The basic research aspect of the research program is important for Slovenia from the point of view of following, and in some cases also leading the research in the field of condensed matter experimental science. One of the most important achievements of the research program is the development of real-time femtosecond spectroscopy of strongly correlated electron systems. The method, that captures the dynamic processes in real time, is used to elucidate the nature of low-lying electronic states in functionalized materials. As such, the technique gives complementary information to the conventional time-averaged spectroscopic techniques. A major step towards the understanding of nonequilibrium phenomena in correlated electron systems (e.g. superconductors or density wave systems) was made in 1999 within this program giving us advantage with respect to other groups in the world and putting J. Stefan Institute and Slovenia as one of the leading places for this kind of research. Following publication of these results in scientific literature our group members had more than 40 invited lectures within 5 years. Important aspect of our research is also collaboration with industry and development of "spin-of" technology. We should mention collaboration with LPKF d.o.o. which was based on Martin Zumer's diploma thesis made in collaboration with Iskra Transmission. The purpose of this research was to design microwave components based on superconducting films for base stations used in cellular technology. We have demonstrated the fabrication of microwave filters and measured their characteristics. According to the expectations these element had superior characteristics compared to conventional technology. Research of carbon nanotubes and recently Molybdenum Sulphide nanotubes is potentially extremely interesting for industrial applications. Group's accomplishments in this field are very important for Slovenia, since the compounds have been thus far not synthesized anywhere else in the world giving us head start also from the applied aspect of these materials. Last but not least, one of the successes of the research program is also education of young researchers in the field of physics, nanoscience and optical communications. Within these five years 3 PhD theses and 10 university diplomas were completed under supervision of researchers involved in the program. In addition, the program is also tied with the undergraduate and graduate program at Faculty of Mathematics and Physics of University of Ljubljana and with the newly formed Graduate program at the J. Stefan Institute.