WHO’S GETTING THE CASH IN NANOMANUFACTURING?

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WHO’S GETTING THE CASH IN NANOMANUFACTURING? Douglas W. Jamison Harris & Harris Group, Inc. One Rockefeller Center, Suite 1430 New York, NY 10020 (212) 332-3600 [email protected]

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WHO’S GETTING THE CASH IN NANOMANUFACTURING?. Douglas W. Jamison Harris & Harris Group, Inc. One Rockefeller Center, Suite 1430 New York, NY 10020 (212) 332-3600 [email protected]. PRESENTATION:. 1.) Present a framework in which to think about nanomanufacturing investments. - PowerPoint PPT Presentation

Transcript of WHO’S GETTING THE CASH IN NANOMANUFACTURING?

Page 1: WHO’S GETTING THE CASH IN NANOMANUFACTURING?

WHO’S GETTING THE CASH IN

NANOMANUFACTURING?Douglas W. Jamison

Harris & Harris Group, Inc.One Rockefeller Center, Suite 1430

New York, NY 10020(212) 332-3600 [email protected]

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PRESENTATION:

1.) Present a framework in which to think about nanomanufacturing investments.2.) Comment on where some of the established firms are focusing.3.) Comment on the survey of nanomanufacturing firms.4.) Revisit the framework of investment opportunities.

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FRAMEWORK:

Why is presenting a survey of firms important?

• First, it provides a visual picture to help an investor or start-up map the landscape and develop a strategy.

• Second, it allows you to guard against capital market myopia.

• Third, it provide investors and start-ups with a set of companies to compare against when deciding if their start-up has the right type of technology to be successful in its specific industry dynamic.

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SURVEY SUMMARY:• Approximately 115 “Tool Companies” in the database at

this point.• Approximately 20+ are considered “incumbents.”• Approximately 90 + are start-ups, small firms, or firms with a new

division focused on nanomanufacturing.

• 14+ companies focused on SEMs and TEMs.• 34+ companies focused on SPMs.

• An additional 12+ firms supplying accessories for SPMs.

• 18+ Lithography companies• 5+ in NIL; 5+ in E-Beam; 2+ in EUV; 1 in X-ray lithography

• 6+ companies focusing on self-assembling manufacturing.

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CURRENT FIRMS DEVELOPING

NANOMANUFACTURING CAPABILITIES:

“THE INCUMBENTS”

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COMPANY: WEB SITE: TECHNOLOGY:

Applied Materials Inc. http://www.appliedmaterials.com/about/index.html

Manufactures wafer fabrication equipment withCVD and PVD steps. Inspection and metrology equipment. 

ASM Lithography Holding NV

http://www.asml.com/NASApp/asmldotcom/show.do?GXHC_JSESSIONID=383da70197aa2e53&rid=1839&ctx=238

Lithography techniques for Silicon integrated circuits. Research electron/ion and extreme UV lithography with resolutions below 100nm.

Canon http://www.canon.com/technology/index.html

X-ray lithographic technology with resolution of 130nm by 2003 and 100nm by 2005. 

FEI Corp. http://www.feicompany.com/eng/products/list.html

Manufactures products based on focused charged particle beam technology including TEMs, SEMs and focused ion beam systems. 

HP http://www.hpl.hp.com/ Research into soft lithography. HP’s Quantum Science research group is working on a molecular electronics program for defect tolerant architectures. 

Hitachi Scientific Instruments

http://www.hii-hitachi.com/ Supplies SEMs, focused ion beam milling systems, TEMs, and electron beam lithography systems. 

JEOL http://www.jeol.com/products.html Manufacture a variety of material analysis instruments including SEMs and TEMs. 

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JMAR Technologies Inc.

http://www.jmar.com/prod.html Produce programmable, high resolution, AFM- based integrated inspection systems for semiconductors, biochips, and hard disks. Laser and X-ray source and the positioning systems are proprietary to JMAR. 

KLA-Tencor Corp. http://www.kla-tencor.com/products/browse.html

Manufactures yield management solutions, process monitoring systems, and tools to identify defects. 

LEO Electron Microscopy

http://www.leo-em.co.uk/ Manufacture SEMs and TEMs. Zeiss subsidiary.

NEC http://www.nec.com/global/rd/index.html

R&D projects include electron beam nanolithography and atom holography. 

Nikon http://www.nikonusa.com/usa_category/category_instr.jsp

Electron projection lithography and AFM applications.

