A New Lens For Innovation In New India - Introducing the Techno-commercial Readiness And Market Maturity Matrix

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e••e••e•• A NEW LENS FOR
INNOVATION IN NEW INDIA
Introducing the Techno-Commercial Readiness
and Market Maturity Matrix
July 2023 A NEW LENS FOR INNOVATION IN NEW INDIA - INTRODUCING THE
TECHNO-COMMERCIAL READINESS AND MARKET MATURITY MATRIX
Publishing Agency: NITI Aayog
Year of Publication: 2023
Language: English
ISBN : 978-81-956821-6-4
NITI Aayog
Government of India,
Sansad Marg, New Delhi–110001, India
Authors: Dr. V.K. Saraswat, Dr. Neeraj Sinha, Sh. Naman Agrawal, Ms. Naba
Suroor, Sh. Siddhey G Shinde
Report and Cover Design by YAAP A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Contents
Executive Summary 1
1.
Background – Landscaping the Indian R&D Ecosystem 3
2. Indian Economy Overview 5
2.1 Sectoral Strength 5
2.2 Startup and Investment Boom 10
3. Need for Assessing Tech-based Projects 12
3.1 Status of Tech Development 12
3.2 Determination of Future Funding 13
3.3 Valuation and Investment 14
3.4 Technology Transfer in India 15
3.5 Technology Commercialization 16
4. Overview of Assessment Frameworks 17
4.1 Technology-focused Frameworks 17
4.2 Business-focused Frameworks 18
4.3 Market-focused Frameworks 19
5. Proposed Model for the joint assessment of Technical and
Commercial Readiness and Market Maturity 21
5.1 Technology Readiness Levels (TRL) Overview and Rationale 22
5.2 Commercialisation Readiness Levels (CRL) Overview and Rationale 23
5.3 Market Readiness Levels (MRL) Overview and Rationale 23
5.4 Identifying the gaps 24
6. Construction of the Techno-Commercial Readiness and Market
Maturity Matrix (TCRM Matrix) Framework 26
6.1 First Stage of Construction 26
6.2 Second Stage of Construction 27
6.3 Third Stage of Construction 29
7. Validating the TCRM Matrix framework 32
7.1 Validation Based on Other Models 32
v A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 7.2 Validation Based on Established Case Examples 34
8. Using The Techno-Commercial Readiness and Market
Maturity Matrix (TCRM Matrix) Framework 39
9. Value Proposition of the TCRM Matrix Framework 41
9.1 Government 41
9.2 Academia 42
9.3 Industry & Startups 42
9.4 Investors 43
10. Conclusion & Way Forward 45
11. References 46
12. About the Authors 48
Contents
vi A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix List of Tables
Table 1: The TCRM Matrix framework and its Legend 1
Table 2: Technology Readiness Levels (TRL) Scale 22
Table 3: Market Readiness Levels (MRL) Scale 24
Table 4: Identifying the gaps 24
Table 5: First stage construction of the TCRM Matrix framework, with two
test cases 27
Table 6: Second stage construction of the TCRM Matrix framework, with
two test cases 28
Table 7: Second stage construction of the TCRM Matrix framework,
overlaid with the MRL framework 29
Table 8: Third and final stage construction of the TCRM Matrix framework,
with two test cases 30
Table 9: The TCRM Matrix framework validated against the Valley of Death
Framework 32
Table 10: The TCRM Matrix framework validated against the Technology
Adoption Life Cycle Framework 33
Table 11: Milestones in development of UPI as plotted on the TCRM
Matrix framework 34
Table 12: Milestones in development of Covaxin as plotted on the TCRM
Matrix framework 36
Table 13: Milestones in development of PSLV as plotted on the TCRM Matrix
framework 37
Table 14: The TCRM Matrix framework and its Legend 39
List of Figures
Figure 1: The S-Curve of Technology Development 18
Figure 2: The Business Model Canvas 19
Figure 3: Market Sizing Techniques 20
Figure 4: The Quadrant Model of Scientific Research 20
vii











Executive Summary
This paper draws attention to the evolution of the Technology Readiness Level (TRL),
Commercialization Readiness Level (CRL), and Market Readiness Level (MRL) scale and
their advantages and limitations. It proposes a joint assessment framework, the Techno-
Commercial Readiness and Market Maturity Matrix (TCRM Matrix) framework (which can
offer additional insights and actionable intelligence.
