The Nanotechnology Research and Development Act authorizes $2.135 billion in federal research money over the next three years for a burgeoning field with the potential to revolutionize everything from medicine to industrial manufacturing to the limits of computer memory.

With strong White House backing and wide bipartisan support, the legislation is expected to easily pass the House today and is on a fast track to pass the Senate in coming weeks.

The NanoBusiness Alliance has been at the forefront of passing this legislation, working with government, university and business leaders to understand the opportunity for the health and well being of America's people and our economy that nanotechnology offers.

F. Mark Modzelewski the Executive Director of the NanoBusiness Alliance testified recently before the Senate on their version of the nanotech legislation. Alan Marty of JP Morgan Partners represented the NanoBusiness Alliance before the US House during their recent hearing.

Nanotechnology is the industrial revolution of the 21st century. Nanotechnology will have a profound effect on all areas of the electronics, life sciences and medicine, materials and manufacturing, defense and security industries.

• Nanotechnology revenues are already at about $45.5 billion globally and are expected to reach over $500 billion within the next 8 years. According to the US government, that number will reach $1 trillion in 10 years.
• Venture Capital investment in nanotechnology will be over $1 billion in 2003 - up from less than $100 million in 1998 � Leading corporations are driving nanotechnology developments, including: IBM, Lockheed, Xerox, Toyota, Merck, HP, Hitachi, Bayer, Philips, Dupont, Corning, Lucent, Texas Instruments, GM, Cargill, Ford, Westinghouse, Alcoa, Raytheon, Lockheed Martin, John Deere, Eli Lilly, Monsanto, Dow Chemical, and United Technologies.
• Over 1,200 start-ups are up in running in the US � Universities are making nanotechnology a huge focus, including Columbia, Harvard, MIT, Rice, Yale, RPI, Cornell, UCLA, Northwestern and Oxford.

The NanoBusiness Alliance was founded to advance the emerging business of nanotechnology. The Alliance's mission is to create a collective voice for the emerging small tech industry and develop a range of initiatives to support and strengthen the nanotechnology business community.

The Advisory Board of the Alliance is headed by the leaders of the nanotechnology community and is headed by former House Speaker Newt Gingrich and famed venture capitalists Steve Jurvetson of Draper Fisher Jurvetson.

Other board members include former Transportation Secretary Rodney Slater, former House Whip Bob Walker, Mike Roco of the National Nanotechnology Initiative, Scott Donnelly of GE, Stan William of HP, Alan Marty of JP Morgan Partners and many others.

Since its founding the Alliance has grown to nearly 250 members ranging from start-ups to corporations to investment and service firms.

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