Novellus Systems Inc. http://www.novellus.com/products/prosetup.asp

Manufactures automated wafer fabrication systems for thin film deposition. Provides CVD, PVD, photoresist and residual removal. 

Olympus http://www.olympus.com/global/industrial_global.htm

Produce cantilever tips for scanning tip microscopes (STMs) and near field optical microscopes. 

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Rudolph Technologies Inc.

http://www.rudolphtech.com/products/index.html

Manufactures process control metrology systems including a metrology line for opaque and transparent films. 

Seiko Instruments http://www.sii.co.jp/info/eg/index.html Manufactures analytical equipment including scanning probe microscopes, focused ion beam machines and SEMs. 

Ultratech Stepper Inc. http://www.ultratech.com/products/index.shtml

Manufactures photolithography equipment.

Veeco Instruments Inc.Digital Instruments

http://www.veeco.com/html/product_bymarket.asp

Manufactures process equipment and metrology tools including etch and deposition systems and surface measurement systems.DI manufactures scanning probe microscopes, AFMs, near field scanning optical microscopes, and related peripherals. 

Zeiss http://www.zeiss.com/us/home.nsf/Contents-FrameDHTML/F2F21D215D97061C85256CAD0054C9B3

Manufacturer of optical microscopes, SPMs and SEMs. LEO is a subsidiary.

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CURRENT FIRMS DEVELOPING

NANOMANUFACTURING CAPABILITIES:

“THE UP AND COMING?”

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COMPANY: LOCATION:

WEB SITE: MARKET SPACE:

TECHNOLOGY: INVESTORS:

MicroMagnetics

Fall River, MA

http://www.micromagnetics.com/

Analytical Equipment

Employs magnetic fields generated by a current to determine the amount of current in a circuit on an IC. Sensitivity approaching SQUID and can resolve features smaller than 50 nm.

 

Nano-Or Israel http://www.nano-or.com/

Analytical Equipment

Non-contact, non-destructive 3-D measurement system. Company has incorporated interferometer metrology performance into a white-light microscope.

First round investment funds from Jerusalem Global Ventures, STI Ventures, Dellet VC, and private investors

Burleigh     Analytical Equipment

Manufacturer of instruments for testing, measurement and automation in the photonics market. Produces positioning systems with nanometer precision.

 

Cameca     Analytical Equipment

Develops instrumentation for surface and interface analysis and microprobes.

 

Evotec Biosystems

UK and Germany

http://www.evotecoai.com/servlet/page?_pageid=77&_dad=portal30&_schema=PORTAL30

Analytical Equipment

Development of single molecule spectroscopy  

Image Metrology

Denmark http://www.imagemet.com/

Analytical Equipment

Produce software for Scanning probe microscope data and analysis.

 

Integrated Nanosystems, Inc.

Sunnyvale, CA

http://intnano.com/ Analytical EquipmentBio application

Developed a process for the manufacture of a carbon nanotube probe for use in semiconducting metrology and the biomedical market

 

Jasco Corp. Japan http://www.nni.nikkei.co.jp/FR/AWG/recs/JPManuf0033929.html

Analytical Equipment

Manufacturer of analytical instrumentation with an emphasis on advanced optical systems.

 

Micro Materials Burr Ridge, IL http://www.micromaterialsresearch.com/

Analytical Equipment

Manufacturer of mechanical testing instruments at nano and micro scale, especially nanoindentation, scratch and impact testing.

 

Photometrics Inc.

Huntington Beach, CA

http://www.photometrics.net/

Analytical Equipment

Laboratory dedicated to solving production and failure analysis.

 

Ion TOF Germany http://www.ion-tof.com/

Analytical Equipment.

Manufacture secondary ion mass spectrometry systems.

 

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Positron Systems Inc.

Boise, ID http://www.positronsystems.com/

Metrology and Inspection Tool

Non-destructive technology for identifying nanoscale defects called Photon Induced Positron Annihilation System.

 

Rave LLC Delray Beach, FL

http://www.ravellc.com/careers.html

Metrology and Inspection Tool.

Developing a scanning probe microscope tool for mask and semiconductor repair.

 

Nano World Technologies

    Metrology/ Inspection Tool

Electron beam nanolithography used to inspect and repair semiconductor photomasks.

 

Nanometrology New York   Metrology/ Inspection Tool

CD-SEM calibration and line-edge roughness metrology tool to help technicians calibrate multiple CD-SEMs for increased yields.

