NITI Aayog has introduced the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) framework, an innovative assessment tool aimed at transforming technology evaluation, encouraging innovation, and nurturing entrepreneurship in India.
- TCRM Matrix stands for Techno-Commercial Readiness and Market Maturity Matrix.
- It is an assessment tool designed to revolutionize technology evaluation, foster innovation, and fuel entrepreneurship in India.
- The framework presents an integrated assessment model that offers in-depth insights and actionable intelligence to stakeholders at every stage of the technology development cycle.
- TCRM framework provides a robust analysis of the joint readiness of a project.
- The scale is intended to give a standard language for innovators, researchers, and investors to communicate about the readiness of a technology for commercialization or deployment.
- The Technology Readiness Level (TRL) was designed to give a framework for assessing a technology’s readiness and communicate more effectively about the risks and opportunities associated with a given technology by utilizing standard language to express the maturity of a technology.
- This framework was developed from the study of innovation from an economic perspective and looks at the increase in performance of a technology over time.
- It finds that from the point of introduction of the technology by an innovator, the improvement in performance of a technology usually starts very slowly with early adopters.
- The Commercialization Readiness Level (CRL) will assess various indicators which influence the commercial and market conditions beyond the technology maturity.
- It assess how a new technology could be commercially successful all the way through to commercial availability and wider acceptance within the target market.
- This enables key barriers to be addressed to support the commercialization of a technology.
- It is intended to supplement the TRL scale by providing increased focus on a technology’s preparedness for market launch and commercial success through specific and clearly defined business indicators.
- Market Readiness Level (MRL) is a methodology used to evaluate how close to the market the project outputs.
- It is used to assess how ready your product or service is to take to market as a commercial offering for a group of customers.
- It relies on extrinsic indicators like the awareness of extrinsic market indicators.
- It is intended to supplement the TRL and CRL by focusing on a technology’s preparedness for the purpose of customer adoption and market success