Nanomaterials have a great market potential for SMEs due to the high added values and the reduced batch sizes compared to their corresponding conventional bulk materials. Unless the benefits the introduction of nanomaterials is hampered due to the unknown human and ecological risks. It may take many years to fill all knowledge gaps. However, the SMEs have to address the various different aspects and perceptions of risks, in communication with the various stakeholders. For this reason, SMEs need guidance to assess the risks and the benefits of their nanoproducts in comparison with the conventional (non-nano) products.The main goal of this project is to develop a structured life cycle approach for nanomaterials that (1) enables to balance health/environmental risks of nanomaterials in view of paucity of data against their benefits and (2) that further allows a comparison with the risks and the benefits of the conventional (non-nano) products. This structured approach will be the base for a completely new service available to SMEs working with nanomaterials.As proof of principle and concrete benefit for the SMEs, LICARA will deliver guidelines to the members of the SME Associations to support them in their communication with regulators, clients and investors and to improve the production processes and/or applications of their specific nanoproducts.The consortium consists of 1 European and 3 national SME Associations, 2 SMEs, 3 RTDs and 1 project services company. The consortium is built in a way that the needed different expertise is represented. The partners are active in a range of (inter)national initiatives such as FP7 projects on life cycle assessment and risk assessment, OECD, ISO and CEN.