The NITI Aayog released the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) framework, a tool for project evaluation on Tuesday aiming to gauge the market readiness in advance as part of innovation.
Image source: niti.gov.in
The NITI Aayog released the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) framework, an assessment tool that will allow stakeholders to jointly assess projects at the technology readiness level (TRL), commercialization readiness level (CRL), and market readiness level (MRL) scales.
The TCRM Matrix framework is anticipated to play a crucial role in fostering India’s innovation ecosystem and fostering an atmosphere that is favourable for revolutionary ideas. It enables stakeholders to evaluate projects on the scales of technological readiness (TRL), commercialization readiness (CRL), and market readiness (MRL).
The framework is designed to assist the government in allocating resources more efficiently, establishing laws, reducing risks, and improving public-private partnerships. The TCRM Matrix aids investors in evaluating portfolio firms’ commercialization, and market readiness, and aids industry and start-ups in project planning.
“Although there are several frameworks that concentrate on one area for evaluation, the insights they provide are narrow in scope. Therefore, there is a need to promote simultaneous evaluation of market, commercial, and technological readiness”, according to Aayog’s working paper that outlines the TCRM Matric framework. The working paper was written by VK Saraswat, a member of the NITI Aayog, and other NITI representatives.
The matrix architecture integration requires thorough examination and contextualization within national and sectoral innovation environments, as instructed in the working paper.
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