In today's competitive market, management of resources is a crucial issue for organizations to survive and floursih. As technology according to its definition is considered a major resource for companies, it is necessary to identify, evaluate, improve and manage it. One of the best ways to develop the level of technology is to innovate. Innovation is a process in which a new product or service is developed that can be a source of wealth creation. As a key operational cycle, innovation would run into challenges and barriers. In this study, a comprehensive framework is porposed and used to investigate and ranking the innovation cycle barriers in order to help top-managers solve them. This technique which integrates innovation management, multiple criteria decision making, and delphi method diciplines then applied to rank the innovation barriers in Iran's nanotechnology which is ranked 7 th among Nano pioneers in producing Nano science and articles. The framework is consisted of three major phases: 1) Literature review, 2) Delphi method and 3) Ranking. According to the structure of problem, Fuzzy TOPSIS is chosen to rank the barriers. "Lack of initial capital" is ranked as the most important barrier which Nano companies mostly run into. This study also investigates the importance of innovation cycle steps according to experts' oppinions and effects of barriers.