 

NLine Corp. Austin, TX http://www.nline.com/

Metrology/ Inspection Tool

Digital holography to peer into narrow and deep spaces such as contacts and trench capacitors on semiconductor wafers. Tool detects defects that are smaller than the wavelength of deep ultraviolet light. Targeted at 90 nm process technology.

$7.4 million second round included Advanced Micro Devices, Hat Creek Partners, Intel Capital, Sensor Technology Development Fund, SG Cowen Venture Partners, TAT Capital Partners Ltd., and Thomas Weisel Partners. The $7.4 million raised brings the total equity investment in nLine to $18.4M.

Therma-Wave SanFrancisco, CA

http://www.thermawave.com/

Metrology/ Inspection Tool

Develop a real time, critical dimension system to scatterometrically measure 130 nm photoresist features for polysilicon gate and shallow trench applications.

Established since 1982

Hysitron Minneapolis, MN

http://www.hysitron.com/

Metrology/ Inspection Tool

Manufactures nanomechanical testing instruments especially tailored to measure hardness, elastic modulus, friction, wear resistance, fatigue, nanoscratch and indentation.

 

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Zyvex Corporation

Richardson, TX

http://www.zyvex.com/

Molecular Self-Assembly

Assembly-based systems approach to integrating macro, micro and nanodevices, with a strong emphasis on self-assembly. Released S100 Nanomanipulator System for positioning and testing tools for nanotech research and development applications.

 

Molecular Electronics Corp.

Hilton Head, SC

http://www.molecularelectronics.com/

Molecular Self-Assembly

R&D company working on commercializing nanoelectronics with their main focus on self-assembly

$7.65 million originally from Angel investors.

NanoFrames LLC

Boston, MA http://www.nanoframes.com/

Molecular Self-Assembly

Perform research on the use of rod-like tails of viruses for building blocks in nanoscale self-assembly.

 

Nanolayers Israel http://www.nanolayers.com/about.shtml

Molecular Self-Assembly

Developed a proprietary organic thin-film technology for the enhancement of microelectronic components.

Millenium Materials Technology Fund

Nanosys Inc. Palo Alto, CA www.nanosysinc.com 

Molecular Self-Assembly

Synthesize 0 and 1 dimensional nanostructures for applications in photovoltaics, macroelectronics, and chemical sensing.

ARCH Ventures, CW Group, Polaris ventures, Venrock Associates, etc.

Mound laser and Photonics center

Miamisburg, OH

http://www.mlpc.com/

Micromachining

Develop applications for laser micromachining and fabrication.   

 

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Molecular Imprints

Austin, TX http://www.molecularimprints.com/aboutmi.html

Nanoimprint Lithography

Step & Flash Imprint Lithography. Imprio 100 has a price tag of $2 million.

$12 million in VC funding from Alloy Ventures, Asset Management, DFJ, Huntington Ventures, KT Venture Group, Lam research and Motorola Ventures

Nanonex Corp. Princeton, NJ http://www.nanonex.com/

Nanoimprint Lithography

Shipping nanoimprint lithography tools ranging in price from $300-700K.

undisclosed

Obducat AB Malmo, Sweden

http://www.obducat.com/sida_2.asp

Nanoimprint Lithography

Develop and supply technologies for the production of advanced micro and nano structures for research and manufacturing including electron beam writers, electron microscopes and nanolithography. Sold 5 pilot production NIL machines with 20-25 to be delivered to customers in 2003.

Public company

EV Group Austria http://www.evgroup.com/products/hotembossing.htm

Nanoimprint Lithography

A semiconductor and MEMS production equipment maker. EV Group has three nanoimprint lithography systems, the hot embossing device that works at high temperatures and precise pressure, a device that solidifies the polymer material with UV light and a microcontacting printing process that uses a flexible stamp to deposit patterns on surfaces with existing topographical features.

 

LumArray Cambridge, MA

http://www.lumarray.com/index.htm

Next Generation Lithography

Maskless zone plate array lithography controlled by Microsystems. Technology is extendable to 10-20 nm.

 

Advantest Japan http://www.advantest.co.jp/products/en-index.shtml

Next Generation Lithography

Manufacture electronic measuring instruments, automatic test equipment and electron beam lithography systems for ICs.

