That is according to a new plan of action for the US National Nanotechnology Initiative (NNI), released by the National Science and Technology Council's Committee on Technology with support from the National Nanotechnology Coordination Office (NNCO).
A new plan is released every three years - a step seen as essential by the NNCO director Clayton Teague, given the dynamic nature of the field. Although converting emerging technologies into commercially viable products usually takes decades, the field of nanotechnology is moving fast. To date, there are over 4,800 patents classified as nanotechnology by the US Patent and Trademark Office.
Since its beginning, the NNI has established and supported 70 research and user facilities.
"As a result, scientific understanding of nanometre-scale phenomena has expanded enormously," said Teague.
"This strategic plan presents an overview of the NNI for the public and will facilitate achievement of the NNI vision by offering guidance for agency leaders, program managers, and the research community in their nanotechnology R&D investments and activities," he added.
In order to draw up the plan, all 25 of the NNI participating agencies were consulted as to what they thought should be the initiatives goals and priorities. The plan also tries to identify ways to accomplish those goals.
Additional input was also sought from government institutions and workshops attended by academics and industry experts.
Although several aspects of the 2004 plan are still relevant today, several modifications have taken place to reflect progress and to emphasise and clarify the significance that nanotechnology advances will have.
Two subject areas that require further investment were identified: one titled Environment, Health and Safety and one called Education and Societal Dimensions.
A second major change to the strategic plan is the addition of a number of exemplary, high-impact application opportunities and critical research needs, which cut across different areas of the NNI.
"The opportunities and needs are visionary, yet realistic," Teague said.
However, he also noted that "exploiting the full value that nanotechnology offers depends on sustained R&D. Barriers to innovation and technology transfer need to be lowered. Researchers, educators, and technicians with new skills are required. Furthermore, nanotechnology must be developed responsibly. "