Recent scientific progress has left virtually no question that nanotechnology will become a tremendous and significant part of worldwide culture. Nanotechnology is expected to become an active part of our daily interactions with people, machines, and the environment. This vision has been set forth by someone who many consider the founder of nanotechnology, Dr. Richard Feynman. In his 1959 lecture, "There is room at the bottom", Dr. Feynman challenged scientists and researchers to discover materials and devices that could be fabricated at the atomic/molecular scale. Since Dr. Feynman's speech a significant amount of progress and numerous investments have been made securing a future for nanotechnology. The question that remains is not if nanotechnology will develop into an industry, but when might it evolve and deliver on the promises so intrepidly set forth by researchers, corporations, and investors. The when question is debated many times over in today's popular press. For certain, no one is exactly sure what when really means and for what part of this industry. What this thesis is most interested in is the how. How will nanotechnology evolve? What factors will determine the industry structure that will influence the development of this industry? How large can we expect this industry to grow? What will be the key drivers for growth? How will different members of this industry facilitate the development of this science? In the last fifty years alone, the world has witnessed the remarkable formation of two very large, socially influential, and global industries: Semiconductors and Biotechnology. These industries have many similarities and dissimilarities to nanotechnology. By studying the key factors and developments in these industries different lessons and patterns can be extrapolated which may help answer some of the burning questions surrounding nanotechnology industry evolution. The results of this analysis do indeed conclude that there are many similarities between biotechnology and semiconductors to the current nanotechnology evolution. These similarities are not only in the underlying technology, but also in funding, intellectual property development, and firm composition. Building upon this foundation, the future potential nanotechnology industry size, as well as the number of firms, and critical growth factors have been identified and articulated.