 

AMO GmbH Germany http://www.amo.de/amo/welcome_en.html

Next Generation Lithography

Develop interference lithography and nanoimprint technology

 

NanoInk Chicago, IL http://www.nanoink.net/home.html

Next generation Lithography

AFM based dip-pen lithography* Raised approximately $6 million Galway partners and Lorie Investment Fund

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Quantiscript Canada http://www.quantiscript.com/english/intro.htm

Next Generation LithographyE-Beam

Developer of electron beam lithography.  

Raith GmbH Germany http://www.raith.de/intro.html

Next generation LithographyE-Beam

Manufacturer of electron beam lithography systems.  

JC Nability Lithography Systems

    Next Generation Lithography – E beam

Manufacture an interface for performing e beam lithography with SEMs and STMs.

 

Applied Physics Technologies Inc.

    Next Generation Lithography – E-Beam

Produces metal carbide tips that emit a thin beam of electrons with potential for use in electron beam lithography.

 

Mapper Lithography

Delft University

http://www.mapperlithography.com/

Next generation Lithography - Electron Beam Lithography

Technology based on a combination of e-beam writing and conventional optical imaging that enables high resolution and high-speed lithography without a conventional photomask. Designed pattern is imaged on a converter plate rather than on the wafer directly. Developing a wafer stepper for 22-45 nm semiconductor lithography.

July, 2001 $2.2 million from Residex Venture Capital Network and Delft University. In August 2002 KT Ventures also invested.

Molecular Robotics

    Robotic manipulation

Researching conversion of the atomic force microscope into a production robot with atomic manipulation capabilities. 

 

Chemat Technology

Northridge, CA

http://www.chemat.com/

Self-Assembly via sol-gel

Manufacture and sell a wide range of precursor materials for sol-gel. They have developed a new form of anti-reflective coating using a sol-gel based spin-on process.  

 

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Imago Scientific Instruments Corp.

Madison, WI http://www.imago.com/#

Imaging and Manipulation

Developing proprietary Nanolytical™ equipment to meet the characterization needs of the nanotechnology revolution. Imago’s premier product, the LEAP™ microscope, provides unsurpassed three-dimensional materials analysis at the nanoscale.

$7 million in VC funding from DFJ, Infineon Ventures, Draper Triangle Ventures, Stanford Management Company

Nanoscience Instruments Inc.

Phoenix, AZ http://www.nanoscience.com/

Imaging and Manipulation

Scanning probe image processor product permitting researchers to add 3-D animation tools to scanning probe microscope images. 

 

National Instruments

worldwide http://www.ni.com/ Imaging and ManipulationBio applications

Manufacture a piezo tuning wizard for motion control. Permits developers to easily tune and control piezo-based motors for high-precision applications such as wafer alignment and biotech microarray handling.

 

Nion Co. Kirkland, WA http://www.nion.com/

Imaging and Manipulation

Specializes in precision optical instrumentation such as aberration correctors, imaging filters, slow scan CCD cameras, parallel electron energy loss spectroscopy and STMs.

Established for some time

3rdtech Inc. Chapel Hill, NC

http://www.3rdtech.com/

Imaging and Manipulation

Produces the NanoManipulator, a set of virtual reality interface tools for TM scanning probe microscopes.

 

Accurion Menlo Park, CA

http://www.accurion.com/

Imaging and Manipulation

Produces AFMs, SPM and some optical measurement instruments

 

Adept Technology

Livermore, CA

http://www.adept.com/main/index.html

Imaging and Manipulation

Producer of nanopositioning equipment  

Angstrovision California http://www.angstrovision.com/

Imaging and Manipulation

Exploiting interferometry to allow rapid-frame-rate 3-D imaging at nanoscale.

 

Arryx Chicago, IL http://www.arryx.com/home.html

Imaging and ManipulationBio applications

Develops and commercializes a technology for the manipulation of nano-objects with focused beams of laser light.

Raised $7.2 million from DFJ, Fahnestock Fund and ARCH Development Fund

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Asylum research

Santa Barbara, CA

http://www.asylumresearch.com/

Imaging and Manipulation

Seller of scanning probe microscopes and related materials.

 

Atomic Force F&E GmbH

Germany http://www.af-fe.de/ Imaging and Manipulation

Producer of microscope accessories such as cantilevers, SEM accessories, surface profile measuring instruments and layer thickness measuring instruments.