Table 1: The TCRM Matrix framework and its Legend
LEGEND
Concrete
Idea
Commercial
Lag (small)
Technological
Lag (small)
Diffused Idea
/ MRL Curve
Optimum
Path
Commercial
Lag (large)
Technological
Lag (large)
Not Possible,
by definition
The MRL Curve increases by one ‘level’ every time it moves to the next cell in the matrix
The paper highlights the different models of innovation that influenced the development
of the joint assessment framework and further underlines how it can be utilized and
made more acceptable for major funding bodies, countries, and firms for adoption. The
basic principles, context, and objectives within which the TRL, CRL, and MRL scales were
developed over the years have served as the tools and blueprint for the evolution of the
proposed TCRM Matrix framework. At the same time, the framework has been developed A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix
1 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix within a mission-oriented programme development approach. It has also illustrated the
validation of the framework that can be seen with other project development models
as well as understanding different case examples, which serves as a good reference for
other organizations and institutions for technology assessment, funding, and interventions
at different stages of the technology development cycle. Further, the paper gives a way
forward for policymakers, strategists, academicians, and investors on how to integrate the
framework within the larger ecosystem of innovation, and entrepreneurship.
The paper elaborates on the key requirements and rationales for adopting the framework
and whether it can lead to significant positive implications as well as the constraints, if any,
in implementing this framework. It has also been specified that an extensive exercise has to
be done before adopting the framework within any specific environment. The framework
adoption has to be within the national and sectoral innovation facets.
Executive Summary
2 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 1. Background – Landscaping the Indian
R&D Ecosystem
India’s R&D ecosystem is not just about numbers and statistics, but also about the dreams,
aspirations, and struggles of millions of people who believe in the power of innovation
and creativity. For a country that has faced numerous challenges and obstacles over the
years, the growth of the R&D ecosystem is a testament to the resilience, perseverance,
and ingenuity of the Indian people. From the remote villages of rural India to the bustling
metropolises of the big cities, people are constantly striving to create something new that
can change the world.
The government’s initiatives to promote R&D and entrepreneurship have given hope to
countless individuals who would otherwise have given up on their dreams. The start-up
ecosystem has provided young and ambitious entrepreneurs with a platform to turn their
ideas into reality. Academic and research institutions have become a breeding ground for
innovation and cutting-edge research.
India’s R&D ecosystem is more than just a means to an end. It’s a way of life. It’s about
people pouring their hearts and souls into their work, countless sleepless nights pursuing
their goals and refusing to give up in the face of adversity. It’s about the passion, the drive,
and the unrelenting spirit that defines the Indian people.
3 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix As India grows and develops, its R&D ecosystem will play a critical role in shaping its future.
It will be the engine that drives innovation, the catalyst that spurs growth, and the beacon
of hope that inspires future generations. For those who believe in the power of ideas, the
magic of creativity, and in the limitless potential of the human spirit, India’s R&D ecosystem
is a source of inspiration and wonder.
India’s R&D ecosystem has been rapidly growing and transforming in recent years, backed
by several key facts and figures that demonstrate the country’s potential and success:
zThe Indian government has launched several initiatives to promote innovation and
entrepreneurship, including the Atal Innovation Mission, the National Innovation
Foundation, and the Science and Engineering Research Board.
zIndia has over 1,000 higher education institutions that offer R&D facilities, including
the Indian Institutes of Technology, the Indian Institutes of Management, and the
Indian Institutes of Science Education and Research.
zPharmaceuticals, biotechnology, information technology, and automotive industries
account for a significant portion of R&D investment in the country.
zIndia’s start-up ecosystem has grown rapidly, with over 50,000 start-ups in the
country. This is supported by a strong network of incubators and accelerators,
which have helped to nurture and support these innovative companies.
zIndia has become a significant contributor to global research output, ranking third
in the world in the number of research publications. In 2020, Indian researchers
published over 135,000 research papers.
zThe Indian government has also been promoting international collaborations in
R&D, including partnerships with the United States, Japan, Germany, and the
United Kingdom.
zThe Indian pharmaceutical industry, a significant contributor to the country’s R&D
ecosystem, has been rapidly expanding. According to the India Brand Equity
Foundation, the industry is expected to grow at a compound annual growth rate
(CAGR) of 22.4% between 2020 and 2025, reaching a market size of $120-130
billion by 2030.
zIndia’s automotive industry has also been investing heavily in R&D, with several
major players, such as Tata Motors, Mahindra & Mahindra, and Bajaj Auto, setting
up R&D centres in the country.
zAccording to the Global Innovation Index 2022, India was ranked 40th in the
world in terms of R&D expenditure as a percentage of GDP, with a score of 0.7%.
