Emphasising the role of science, innovation, research and development (R&D) in the progress of a nation, the NITI Aayog released the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) Framework on July 18, 2023, to promote innovation and entrepreneurship in the country.
In the working paper, reference is made to the growth in, and contribution and future potential of the country’s sectors including IT and software, etc. It establishes the necessity to assess tech-based projects before time, energy and resources are invested in the project. Further, such an assessment helps in coming up with an effective Science, Technology and Innovation (STI) policy and can be used in identifying any new trends and opportunities as well.
The working paper lists out the existing assessment frameworks which have been classified into technology-focussed, business-focussed and market-focussed frameworks. This classification has been done on the basis of the project’s aspect on which the framework focuses. However, assessing only one aspect of the project provides limited insight, highlighting the need for a joint assessment.
Accordingly, the TCRM Matrix framework has been constructed as a joint assessment framework on the basis of the existing Technology Readiness Level (TRL), Commercialization Readiness Level (CRL), and Market Readiness Level (MRL) frameworks. This assessment tool would be beneficial for stakeholders involved in the technology development and innovation landscape, including the government, academia, industry, startups and the investor community.