The taskforce, which convened at Portcullis House in Westminster last week, will address concerns over the UK government's failure to develop a coherent strategy for funding nanotechnology research.
Founded by leading UK scientists and chaired by Dr Ian Gibson MP, the taskforce will encourage informed public debate about nanotechnology, promote its benefits and address safety and ethics concerns.
The absence of a co-ordinated approach to nanotechnology investment is seeing the UK relinquishing its technological leadership to other economies, the group warned.
"The innovative work of UK scientists and technologists has demonstrated the case for the widespread potential benefits which nanotechnology can offer to society and industry," said founding taskforce member Professor Ravi Silva, director of the Advanced Technology Institute at the University of Surrey.
"What is needed is a coordinated effort supported by strategic funding from the government to turn this potential into real benefits. We hope that the taskforce can help deliver this."
The group hopes that by encouraging communication and collaboration between industry, government and academia, it can identify specific areas of science and technology in which the UK can be a world leader.
Funding of research should then be channelled to harness the UK's innovation and scientific creativity to help the country gain a competitive advantage.
"Nanotechnology will be the next industrial revolution, but the government needs to demonstrate its commitment to science if the UK wants to be a major part of it," said Dr Gibson.
"The work of the taskforce will help direct the focus of research and there is no better place than the 2012 Olympics to showcase the benefits of nanotechnology and incorporate it into the exciting renovation in east London."
The launch of the taskforce coincides with a conference entitled Nanotechnology - Is Britain Leading the Way?
The event, featuring speakers including Nobel Prize winner Professor Sir Harry Kroto, will focus on examining specific areas of opportunity for nanotechnology in the UK, including health, sustainable energy, economy and sports.
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