 

Attocube Systems

Germany http://www.attocube.com/

Imaging and Manipulation

Develops nanopositioning actuators  

Atos     Imaging and Manipulation

Surface topography equipment seller – AFM, near field scanning optical microscopes, SPM and nanoindenter.

 

BioForce Nanosciences

  www.bioforcenano.com 

Imaging and ManipulationBio applications

Developer of AFMs for biological applications.  

Camscan Electron Optics

Great Britain http://www.camscan.co.uk/

Imaging and Manipulation

Manufacturer of SEMs.  

Danish Micro Engineering DME

Denmark http://www.dme-spm.dk/

Imaging and Manipulation

Manufactures AFMs and near field scanning optical microscopes.

 

Focus GmbH Germany http://www.focus-gmbh.com/

Imaging and Manipulation

Manufacturer of instruments for electron microscopy.  

Fries Research & Technology

Germany http://www.frt-gmbh.com/home/home.php3?sprache=uk

Imaging and Manipulation

Develops processes and tools for the production and modification of nanostructures with ion beams.

 

General Nanotechnology

Berkeley CA http://www.gennano.com/

Imaging and Manipulation

Produces imaging and operating software for AFMs and optical microscopes.

 

Independent research Engineering Group 

    Imaging and Manipulation

Scanning probe microscope manufacturer.  

Infinitesima Bristol, UK   Imaging and ManipulationBio applications

Develops systems for improving scanning probe microscope performance in applications of biology and polymer science.

 

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JPK Instruments

Berlin, Germany

http://www.jpk.com/index2.htm

Imaging and ManipulationBio application

Maker of dual function microscopes, designed for use in biological fields.

 

Kelvin Nanotechnology

Glasgow, Scotland

http://www.elec.gla.ac.uk/knt/

Imaging and ManipulationBio application

Semiconductor fabrication and processing for electronics and biology, including e beam writing and molecular beam epitaxy.

 

Kleindiek Nanotechnik

Germany http://www.nanotechnik.com/

Imaging and Manipulation

Manufacturer of nanopositioning equipment.  

K-Tek International Inc.

Portland, OR http://www.ktekintl.com/

Imaging and ManipulationAccessories

Manufacturer of AFM cantilevers and gratings.  

Mikromasch   http://www.mikromasch.com/

Imaging and ManipulationAccessories

Manufacturer of Scanning probe microscope tips, cantilevers and calibrating samples.

 

Minus K Inglewood, CA

http://www.minusk.com/

Imaging and Manipulation

Manufacture vibration isolation systems for scanning probe microscopes.

 

Molecular Devices & Tools for Nanotechnology

Moscow, Russia

http://www.ntmdt.ru/

Imaging and Manipulation

Produce scanning probe microscopes and related accessories for surface characterization in gas, air and liquid environments.

 

Molecular Imaging

Tempe, AZ http://www.molec.com/

Imaging and Manipulation

Design and produce scanning tunneling microscopes, AFMs, peripherals and scanning probes.

 

Nanodevices Inc.

Santa Barbara, CA

http://www.nanodevices.com/

Imaging and ManipulationAccessories

Manufactures AFM cantilevers.  

NanoFab ColumbiaMD http://www.nanofab.com/

Imaging and Manipulation

Manufacturer of high voltage focused ion beam devices

 

Nanofactory Instruments

Sweden http://www.nanofactory.com/

Imaging and Manipulation

Manufacture an instrument that features STM as well as TEM technology for 3-D manipulation of nanoscale objects.

 

Nanofilm Westlake Village, CA

http://www.nanofilm.com/

Imaging and Manipulation

Manufacture instrument accessories for analysis and microscopy of surfaces.

 

Nanomagnetics Instruments

UK http://www.nanomagnetics-inst.com/products.htm

Imaging and Manipulation

Developing scanning Hall probe microscopes for quantitative and non-invasive imaging of magnetic materials with nanoscale resolution.

 

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Nanomechanics LLC

Worcester, MA

http://www.nanomechanics.com/

Imaging and ManipulationAccessories

Developer of algorithms for the simulation of AFM behavior.

 

Nanometrics worldwide http://www.nanometrics.com/

Imaging and Manipulation

Produce equipment for the mapping of thin film properties for applications in semiconductors and flat panel displays.

 

Nanomotion Ltd.

Israel http://www.avem.org/MemDirF/Nanomotion.html  

Imaging and Manipulation

Developing nanopositioning systems.  

Nanonics Imaging Ltd.