In absolute terms, India’s R&D expenditure increased from $23.8 billion in 2010
to $89.9 billion in 2019
These facts and figures paint a picture of a rapidly developing and vibrant R&D ecosystem in
India, with enormous potential for growth and innovation. The country’s talented workforce,
supportive government policies, and strong network of academic and research institutions
and private sector partners all contribute to its success.
1. Background – Landscaping the Indian R&D Ecosystem
4 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 2. Indian Economy Overview
India’s economy has witnessed remarkable growth and is currently leading among the
world’s major economies. India is anticipated to command one of the top three global
economic positions in the forthcoming decade as it draws support from its sound
democratic policies and formidable partnerships.
India has surpassed the UK as the fifth largest economy during the initial quarter of FY
2022-23, following its recovery from the tumultuous impact of the covid pandemic surges.
Thanks to its robust macroeconomic fundamentals, the Indian economy has demonstrated
exceptional endurance, surpassing other growing economies in performance.
India boasts the world’s third largest number of unicorns, with a whopping 100 combined
valuation of US$ 332.7 billion. The government prioritises using sustainable energy sources
and aims to secure 40% of its energy from non-fossil-based sources within the next ten years.
The economy of India is majorly influenced by domestic demand, where approximately 70%
of the economic activity is driven by consumption and investments. India must continue
to prioritise introducing and implementing policies to promote economic growth.
Research and development (R&D) play a vital role in driving economic growth, developing
sustainable solutions, improving efficiency, and increasing business competitiveness. The
prosperity and development of worldwide businesses and industries depend heavily on this
crucial factor. For a nation to develop and maintain its progress, it is essential to convert
its science, innovation, and research and development system.
2.1 Sectoral Strength
India’s strength lies not only in its diverse economy, but also in the unwavering spirit of
its people. The country has overcome numerous challenges throughout its history, from
colonialism to poverty and inequality, and yet it continues to stand tall and persevere.
The IT and software industry represents
the dreams and aspirations of a generation
of young Indians who have worked
tirelessly to build world-class companies
from scratch. They have created an
industry that not only generates wealth
for the country, but also inspires the world
with its innovative spirit and passion
for excellence. The IT and software
industry in India is projected to grow at a
compound annual growth rate (CAGR) of
14.4% between 2020 and 2025, reaching
a market size of USD 194 billion by 2025.
1
5 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix
zThe IT and software sector contributed USD 191 billion to India’s GDP in 2020,
accounting for 7.7% of the country’s total GDP.
2
zIndia is the largest global sourcing destination for the IT industry, accounting for
approximately 67% of the market share.
3
zThe sector employs over 4.4 million people in India, with approximately 130,000
new jobs added each year.
4
zIndia is home to more than 16,000 IT and software companies, including major
multinational corporations such as IBM, Microsoft, and Google.
5
zIndia is the world’s second-largest producer of fruits and vegetables, with an
estimated annual production of 275 million tonnes.
7
zThe country is also the world’s largest producer of spices, with over 63 different
varieties produced.
8
zIndia is the largest producer and consumer of pulses (edible seeds of legumes),
accounting for approximately 25% of global production.
9
zAgriculture and allied sectors employ over 50% of India’s workforce, or
approximately 234 million people.
10
Agriculture is the lifeblood of the Indian
economy, and the sweat and toil of millions
of farmers who work tirelessly to feed the
nation is a testament to their resilience and
determination. Despite facing countless
hardships and uncertainties, they remain
committed to their land and their crops,
providing nourishment for the country
and the world. Agriculture accounts
for approximately 16% of India’s GDP
and employs over 50% of the country’s
workforce. India is the world’s largest
producer of milk, pulses, and spices, and
the second-largest producer of wheat
and rice.
