a $7 billion commitment to funding nanoscience over the next five years, according to Sean Murdoch, CEO of NanoBusiness Alliance USA.

"We're going to have to pay the bill one way or another," Walker said, whether the country increases investments in nanotechnology or pays the price by not increasing investments and therefore having a lesser impact on the world or security that's behind the times.

"The consequences are serious," Walker said.

http://nanoinvesting.webs.io/

nanotechnology

2007-08-10T02:03:00.000-07:00

Global Crown Capital Hosts Second Annual Nanotechnology Investment Conference for Institutional Investors

Global Crown Capital, LLC (“GCC”), a full-service boutique investment firm today announced that their second annual Nanotechnology Investment Conference for Institutional Investors will be held on November 7-8, 2007 at the Olympic Club’s Historic Lakeside Clubhouse in San Francisco, California. At this invitation-only conference, institutional investors will gain valuable insight into how exposure to Nanotechnology could improve the performance of their portfolios in the Electronics, Energy, Materials, Chemicals, Consumer and Cleantech sectors.

Conference speakers will include CEOs and CFOs of leading public companies involved in the development and use of Nanotechnology, senior executives of several later stage private Nanotech companies, select industry thought leaders and Global Crown Capital’s All-Star Analyst team. A sample of confirmed companies include: Veeco Instruments, Harris & Harris Group, FEI Company, Nanophase Technologies, NVE Corp., Arrowhead Research, Applied Materials, First Solar, Altair Nanotechnologies, Nanosys, and PowerMetals.

Rani Jarkas, Managing Director and Chief Investment Officer of Global Crown Capital said, “We are seeing a lot of interest by premier institutions in nanotechnology and we look forward to another successful conference this year.”

Global Crown Capital is uniquely qualified to host this conference, as one of the leading investment firms in the U.S. focused on Nanotechnology. The firm has an unparalleled team of internal Nanotechnology experts, a pure-play Nanotechnology index – currently used as a benchmark by professional investors – and it publishes some of the only systematic research of public Nanotech equities worldwide.

According to Dr. John Roy, Senior Executive Director at GCC, “Nanotechnology is accelerating from development to products. With over 500 consumer products now using nano and nearly every major corporation working on it, we expect it to be the key to differentiation and the driver of growth for the next half century. From better solar cells, to better batteries, to better memory, to better displays, and even better golf clubs – nanotech is leading the way.”

http://nanoinvesting.webs.io/

Investing in nanotechnology

2007-08-10T01:59:00.000-07:00

In this issue of NanoNews-Now Editor Rocky Rawstern covers investing in nanotechnology via interviews with Douglas Jamison (of Harris & Harris Group), Bo Varga (of Silicon Valley Nano Ventures), and Norm Wu (of Alameda Capital).

Off the main topic: Dr. Pearl Chin (in the next in her monthly series) contributes an article titled Nanotech Environmental Activist Shenanigans.

Select quotes:

NN: Overall, what do you like about nano as an investment area?

I like the opportunity to invest in the research coming out of a few of the premier research labs in the country in an emerging area of science that often provides for broad intellectual property coverage before too much capital chasing too few deals has led to capital market myopia. Just as in the early days of biotechnology, the quality of people is astounding, and I spend most of my days being the dumbest person in the room, which means I am always learning something

NN: Which specific nanotechnologies will you invest in in 2004? Which are you likely to invest in in 2005 and 2006?

We consider ourselves opportunistic, "bottom-up" investors. We don't look for tiny technology companies in certain industry domains, but rather evaluate opportunities as we discover them or are introduced to them. Currently, of our 16 investments, we consider 4 materials companies, 6 electronic companies, 3 photonics companies, 2 nanobio companies and one an instrumentation company. For 2005, we will invest where the best opportunities present themselves. However, as the area of nanotechnology matures, I believe you can look for our portfolio to evolve towards more integrated nanotechnology solutions.

NN: Typically, what is your contribution to companies with whom you invest? Team Building? Strategic Alliances? Sales? Marketing? Strategic advice? Keep CEO focused? Other?

We have focused our value add on deep technology experience in nanotechnology and deep understanding of technology transfer and commercialization. We believe both skill sets are critical for investing in early-stage tiny technology companies.
—Doug Jamison Vice President of Harris & Harris Group

NN: As things stand today, which nanotechnologies will you likely invest within the next five years, and why?

Tools - required for all applications development and market sizing, channels, penetration is easiest to model. Software - same comments. Materials - basis for all applications and same comments.

NN: In your opinion, what is the single most important factor in investing? Entrepreneur? Team? Technology? Market? Investors? Other?

Entrepreneur first - either capable of building a company or willing to hire management who is. Team second. Technology, Market Sizing/Channels/Penetration, Ability to scale from proto to product, ability to recruit quality investors, etc. is all dependent on the entrepreneur and the team. All investors invest in people, including those who claim they invest in technology or markets.
—Bo Varga Managing Director of Silicon Valley Nano Ventures

NN: What are some of the worst bits of misinformation when it comes to nanotech investing? Who perpetrates it, and why?

"Nanotechnology is too far out there to be interesting from an investment perspective." - this is too much of a generalization. Many areas of nanoscience research are indeed too early for venture investors with a limited time horizon. Quantum computing. Molecular electronics. Nanodevices for targeted drug delivery. Yet there are many areas where nanotechnology is producing revenues today, or will be in the short term. Coatings for scratch resistant glasses. Smart fabrics. Advanced thin film photovoltaics on polymer substrates. Low power, organic silicon displays.

NN: As things stand today, which nanotechnologies will you likely invest within the next five years, and why?

We are currently excited about a number of sensor and imaging technologies for security and medical diagnostics, new display technologies, next generation semiconductor devices (first memory and later logic), and certain alternative energy technologies. Each of these have large existing markets, reasonable capital requirements, good technology maturity, and talented entrepreneurs who have developed a compelling value proposition based on the convergence of nanotechnology with other technologies.

NN: In your opinion, what is the single most important factor in investing? Entrepreneur? Team? Technology? Market? Investors? Other?

Definitely team. Any experienced entrepreneur or investor will tell you it is rare for the technology or the business to evolve according to plan. Management teams that have the passion, intelligence and teamwork to realize their vision will find a way to evolve their technology and adapt their strategies, plans and organization to make it happen.
—Norm Wu Managing Director of Alameda Capital

Introduction to Nanotechnology Funding,Venture Capital funding, Stocks in Nanotechnology and Business

2007-08-08T15:31:00.000-07:00

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Making $CASH$ by betting on nanotechnology & nanoelectronics

Making $CASH$ by betting on nanotechnology & nanoelectronics

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Introduction to Nanotechnology Funding,Venture Capital funding, Stocks in Nanotechnology and Business