of new initiatives have been reported from various individual countries.⁷ PCAST has commissioned the Science and Technology Policy Institute, a federally funded research and development center, to conduct a study to assess U.S. government funding as it compares to that of foreign governments.⁸

So that the current status of U.S. public investment in nanotechnology R&D can be better assessed, the committee in Chapter 1 recommends that the government continue to develop and improve means for tracking of agency budgetary requests, authorizations, and expenditures on an annual basis.

According to Cientifica’s 2003 Nanotechnology Opportunity Report, global venture capital investment in nanotechnology-related companies totaled $261.7 million in 2002, with $207 million going to U.S. companies, $30.1 million to U.K. companies, $12.6 million to German companies, and $6 million to Israeli companies.⁹ North America had the most venture capital funding up to 2001 (Figure 2-2), indicating that the venture capital industry is significantly more developed in the United States and suggesting the potential for ongoing U.S. leadership in venture capital-funded start-ups over the next several years. The committee notes, however, Japan’s launch in 2003 of the Nano-Business Creation Initiative for the purpose of creating new nanotechnology businesses in Japan and building up the founda-

FIGURE 2-2 Number of venture capital funders by type and region up to the end of 2001. SOURCE: Cientifica Ltd. 2003. The Nanotechnology Opportunity Report. 2nd Edition. London: Cientfica Ltd.