Despite a cumulative US$18 bliion being spent of nanotechnology research since 1997, many of the promises made about nanotechnology remain unfulfilled. While there has been much speculation about new industrial revolutions and trillion dollar markets, much of the resreach funding has been directed at basic scientific research and consequently will have no immediate short term economic impact. However in 2006, private companies around the world spent as much on applied nanotechnology research as governments, and this is forecast to increase dramatically overt he coming years. We are now approaching a tipping point where nanoscience becomes nanotechnology, and begins to create a real economic impact. By examining the industrial and economic impact of nanotechnologies around the globe, we examine whether Europe is in a position to take advantage of nanotechnologies, or whether the opportunity will be grasped by the US and Asia.