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.
According to the Global Innovation Index 2022, India was ranked 40th in the world in terms of R&D expenditure as a percentage of GDP.
India’s start-up ecosystem has grown rapidly, with over 50,000 start-ups in the country.
TCRM Matrix stands for Techno-Commercial Readiness and Market Maturity Matrix :- An assessment tool designed to revolutionize technology evaluation, foster innovation, and fuel entrepreneurship in India.
- 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.
- 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.
- 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.
Way Forward : The adoption of the TCRM Matrix framework necessitates a comprehensive analysis and contextualization within the unique national and sectoral innovation landscape. This will help policymakers in making effective decisions to foster innovation and drive growth.