Nanotechnology
A big future for small things? Global Investor Focus, 02/2005 Credit Suisse
A big future for small things?
Global Investor Focus, 02/2005
Credit Suisse
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GLOBAL INVESTOR FOCUS<br />
<strong>Nanotechnology</strong>—19<br />
Rita Hofmann, Head of Research and Development, Ilford Group,<br />
Switzerland: “Nanoapplications will fill particular gaps, but they are not the<br />
solution to all of today’s problems.”<br />
Viola Vogel, Head of the Laboratory for Biologically Oriented Materials at the<br />
Swiss Federal Institute of Technology, ETH: “We scientists have to play a<br />
far more active role to help society discriminate between science and fiction.”<br />
Maria Custer: What does the change “from solid state to molecular<br />
components” mean? Are there examples?<br />
Hans-Joachim Güntherodt: In the past, we observed the<br />
change from vacuum or radio tubes to transistors, later the field of<br />
solid-state integrated circuits was introduced. Today, lower dimensions<br />
in the micrometer range are state-of-the-art. Smaller dimensions<br />
are not accessible by lithographic processes or limited by<br />
physical laws. Therefore, in the future transistors might be replaced<br />
by molecular components.<br />
Heinrich Rohrer: Molecules are the smallest, nanometer-sized<br />
functional components. One objective of macromolecular chemistry<br />
is to synthesize molecules of increasingly complex functionality. In<br />
many nanotech applications, the electron or ion currents become so<br />
small that we have to count electrons and ions instead of measuring<br />
currents. Using molecules as counting components seems to be a<br />
natural approach, as nature uses them abundantly, for example, molecules<br />
as adjustable holes for transfer of single ions through cell<br />
walls. Dreaming of the distant future, molecules are envisaged to<br />
serve as basic building blocks for self-assembling increasingly complex<br />
functional units and systems.<br />
Arthur Vayloyan: Will large, well-established companies control<br />
the market or is there room for smaller companies and start-ups?<br />
Rita Hofmann: There is a market now for start-ups, primarily<br />
in the equipment and medical sector, and in cases where investments<br />
in very expensive equipment are not needed. However, most<br />
of the activity will be in traditional industries and with big industrial<br />
players that invest in nanotechnology. For example, digital manufacturing<br />
and manufacturing-on-demand use manipulation on a fine<br />
scale. It is my guess that every major chemical company, every<br />
electronics company and many manufacturing industries have nanotechnology<br />
programs. There are also start-up groups in traditional<br />
industry.<br />
Heinrich Rohrer: There are opportunities for new companies,<br />
and they will appear. Just look at the developments in the data processing<br />
industry since 1960, thanks to microelectronics.<br />
Hans-Joachim Güntherodt: Today, there are examples of<br />
activities for both alternatives. Several well-established companies,<br />
such as IBM, Hewlett-Packard, and Hitachi, hold patents. Some startups<br />
are also already making profits. The start-ups in the field of scanning<br />
probe microscopy can all be linked to universities working in this<br />
field. Therefore, it is hard to speculate on who will control the market.<br />
Arthur Vayloyan: What are your views on nanotech programs<br />
in large companies compared with small start-ups coming from the<br />
academia?<br />
Rita Hofmann: Start-ups have the disadvantage of having to<br />
develop new products for markets that might not yet exist to assure<br />
their living. For example, commercializing a new industrial product in<br />
my industry can cost anywhere from CHF 4 million to 10 million. This<br />
covers only technical development, not investing in any infrastructure<br />
or manufacturing equipment for longer-term sustainability. If startups<br />
have this kind of money available to them, they have a chance.<br />
Start-up groups in large companies do not have access to external<br />
funding.<br />
Viola Vogel: Not all products derived from nanotechnology are<br />
targeting new markets. Many start-up companies in the US are targeting<br />
existing markets with new products.<br />
Hans-Joachim Güntherodt: I believe the topic of start-ups is<br />
linked to the academic environment. In large companies, the programs<br />
are much more focused on the extension of existing products<br />
towards the advantages of the nanoscale.<br />
Maria Custer: So, the expectation is that larger companies will<br />
be the first to successfully introduce nanotech products, and smaller<br />
companies with great ideas will most likely need to collaborate >