Israel http://www.nanonics.co.il/

Imaging and Manipulation

Commercializing advancements in near field optical microscopy.

 

Nanosensors Switzerland http://www.nanosensors.com/

Imaging and ManipulationAccessories

Manufacturer of scanning probe microscope cantilevers and calibration tools.

 

Nanosurf Switzerland http://www.nanosurf.com/

Imaging and Manipulation

Developer of scanning probe microscope systems  

Nanotec Electronics SL

Spain http://www.nanotec.es/staff.htm

Imaging and Manipulation

Manufacturer of scanning probe microscopes  

Nanotools Germany http://www.nano-tools.com/

Imaging and ManipulationAccessories

Manufacturer of silicon AFM tips coated with diamond like amorphous carbon.

 

Nanowave Santa Clara, CA

http://www.nanowave.com/

Imaging and Manipulation

Produce positioning systems based on scanning probe microscope technology.

 

Neolim Ltd.     Imaging and Manipulation

Develop nanopositioning equipment  

Norsam Santa Fe, NM http://www.norsam.com/about.htm

Imaging and Manipulation

Commercialize sub 20 nm resolution ion beam technology.

 

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Omicron Germany http://www.omicron-instruments.com/

Imaging and Manipulation

Manufacturer of scanning tunneling microscopes.  

Orsay Physics France http://www.orsayphysics.com/

Imaging and Manipulation

Producer of focused ion beam columns in partnership with LEO.

 

Pacific Nanotechnology Inc.

Santa Clara, CA

http://www.pacificnanotech.com/

Imaging and Manipulation

High performance inexpensive AFM with intuitive imaging capabilities.

 

Physical Electronics Inc.

Germany http://www.phi.com/ Imaging and Manipulation

Manufacture a variety of surface science instruments.  

Piezomax(now nPoint)

Madison, WI http://www.piezomax.com/

Imaging and Manipulation

Manufacture scanning probe tips and nanopositioning devices.

 

PSIA Korea http://www.psia.co.kr/

Imaging and ManipulationAccessories

Manufacture SPMs and cantilevers.  

Queensgate     Imaging and Manipulation

Manufacturer of nanopositioning systems.  

Quesant Instruments Corp.

worldwide http://www.quesant.com/

Imaging and Manipulation

Manufacturer of scanning probe microscopes.  

RHK Technology

Troy, MI http://www.rhk-tech.com/

Imaging and Manipulation

Manufacturer of UHV AFM/STM systems for molecular imaging.

 

Surface Imaging Systems

Germany http://www.sis-gmbh.com/

Imaging and Manipulation

Manufacturer of scanning probe microscope peripherals.

 

Triple-O Microscopy

Germany http://www.triple-o.de/Triple-O.Microscopy.html

Imaging and Manipulation

Manufacturer of SPM.  

Visitec Germany http://www.visitec-em.de/

Imaging and Manipulation 

Very large chamber SEM producer.  

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WHERE SOME MAY FIND POSSIBILITIES:

• SPM manipulation devices for biological applications – 5-6 companies and none of the “incumbents” yet.

• BioForce Nanosciences, National Instruments, Kelvin Nanotechnology

• Companies with a very specific focus and expertise with customers lined up.

• NanoFab in Maryland focusing on high voltage focused ion beam devices.

• Pacific Nanotechnologies, Inc. – low priced SPM niche.• Imago Scientific Instruments – 3-D imaging capabilities

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EXCITING POSSIBILITIES:

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REVISITING THE FRAMEWORK FOR INVESTMENT OPPORTUNITIES:

• Source of a Visual Picture for Strategy Purposes:– Found some nanoimprint lithography techniques that may be disruptive.

Found a lot of “tool” companies trying to compete against the incumbents with sustaining technologies.

– Most technologies are still “top-down” manufacturing processes, that don’t fully take advantage of the opportunities that will some day be enabled at the nanoscale. A bit early for “bottom-up” promises.

– Great companies are selling applications (Nanosys, NanoGram Devices)

• The excitement for nanotech tools may be leading us to capital market myopia.

• Good due diligence is critical as this field has matured quickly. There is significant intellectual property and plenty of companies that are already in business.

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CONCLUSION:

• The opportunities for specialized firms in nanomanufacturing – what they will need.

• The opportunities for a firm such as Harris & Harris Group, Inc.

• Strategies and rules are often designed to then be broken or proven incorrect. However, then at least one has been conscious of the process and knows what one is getting into.