If you think small, you should act fast.

NANOTECHNOLOGY ventures now exist throughout the U.S., from Maine to California. Although the field is still in its developmental stage and few companies report revenues, investors are betting big on nanotech. Privately held companies are being funded by angel investors and venture capitalists, and the few public nanotech companies have received support in the public markets.

Nanotechnology relates to materials and products of nanometer size, which is extremely small. A nanometer is one billionth of a meter or about the length of three to six atoms. More specifically, nanotechnology refers to the science of precisely manipulating particles on the atomic level and scaling to three-dimensional products.

Many scientists decry the concept of a nanotech industry, saying that the term is often used incorrectly. They say nanotechnology is a science that affects many different products and industries, but isn't necessarily an industry into itself. While they may be correct, there is no denying that, to the investment community, nanotechnology is an industry and it is here to stay.

Although nanotech companies still devote the lion's share of their resources to research and development, there are now several commercial products in use. Most notably, Nanofilm's eyeglass lens coating is reportedly on one of every five pairs of eyeglasses sold in the U.S. Nano-Tex's proprietary chemical solution is what creates stain- and wrinkle-resistant slacks sold by Eddie Bauer, Lee Jeans and several other retailers.

It is no secret that stockholders typically pressure CEOs to create liquidity. Indeed, in response to this pressure and the desire to access larger public capital markets, several nanotech companies have completed reverse merger transactions with public entities over the past two years. Unfortunately, post-merger SEC filings often are not filed in a timely manner and, once filed, can stall with the SEC for several months at a time.

Executives who tolerate these delays are not doing their stockholders any favors. Market prices for technology stocks are notoriously volatile, and a long lapse before a registration statement is declared effective creates ill will among previously friendly stockholders and, quite possibly, could result in a stockholder suit for lost market value. These are unforced errors, and CEOs and CFOs can easily avoid them by retaining SEC counsel with the knowledge and resources to work with the SEC and the appropriate exchanges effectively and efficiently.

Executives at nanotech companies have a tough job ahead. It goes without saying that they must focus on their business and protect valuable, patentable technology. The most successful executives, however, will not continue forward with blinders. They will focus on smart financing and, eventually, the right IPO moment.

In the hypercompetitive environment of nanotech, access to public capital is becoming a near necessity in order to act on growth plans and capitalize on opportunities. Nanotechnology is red hot, and CEOs should take advantage of the market's enthusiasm.

Rachael Simonoff Wexler is a partner at the law firm of Alschuler Grossman Stein & Kahan.