6
2. Indian Economy Overview
6 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix
zThe Indian pharmaceutical industry is the world’s third-largest by volume, with
over 20,000 registered companies.
12
zIndia is the world’s largest provider of generic medicines, accounting for 20% of
global exports in generic drugs.
13
zThe sector is projected to reach a market size of USD 130 billion by 2030, growing
at a CAGR of 15.92% between 2021 and 2030.
14
zIndia is also a major supplier of vaccines to the world, with over 60% of the world’s
vaccines produced in the country.
15
The Automotive industry represents
the ingenuity and creativity of Indian
entrepreneurs who have built thriving
businesses from nothing. Their
hard work and determination have
created jobs and opportunities for
countless people, fueling the country’s
economic growth and development.
The automotive industry in India is
expected to become the world’s third-
largest by 2025, with annual sales of
over 13 million vehicles. India is also the
world’s largest manufacturer of two-
wheelers, with over 21 million produced
annually.
16
The Pharmaceutical industry represents
hope for millions of people who struggle
with illness and disease. Indian companies
have brought affordable and life-saving
medicines to millions of people around the
world, demonstrating their compassion
and commitment to improving the lives
of others. The pharmaceutical industry in
India is projected to grow at a CAGR of
11.5% between 2020 and 2025, reaching
a market size of USD 65 billion by 2024.
India is the largest provider of generic
medicines globally and accounts for 20%
of global exports in generic drugs.
11
2. Indian Economy Overview
7 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix
zIndia is the world’s largest manufacturer of two-wheelers, with over 21 million
produced annually.
17
zThe sector contributes approximately 7.1% to India’s GDP and employs over 35
million people.
18
zIndia is also a major hub for the production of electric vehicles, with the government
targeting a goal of 30% electric vehicle adoption by 2030.
19
Further, the Textile industry in India
is the second-largest employer after
agriculture, providing jobs to over
45 million people. India is the world’s
largest producer of cotton and jute,
and the second-largest producer of
silk. The industry is expected to grow
at a CAGR of 10% between 2020
and 2025, reaching a market size of
The Indian automotive industry is the
world’s fourth-largest by volume, with
over 26 million vehicles produced in
2019.
20
zIndia is the world’s second-largest producer of textiles and garments, accounting
for approximately 5% of global exports in textiles.
21
zThe sector employs over 45 million people, making it the country’s largest employer
after agriculture.
22
zIndia is the world’s largest producer of cotton and jute, and the second-largest
producer of silk.
23
zThe sector is expected to grow at a CAGR of 13.6% between 2021 and 2026,
reaching a market size of USD 350 billion by 2025.
24
2. Indian Economy Overview
8 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix These figures demonstrate the significant potential for growth and development in India’s
sectors, and highlight the important role they play in the country’s economy and society. In
conclusion, India’s strength is not just in its economy, but in the passion and determination
of its people. They are the heart and soul of the country, driving it forward with their
unwavering spirit and unbreakable will.
Finally, India’s focus on Renewable energy is a reflection of the
country’s commitment to creating a better future for its people and
the planet. It represents a bold vision of a sustainable and equitable
world, where people and the environment can thrive together. India’s
renewable energy capacity has grown at a CAGR of 17.33% between
2014 and 2020, reaching a total capacity of 92.97 GW in 2020. India
has set a target of achieving 175 GW of renewable energy capacity by
2022, including 100 GW of solar power. India is ranked fourth globally
in terms of installed renewable energy capacity, after China, the US,
and Brazil.
25
India has recorded impressive progress
in recent years in extending access to
Financial Inclusion and Services to a
larger portion of the population, including
disadvantaged socio-economic groups.
Leveraging the country’s competitive
strength in ICT, the Unified Payments
Interface (UPI) and other tools are
easing the transition towards a cashless
economy.
2. Indian Economy Overview
9 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix The India Post Payments Bank (IPPB) is set up under the Department of Post, Ministry of
Communication, and has expanded its strength across India covering post offices, through
a network of one Branch and 649 Banking outlets manned by Business Correspondents,
working on a hub and spoke model.
