NITI Aayog, the Indian government’s think-tank, has introduced a new innovative tool called the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix). The purpose of this tool is to revolutionize technology evaluation in India while fostering entrepreneurship and encouraging innovation.
Understanding TCRM Matrix
Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) offers an integrated model which provides deep insights and valuable information to each participant involved in the technology development process. It is designed to change how technology assessment is handled in India, fuelling entrepreneurial spirit and promoting innovation.
Usefulness of the TCRM Matrix
The TCRM framework provides a strong evaluation of a project’s joint readiness. The scale helps innovators, researchers, and investors communicate more effectively about the maturity of a technology for deployment or commercialization. This gage supports in-depth discussions on the opportunities and risks associated with the adaptation of a specific technology.
Components of TCRM Matrix: TRL, CRL, and MRL
The Technology Readiness Level (TRL) offers a structure for assessing a technology’s preparedness and communicating its maturity. On the other hand, the Commercialization Readiness Level (CRL) assesses indicators influencing commercial and market conditions beyond technical maturity. Lastly, the Market Readiness Level (MRL) evaluates how close a project is to market release.
Limitations of TCRM Matrix
Despite their usefulness, each component of the TCRM Matrix- TRL, CRL, and MRL – have certain limitations. Specific details on these limitations are not provided in the source material.
The Need for TCRM Matrix in India
As per the Global Innovation Index 2022, India ranks 40th globally in terms of Research and Development (R&D) expenditure as a percentage of GDP. However, India’s start-up ecosystem has seen rapid expansion, with over 50,000 start-ups, supported by a robust network of incubators and accelerators. Hence, a tool like the TCRM Matrix is crucial for effectively evaluating technology and fostering innovation in such a vibrant landscape.
The Way Forward
The adoption of the TCRM Matrix involves comprehensive analysis and contextualization within the national and sector-specific innovation landscape of India. This will assist policymakers in making informed decisions to foster innovation and drive growth.
About Global Innovation Index and WIPO
The Global Innovation Index (GII), published annually by the World Intellectual Property Organization (WIPO), ranks countries’ innovation performance. WIPO itself is a self-funded agency of the United Nations aiming to develop a balanced and effective global IP system that promotes innovation and creativity for everyone’s benefit. The GII is recognized by the UN Economic and Social Council as a reliable benchmark for measuring innovation related to the Sustainable Development Goals.