V. Challenges for Nanotechnology Commercialisation :
New inventions based on new technology, usually attract attention due to their ingenuity, but a product must also be useful and compelling, enabling it to be used in everyday life. The objective of the firm is to identify a market for its new products [5]. From a business perspective, the steps to be followed for the successful commercialization of a nanotechnology based product include market size, market potential, and the economic scenario of the countries and the people who use such products [6]. Common challenges faced by nanotechnology firms are :
(i) Time Lag: The average time delay between research, completion, and commercialization of a nanotechnology product can lie between three …show more content…
Since the cost of commercialisation is very high compared to the invention cost of the product, usually, the scientist who invented the product may not have interest in commercialisation, but the firms invested for such research have to spend to encash its business opportunity.
(iii) Lack of infrastructure: Nanotechnology product based research is expensive and requires costly instruments. The lack of infrastructure retards the progress of new product invention.
(iv) Lack of standard for evaluation: A major obstacle for developing nano-products is the lack of standards for evaluation of performance at different stages of research. Because of this, normalizing standards by which nanotechnologies can be evaluated are lacking which affects the patenting process.
(v) Bureaucratic delays: Patent polices take up to thirty-six months to respond to a single application, a serious problem when even a slight delay can be detrimental. Due to lack of a coherent policy on technology transfer from universities to start-up businesses and a considerable red tape must be dealt with for any such transfer using black ocean strategy …show more content…
By identifying new applications of existing nanotechnology products or by inventing new avenues of developing innovative products with patent right, nanotechnology firms can follow blue ocean strategy.
(c) NT supports to develop new sustainable products for Green Ocean strategy players by taking care of environmental degradation through NT research. The existing business firms can develop a strategy to improve the features of their products to make them environmental friendly which is the part of their corporate social responsibility. The new firms shall develop processes of manufacturing and the end products to be marketed as environmental friendly by erasing the carbon footprint using nanotechnology.
(d) Nanotechnology supports to develop new sustainable products for White Ocean strategy players by strong collaboration and competition; address multi-stakeholders and responsible development by avoiding any unpredictable danger, threat and risk to living beings through NT
New inventions based on new technology, usually attract attention due to their ingenuity, but a product must also be useful and compelling, enabling it to be used in everyday life. The objective of the firm is to identify a market for its new products [5]. From a business perspective, the steps to be followed for the successful commercialization of a nanotechnology based product include market size, market potential, and the economic scenario of the countries and the people who use such products [6]. Common challenges faced by nanotechnology firms are :
(i) Time Lag: The average time delay between research, completion, and commercialization of a nanotechnology product can lie between three …show more content…
Since the cost of commercialisation is very high compared to the invention cost of the product, usually, the scientist who invented the product may not have interest in commercialisation, but the firms invested for such research have to spend to encash its business opportunity.
(iii) Lack of infrastructure: Nanotechnology product based research is expensive and requires costly instruments. The lack of infrastructure retards the progress of new product invention.
(iv) Lack of standard for evaluation: A major obstacle for developing nano-products is the lack of standards for evaluation of performance at different stages of research. Because of this, normalizing standards by which nanotechnologies can be evaluated are lacking which affects the patenting process.
(v) Bureaucratic delays: Patent polices take up to thirty-six months to respond to a single application, a serious problem when even a slight delay can be detrimental. Due to lack of a coherent policy on technology transfer from universities to start-up businesses and a considerable red tape must be dealt with for any such transfer using black ocean strategy …show more content…
By identifying new applications of existing nanotechnology products or by inventing new avenues of developing innovative products with patent right, nanotechnology firms can follow blue ocean strategy.
(c) NT supports to develop new sustainable products for Green Ocean strategy players by taking care of environmental degradation through NT research. The existing business firms can develop a strategy to improve the features of their products to make them environmental friendly which is the part of their corporate social responsibility. The new firms shall develop processes of manufacturing and the end products to be marketed as environmental friendly by erasing the carbon footprint using nanotechnology.
(d) Nanotechnology supports to develop new sustainable products for White Ocean strategy players by strong collaboration and competition; address multi-stakeholders and responsible development by avoiding any unpredictable danger, threat and risk to living beings through NT