India Post Payments Bank (IPPB) enabled >1.36 lakh post offices to provide banking
services, including access to every Aadhaar-linked bank account, at the customer’s
doorstep, resulting in ~2.5x increase in rural banking infrastructure, and ~572,551 villages
were provided with mobile and internet connectivity. With over 400 banks live on the
Unified Payment Interface (UPI) platform, the transaction volume achieved an all-time high
in April 2023 at over 8.8 billion transactions. Further, the recently launched UPI123Pay for
feature phones will allow payments over apps, missed calls, interactive voice response, and
even using proximity sound. The government uses JAM’s (Jan Dhan-Aadhaar-Mobile) direct
benefit transfers for ~317 services. In FY21, it conducted 2.6 billion transactions, transferring
>US$ 46 billion to beneficiaries.
2.2 Startup and Investment Boom
India has been witnessing a boom in startup activity and investment in recent years,
with a particular focus on research and development (R&D) in a wide range of sectors.
The Indian government has implemented several initiatives to promote innovation and
entrepreneurship, including the Startup India campaign and the Atal Innovation Mission,
which provide support and funding to early-stage startups.
According to a report by NASSCOM and Zinnov, India added over 1,600 new tech startups
in 2020, taking the total number of startups in the country to nearly 12,000. In 2020, Indian
startups raised over $10 billion in funding, despite the challenges posed by the COVID-19
pandemic. This is a 10% increase from the previous year. India has the third-largest startup
ecosystem in the world, after the United States and China.
The Indian government’s Startup India initiative has supported over 41,000 startups since its
launch in 2016, and has approved over 700 funds for investment in startups. India is home
to several unicorns (startups valued at over $1 billion), including Flipkart, Paytm, Ola, and
2. Indian Economy Overview
10 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Byju’s. The Indian government has set a target of increasing the country’s R&D spending
to 2% of GDP, up from the current level of around 0.7%.
The number of patents filed by Indian companies and individuals has been steadily
increasing in recent years. According to the World Intellectual Property Organization
(WIPO), India filed over 53,000 patent applications in 2019, up from around 47,000 in
2018. These facts and figures highlight the significant growth and potential of the Indian
startup and R&D landscape. The government’s initiatives and policies, combined with
the increasing investment and entrepreneurial spirit of Indian innovators, are driving the
country’s emergence as a leading hub for innovation and research.
The focus on R&D has also attracted significant investment from domestic and international
investors, with companies such as Reliance Industries, Tata Group, and Infosys investing
heavily in research and development activities. In addition, several venture capital firms
and angel investors are also pouring funds into promising startups with innovative ideas.
The startup boom is not limited to just one sector, with startups emerging in areas such as
fintech, edtech, healthtech, agritech, and e-commerce, among others. This diverse range
of startups is contributing to the growth and development of the Indian economy, and
creating job opportunities for thousands of people.
The Indian government has also introduced several policies to boost the country’s R&D
capabilities, including tax incentives for companies engaged in R&D activities, and the
establishment of several innovation and research parks across the country. Overall, the
startup and investment boom in India’s R&D landscape is a positive sign for the country’s
economic growth and development. The focus on innovation and entrepreneurship is
driving the country’s transformation into a knowledge-based economy, and positioning
India as a global hub for innovation and research.
2. Indian Economy Overview
11 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 3. Need for Assessing Tech-based Projects
Technology assessment entails conducting a scientific investigation into the potential
implications of technological advancements and providing civil society and political
actors with advice based on the results. It is an interdisciplinary activity that seeks to
determine potential consequences on many facets of life as a response to new scientific
and technical breakthroughs, artifacts, processes, services, societal concerns, and concrete
policies. Technology Assessment has always had the responsibility of assisting the national
policymaking community in the creation of an effective Science, Technology, and Innovation
(STI) policy.
One must carefully evaluate the difficulties involved in attempting to apply technology
assessment techniques in the context and realities of a developing nation like India. The
evaluation must take into account the local context, and function according to local needs
and capabilities.
India has become a centre for technological innovation on a worldwide scale, with a rapidly
growing tech industry. As a result, there are now more startups and technology-based
enterprises nationwide. But not all of these initiatives are successful, and some don’t produce
the desired results. Therefore, it is critical to evaluate these projects’ viability and potential
before investing and devoting time and resources to them. In India, technology has the
power to drastically transform a number of industries, including healthcare, education,
agriculture, and transportation. The entire quality of life for individuals in the nation can
improve by evaluating and monitoring the tech-based initiatives in various industries to
help identify gaps and potential for innovation.
