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Nanotechnology is the first major worldwide research initiative of the 21stcentury and probably is the solution vector in the economic environment. Also,innovation is widely recognized as a key factor in the economic development ofnations, and is essential for the competitiveness of the industrial firms aswell. Policy and management of innovation are necessary in order to developinnovation and it involves processes. It is essential to develop new methodsfor nanotechnology development for better understanding of nanotechnology basedinnovation. Nanotechnologies reveal commercialization processes, from start upsto large firms in collaboration with public sector research. In the currentpaper, a study in the present status of innovation in nanotechnology and theaffection of global economic crisis in this section is made and also thepotential of increase the innovation via the presence of clusters in a smallcountry like Greece which is in the eye of tornado from the global crisis isstudied.

Nanotechnology and Innovation, Recent status and the strategic  implication for the formation of high tech clusters in Greece, in between a  global economic crisis