To fully understand and predict the impact of nanotechnologies, a truly multidisciplinary approach is required. However, the practicalities relating to how innovation, commercialisation, risk assessment, informatics, and governance in nanotechnology should intersect remain somewhat of a black box. To begin to shed light on this intersection, we identify a need to place 'purpose' at the heart of the nanotechnology innovation ecosystem. There is a growing appetite for responsible, sustainable, and purposeful innovation from business, financiers, regulators, consumers, and other stakeholders - an appetite that we foresee will permeate all spheres of commercialisation, including that of nanotechnology. Ultimately, nanotechnologies will only have the ability to sustainably address the global challenges of the 21st century if they are developed and implemented with purpose, and in full consideration of their social and environmental impacts. We (re)define purpose as it relates to sustainable nanotechnology innovation, in an effort to create a more-broadly shared language that can bridge the diverse stakeholder needs and perspectives that are required to address these challenges. To enable innovation, standardisation, promote interdisciplinarity, increase transparency, and enhance regulatory and corporate accountability, we propose a four stage, principles-based framework for purposeful nanotechnology development. This framework offers a practical way forward for nanotechnology innovation, shedding light on how nano-impact can be approached by multidisciplinary teams and describing how interrelated systems and stakeholders can interact successfully to achieve shared goals.