3.1 Status of Tech Development
Assessing technological initiatives
can assist in offering a comprehensive
view of the country’s technological
development status. We can discover
areas of strength and possibilities
for development in the country’s
tech ecosystem by examining the
performance and effect of these
projects. Successful technology-
based initiatives, for example, can
highlight the country’s strength in
sectors such as digital infrastructure,
technological innovation in healthcare solutions, and so on. This might be a sign of a skilled
workforce, helpful government policies, and a favorable investment climate.
Failure of technology-based initiatives, on the other hand, might identify areas that require
development. It might imply a lack of money, insufficient innovative support, regulatory
obstacles, or talent shortfalls. Addressing these difficulties may aid in the creation of a
more favorable environment.
12 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Assessing tech-based projects can also help to identify emerging trends and opportunities.
For instance, if we see a significant number of successful projects in a particular sector
such as healthcare, it could be an indication of the potential for growth and innovation in
that sector.
Over the last few decades, India has made significant progress in the field of technological
development. The country currently has a thriving technology industry, with a slew of
startups, global IT behemoths, and innovation hotspots. Here are some of the key highlights
of India’s technological development status:
zStartup Ecosystem: India has emerged as the third-largest startup ecosystem in
the world. These startups are driving innovation across various sectors, including
healthcare, finance, education, and transportation.
zDigital Infrastructure: India is investing heavily in its digital infrastructure, with the
government’s Digital India initiative driving the country’s digital transformation.
This has led to a proliferation of smartphones, internet connectivity, and digital
payment systems.
zArtificial Intelligence (AI) and Data Analytics: India is emerging as a hub for AI
and data analytics, with a growing number of startups offering AI-based solutions
and services.
zHealthcare: India has a rapidly growing healthcare sector and technology adoption
plays a key role in improving healthcare outcomes. The country is home to a
number of health tech start-ups offering solutions such as telemedicine, digital
health records, and health monitoring devices.
zAgriculture: India’s agriculture sector is also undergoing a technology-driven
transformation, with start-ups offering solutions such as precision agriculture, soil
testing, and crop monitoring.
zDigital Payments: India, primarily a cash-based economy, now leads the world
in real-time digital payments. Now, a global leader in the fintech space, India has
announced the systematic introduction of the digital rupee by the central bank
at the Union Budget 2022-2023.
3.2 Determination of Future Funding
Future funding for startup or
technical projects is determined by
a number of elements, including
the stage of development of the
startup or project, its industry, its
business model, and its potential for
growth. Some of the main elements
that investors frequently take into
account when choosing a funding
source:
3. Need for Assessing Tech-based Projects
13 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix
zEmerging Technology: Any innovation or a startup is more likely to be adopted/
receive funding if they are using any futuristic and emerging technology to solve
issues or open up new opportunities. Investors seek out startups with cutting-
edge, proprietary technology that gives them a competitive edge.
zMarket size and potential for growth: Investors frequently seek out technologies
/ innovations / startups that are aiming to capture sizable and expanding markets.
Startups are more likely to receive funding if they are addressing a significant issue
or opportunity and have the potential to grow quickly.
zBusiness Model: Investors are more attracted to companies with a distinct and
scalable business model. Long-term success depends on a business model that
can produce stable revenue streams and profits.
zMarket Traction: Startups are more likely to be supported if they have already
shown some degree of market traction, such as revenue growth or user acquisition.
3.3 Valuation and Investment
Valuation and investment refer
to the exercise of assessing the
potential value and financial
viability of a new technology
or innovation or project and
making investment decisions
based on that assessment.
Valuation is the process of
defining the potential worth of
an innovation or technology
by evaluating various factors
such as market potential,
competitive landscape, and
intellectual property. This
assessment helps investors to determine the value of the startup and make investment
decisions based on that valuation.
Investment, on the other hand, refers to the process of providing financial resources such
as equity or debt funding to a startup or project to help it grow and achieve its objectives.
Investors typically make investment decisions based on the valuation of the startup and
its potential for success.
In summary, valuation and investment in a new technology involve assessing the potential
value and financial viability of a startup or project and making investment decisions based
on that assessment.
