Today's Headlines - 20 July 2023
TCRM Matrix framework to drive innovation
GS Paper - 3 (Economy)
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.
More about the Framework
The framework is expected to help the government prioritize funding, setting regulations, mitigate risks and enhance public-private partnership.
Further, it is expected that the TCRM Matrix will help investors evaluate the commercialization and market readiness of their portfolio companies while industry and start-ups can use the tool for internal project planning and decision making on technology transfer or acquisition.
Whereas there are a large number of frameworks that focus on one aspect for assessment, the insights they offer are limited in their scope. Hence, there is a need to encourage simultaneous assessment of technological, commercial, and market readiness, the Aayog said.
The proposed TCRM Matrix framework seeks to fill these gaps through a joint assessment and can be useful in promoting innovation, reducing risk, and achieving economic and social benefits.
The TCRM Matrix framework is set to play a pivotal role in catalyzing India's innovation ecosystem and creating a conducive environment for transformative ideas.
#upsc #news #TCRM #matrix #technocommercial #TRL #CRL #MRL #technology #transfer #simultameous #technological #commerical #socialbenefits #pivotalrole #enviroment #transformativeideas
TCRM Matrix framework to drive innovation
GS Paper - 3 (Economy)
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.
More about the Framework
The framework is expected to help the government prioritize funding, setting regulations, mitigate risks and enhance public-private partnership.
Further, it is expected that the TCRM Matrix will help investors evaluate the commercialization and market readiness of their portfolio companies while industry and start-ups can use the tool for internal project planning and decision making on technology transfer or acquisition.
Whereas there are a large number of frameworks that focus on one aspect for assessment, the insights they offer are limited in their scope. Hence, there is a need to encourage simultaneous assessment of technological, commercial, and market readiness, the Aayog said.
The proposed TCRM Matrix framework seeks to fill these gaps through a joint assessment and can be useful in promoting innovation, reducing risk, and achieving economic and social benefits.
The TCRM Matrix framework is set to play a pivotal role in catalyzing India's innovation ecosystem and creating a conducive environment for transformative ideas.
#upsc #news #TCRM #matrix #technocommercial #TRL #CRL #MRL #technology #transfer #simultameous #technological #commerical #socialbenefits #pivotalrole #enviroment #transformativeideas