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With the convergence of Nanotechnology, Biotechnology, Information technology and Cognitive science (NBIC) fields promising to change our competitive, operational, and employment landscape in fundamental ways, we find ourselves on the brink of a new technological and science-driven business revolution. The already emerging reality of convergence is to be found in genomics, robotics, bio-information and artificial intelligence applications, such as: * Self-assembled, self-cleaning and self-healing manufactured materials and textiles, and much stronger, lighter and more customizable structural materials, * Miniature sensors allowing unobtrusive real-time health monitoring and dramatically improved diagnosis; with greatly enhanced real time information to vehicles and drivers on the way, * New generations of supercomputers and efficient energy generators based on biological processes, * Greatly enhanced drug delivery from unprecedented control over fundamental structural properties and biocompatibility of materials. These advances are here already, or in development. And Japan, other Asian nations and Western European countries are investing heavily and moving aggressively to develop and apply NBIC technologies. Notwithstanding the passage of the 21st Century Nanotechnology Research and Development Act, significant further funding and action by both government and private industry will be critical to maintaining US scientific and industry leadership.