3. Need for Assessing Tech-based Projects
14 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 3.4  Technology Transfer in India
The exchange of knowledge or
information about technological
aspects within a group or between
organisations or institutions is
known as technology transfer or
technology commercialisation.
Internationally speaking, this is
referred to as the transfer of
technology, encompassing the
exchange of expertise, production
methods, tangible resources,
specialised expertise, and other
technical factors between countries. The efficient application of the received technology
and its eventual integration furthers the progress of technology and fosters innovation.
The technology transfer process involves the transfer of technology from the laboratory
to the industry or from one application to a different domain application. Technology
transfer in developing countries facilitates the acquisition and dissemination of advanced
technologies from developed countries, thus enabling the transition towards newer
technological advances.
India has chosen to use an intelligent combination of domestically produced and imported
technology, contributing significantly to the country’s overall development and economic
prosperity. “Technology transfer” is crucial and is typically covered by a technology transfer
agreement. In contrast with conventional development approaches, emerging economies
like India frequently utilise their expertise in advanced technology to embrace and execute
contemporary techniques for progress.
The Indian government has built numerous national research laboratories in order to
conduct research and development, with the intention of sharing the resulting technological
advancements with developing and underdeveloped countries. The Indian government
has also established Technology Transfer Offices at the Central Government level and
in universities and institutions, supported by central funding, that serve as a means of
disseminating and exporting the results of research to the intended destinations.
Several Indian Academic Institutes are also successfully commercialising their research and
transferring their technology to industry through licensing. Furthermore, several reputable
institutions have witnessed multiple instances of technology dissemination in India.
The coronavirus outbreak sparked a greater curiosity in comprehending the significance
of transferring technology internationally in order to enhance the worldwide manufacture
of vaccines. Amidst the covid outbreak, nations with prior exposure to vaccine production
via the technology transfer program displayed superior readiness in formulating a remedy
for combatting the pandemic. With the technology transfer of vaccines, India has emerged
as a leading global centre for manufacturing covid vaccines, constituting almost 60% of
the world’s vaccine supply capacity.
3. Need for Assessing Tech-based Projects
15 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 3.5 Technology Commercialization
Following independence, the
Government of India (GoI) established a
number of organizations and institutions
to handle the transmission of knowledge
and inventions across the country.
The Government of India founded
the National Research Development
Corporation (NRDC) in 1953 with the
primary goal of promoting, developing,
and commercializing technologies
/ know-how / inventions / patents / processes emerging from various national R&D
institutions / universities. It is currently managed by the Department of Scientific and
Industrial Research, Ministry of Science and Technology, Government of India. Following
that, the first scientific policy, enacted in 1958, highlighted the importance of technology
in India. Among a few research and development enterprises, India has a track record of
achievement. One such project comes from the National Chemical Laboratory (NCL), a
principal laboratory of The Council of Scientific and Industrial Research (CSIR) of India’s
central government. NCL has an exceptional history of commercializing technologies both
in India and overseas in conjunction with industry over its 80-year history. The Technology
Information Forecasting and Assessment Council (TIFAC)
26
was established in 1988 as an
autonomous body owned by the Government of India under the Department of Science
and Technology to provide financial support for infrastructure as well as to develop and
commercialize technologies under the “Home Grown Technology” Scheme.
To emphasize the importance of promoting local goods, the Government of India
announced the “Make in India” initiative in 2014, which comprises key characteristics to
encourage inventions, protect intellectual property, foster innovation, and construct the
best manufacturing infrastructure in the country. The first National Intellectual Property
Rights (IPR) policy was announced in May 2016. The GoI’s goal with this policy was to
promote, raise awareness of, and enforce intellectual property.
In India, research institutes have strong research competencies in a wide range of fields,
many of which have significant commercial potential. However, considerable work needs
to be done before they can be translated into commercial products and services. First, a
market need (or problem) must be discovered, followed by a “proof-of-concept” project in
which a technical solution is produced and tested. Furthermore, more research is needed
to determine whether this technological solution can be offered in a cost-effective and
commercially sustainable manner. There is a significant shortage of professionals to support
the technological commercialization process. Professionals such as IP lawyers, legal service
providers in technology transfer, business plan writers, counsellors in company formation,
and other allied services are in high demand. Strong networks must also be developed
and cultivated between and among entrepreneurs, technicians, investors, researchers,
tech transfer experts, and others. Technology business incubators, which promote tech
companies by providing physical space, facilitating finance, and providing other advisory
and professional services, are another important component of the ecosystem that must
be established and expanded.
