TWO nanotechnology scientists bagged this year’s Nobel Prize for Physics. Their discovery of the Giant Magnetoresistance (GMR) effect has been shrinking the size of information-storage devices we use today.

Albert Fert and Peter Gruenberg discovered GMR in 1983, the physical phenomenon considered as one of the first major applications of nanotechnology. This GMR is used to transfer magnetically stored information on a hard disk to the computer. It is now the stuff of standard technology such as laptops, iPods and other portable devices we use to store information.

These GMR technologies led to a sales boom in the electronics and computer industry. For instance, Apple Co. is registering record earnings.

The future is already upon us. According to prominent futurist Dr. James Canton, four sciences will stand out as the wealth-creating pillars of a new global economy: nanotechnology, information technology, neurotechnology and biotechnology (“nano-IT-bio-neuro”).

As the world shifts to a more knowledge-based economy, countries that are quick to take full advantage of nano-IT-bio-neuro breakthroughs will come out as winners.

For this we badly need an aggressive research and development (R&D) agenda fully funded by both public and private sectors. Research money granted to state colleges and universities should be concentrated on these wealth-creating fields.

Other countries are even setting up innovation systems to ensure that R&D efforts are funded and are in sync with developmental goals. For instance, Brazil modernized its National Innovation System through a strong public R&D and industry linkage.

In this fast-emerging innovation economy, countries must indeed innovate or perish.

E-mail: edgardo_angara@hotmail.com
Web site: www.edangara.com