The word "technology" means industrial science and is usually associated with major activities such as manufacturing, transportation and communication. Technology has been, in fact, closely associated with the evolution of man starting with tools, clothing, fire, shelter and various other basic survival items. The co-evolution persists and, since basic science is now very much a part of developing technologies, the term co-evolution of science and society which is used at times very much implies the co-evolution of both basic science and industrial science with society. Advances in technology are generally accompanied by social changes as a consequence of changing economies and ways of carrying out life's various activities. An important question arises concerning how basic scientific discoveries eventually lead to new technologies and what that may mean to the rational support of basic research and the future of science and technology in the developed and developing world.