Managing business risks in nanotechnology

Nanotechnology is set to disrupt the face of many industries. Any industry that fails to investigate the potential of nanotechnology, and to put in place its own strategy for adapting to it, is putting its business at risk. The uncertainty exists over gaps influencing risks that are beyond the organisation's control, which grow in businesses dealing with nanotechnology in relation to investment, government and other societal impacts of the technology. The research examines these evolving risks be reduced for businesses to succeed and cope in the Nano-Age. The study aims to assess the uncertainties that affect the business environment and to assist in developing a risk analysis process, which would provide a guideline as to how risks should be considered, evaluated and managed in a nanotechnology business. Surveys and interviews were conducted to gauge public awareness and the managerial impediments. The results indicate the knowledge and standardisation gaps, which need to be dealt with on either side of the groups, academic professors and industrial managers. To bridge the gap between academia and industry, we recommend an exchange of knowledge with proper standardisations. For the market readiness of successful businesses, it helps to shorten the time taken for the patent to be granted and to provide proper classifications in order to protect intellectual property. This will benefit investors to invest more confidently due to the added security in their investment.