The accelerated development of novel products and services through new technologies and their large scale applications in industry, medicine, and environment is a major trend at the beginning of this century. Developing countries have a primary interest participating in this endeavor while there are risks to under-realize the opportunities because of immediate economic challenges and limited institutional capacity, infrastructure and access to information. This chapter suggests a call for action for better taking advantage of this outstanding opportunity by the developing economies in the global context. One of the most dynamic areas-nanotechnology-will be used for several illustrations.