Business modelling for the quality control and commercialisation of engineered nano-materials

Abstract

Nanotechnology is viewed by many as the technology that will create new opportunities for wealth and job creation. Meanwhile, despite nanotechnology’s shuddering of the global economy, breaking into the markets have been increasingly onerous for many reasons. This study investigates emerging applications and the commercialisation of nanotechnology materials. It also deals with the opportunities and challenges associated with the possible acceleration of the commercialisation of applications of nanotechnology materials. Significant factors influencing the acceleration of nanotechnology materials onto the markets were identified through a series of literature reviews and surveys conducted with nanotechnology researchers. Common characteristics for the achievement of the successful commercialisation of nano-induced products were identified. This study adopted a purposive sampling technique. The study population for the survey was made up of active researchers. The reliability test of the survey items was internally consistent with a Cronbach's alpha index of α = 0.926. Qualitative analyses entailed the researchers in nanotechnology who were interviewed through the Delphi technique. Quantitative results were obtained in the study through a hybrid technique of the Analytical Hierarchy Process and the Data Envelopment Analysis (AHP/DEA). This research identified and evaluated several critical factors for the effective commercialisation of nanotechnology and engineered nano-materials (ENMs) through a review of recent and current literature, as well as suggestions of academic experts in nanotechnology through the Delphi method. Thirty-four (34) critical factors grouped into ten (10) dimensions were identified and evaluated for importance and subsequently for priority scaling. The framework for this research used a hybrid approach of the Analytical Hierarchy Process and the Data Envelopment Analysis (AHP/DEA) The Analytical Hierarchy Process (AHP) technique was implemented in the evaluation of these critical factors for effective nanotechnology commercialisation decision-making. Furthermore, the DEA was suitably used in validating the AHP priority model obtained. This analytical approach provided support for quality control and the commercialisation of the decision-making process. The study concluded by proposing a framework to provide scientific knowledge that will help researchers, technology investors and managers in the commercialisation process of nanotechnology and engineered nanomaterials. A strong recommendation was made for robust fundamental research for viable commercial production and improvement for the enhancement of a nano ethic.