What is a nanometer?
One-billionth of a meter. For comparison purposes, consider that the width of human hair is approximately 80,000 nanometers. A nanometer-sized particle also is smaller than a living cell and can be seen only with the most powerful microscopes available today.
How much money is the U.S. government spending on nanotechnology?
Federal funding for nanotechnology R&D has increased substantially since inception of the NNI, from $464 million in 2001 to an estimated $1,081 million in 2005. The 2006 budget request that President Bush has sent to Congress calls for a total NNI budget of $1,054 million. Read more about the 2006 budget request.
How does this spending compare to other countries?
The United States is not the only country to recognize the tremendous economic potential of nanotechnology. While difficult to measure accurately, some have estimated that worldwide government funding has increased to about five times what it was in 1997, exceeding $2 billion in 2002. Asian countries, including Japan, China and Korea, as well as several European countries, have made leadership in nanotechnology national priorities.
Why fund nanotechnology?
Nanotechnology has the potential to profoundly change our economy and to improve our standard of living, in a manner not unlike the impact made by advances over the past two decades by information technology. While commercial products are starting to come to market, some of the major applications for nanotechnology are five to ten years out. Private investors look for shorter-term returns on investment, more in the range of one to three years. Consequently, government support for basic research and development in its early stages is required in order to realize nanotechnology’s full potential and to maintain a competitive position in the worldwide nanotechnology marketplace.