Chairman Terry: “Nanotech is a true science race between the nations, and we should be encouraging the transition from research breakthroughs to commercial development.”
WASHINGTON, DC – The Subcommittee on Commerce, Manufacturing, and Trade, chaired by Rep. Lee Terry (R-NE), today held a hearing on “Nanotechnology: Understanding How Small Solutions Drive Big Innovation.” Nanotechnology is science, engineering, and technology conducted at the nanoscale, which is approximately 1 to 100 nanometers (one nanometer is a billionth of a meter). This technology brings great opportunities to advance a broad range of industries, bolster our U.S. economy, and create new manufacturing jobs. Members heard from several nanotech industry leaders about the current state of nanotechnology and the direction that it is headed.
“Just as electricity, telecommunications, and the combustion engine fundamentally altered American economics in the ‘second industrial revolution,’ nanotechnology is poised to drive the next surge of economic growth across all sectors,” said Chairman Terry.
Dr. Christian Binek, Associate Professor at the University of Nebraska-Lincoln, explained the potential of nanotechnology to transform a range of industries, stating, “Virtually all of the national and global challenges can at least in part be addressed by advances in nanotechnology. Although the boundary between science and fiction is blurry, it appears reasonable to predict that the transformative power of nanotechnology can rival the industrial revolution. Nanotechnology is expected to make major contributions in fields such as; information technology, medical applications, energy, water supply with strong correlation to the energy problem, smart materials, and manufacturing. It is perhaps one of the major transformative powers of nanotechnology that many of these traditionally separated fields will merge.”
Dr. James M. Tour at the Smalley Institute for Nanoscale Science and Technology at Rice University encouraged steps to help the U.S better compete with markets abroad. “The situation has become untenable. Not only are our best and brightest international students returning to their home countries upon graduation, taking our advanced technology expertise with them, but our top professors also are moving abroad in order to keep their programs funded,” said Tour. “This is an issue for Congress to explore further, working with industry, tax experts, and universities to design an effective incentive structure that will increase industry support for research and development – especially as it relates to nanotechnology. This is a win-win for all parties.”
Professor Milan Mrksich of Northwestern University discussed the economic opportunities of nanotechnology, and obstacles to realizing these benefits. He explained, “Nanotechnology is a broad-based field that, unlike traditional disciplines, engages the entire scientific and engineering enterprise and that promises new technologies across these fields. … Current challenges to realizing the broader economic promise of the nanotechnology industry include the development of strategies to ensure the continued investment in fundamental research, to increase the fraction of these discoveries that are translated to technology companies, to have effective regulations on nanomaterials, to efficiently process and protect intellectual property to ensure that within the global landscape, the United States remains the leader in realizing the economic benefits of the nanotechnology industry.”
James Phillips, Chairman & CEO at NanoMech, Inc., added, “It’s time for America to lead. … We must capitalize immediately on our great University system, our National Labs, and tremendous agencies like the National Science Foundation, to be sure this unique and best in class innovation ecosystem, is organized in a way that promotes nanotechnology, tech transfer and commercialization in dramatic and laser focused ways so that we capture the best ideas into patents quickly, that are easily transferred into our capitalistic economy so that our nation’s best ideas and inventions are never left stranded, but instead accelerated to market at the speed of innovation so that we build good jobs and improve the quality of life and security for our citizens faster and better than any other country on our planet.”
Chairman Terry concluded, “Nanotech is a true science race between the nations, and we should be encouraging the transition from research breakthroughs to commercial development. I believe the U.S. should excel in this area.”