3. Need for Assessing Tech-based Projects
16 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 4. Overview of Assessment Frameworks
The diverse needs for assessing technology development projects have given rise to various
tools and frameworks for conducting such assessments, with each delivering insights
tailored to the specific need. These tools utilise both intrinsic and extrinsic indicators for the
assessment, and usually compare the project to a standardised benchmark to determine
the work done so far and the work that remains to be done. The standardised benchmark
is the result of previous experience across the scientific, industrial, and research community
in technology development projects. The assessment frameworks can be broadly classified
based on which aspect of the project they focus on - namely; technology focused, business
focused, and market focused. A few important frameworks from each category are
discussed briefly below.
4.1 Technology-focused Frameworks
The most popular among these frameworks is the Technology Readiness Level (TRL)
framework, which was originally developed by NASA based on the innovation life cycle. It
has since been widely adopted in a more generalised form, and has also become part of
the EU Horizon 2020 Work Programme to support Research, Development and Innovation
investments. Its popularity as an assessment framework can be attributed to its ease-of-use
and intuitive linear progression model from an initial stage of curiosity-driven research to
a final stage of fully developed and tested innovation, launched as a new product and/or
service. The high level of abstraction allows it to be applied to any kind of technology to
produce meaningful insights. However, the TRL framework has also been criticsed because
it does not incorporate the cyclical and iterative nature of technology development, and
cannot provide meaningful insights when there are disruptive breaks in technological
evolution.
An important framework that overcomes these challenges in technological assessments
is the ‘S-Curve’ framework. This framework was developed from the study of innovation
from an economic perspective, and looks at the increase in performance of a technology
over time. It finds that from the point of introduction of the technology by an innovator,
the improvement in performance of a technology usually starts very slowly with early
adopters. It then reaches its first inflection point where the performance ramps up quickly
with an increase in adoption, and gives a large boost to the intended productivity, before
it reaches its second inflection point where it becomes saturated and the performance/
adoption starts to plateau. When such improvement in performance is plotted over time,
it looks like a forward leaning ‘S’, and hence its name. (See figure below). However, this
framework also presents a second insight - that there are multiple S curves for the same
technology application, and society ‘rides’ one S-curve to another.
17 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Product Performance
3rd Technology
2nd Technology
1st Technology
Time or Engineering Effort
Figure 1: The S-Curve of Technology Development
27
Another useful framework for the assessment of technology development is the ‘Dimensions
of Technology Development’ of a given technology thread. A technology ‘thread’ is defined
as a class of technological solutions and the generational evolution of that technology class.
Note that technology threads do not include ‘higher’ technology that is constructed using
the given class as a component. At any given point along the technology thread, there are
three dimensions of development. The Production Dimension is a measure of the capability
of producing the technology at a large scale (more units of technology). The Performance
Dimension is a measure of the capability of improving the technology’s performance (more
performance per unit of technology). The Progress Dimension is a measure of the capability
of innovation towards the evolution of the technology (next generation of technology).
While this framework may appear to be similar to the S-Curve, its value lies in its ability to
separately identify the direction of technological development.
4.2  Business-focused Frameworks
An important business focused framework is the Commercialization Readiness Level (CRL)
framework, which provides a linear progression model from the belief a new technology
could be commercially successful all the way through to commercial availability and wider
acceptance within the target market. While there are many versions of this framework
(including the Investment Readiness Level framework) set out by various government
agencies and industry associations, but it has not found the same kind of popularity and
acceptance as the TRL framework. This lack of adoption has been attributed to the use
of a linear model where the perception of business is non-linear, and the availability of
other business focused frameworks that have a similar ease of use while offering more
meaningful insights.
One of the most popular business focused frameworks is the Business Model Canvas,
developed by Alexander Osterwalder. It provides the logic of how a company intends to
4. Overview of Assessment Frameworks
18 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix deliver value and make money through nine building blocks that cover the three main areas
of a business: desirability, viability and feasibility. This framework offers its ease of use with
a high level of abstraction that allows it to be applied to a wide range of business cases,
but it does not provide insight into the business challenges along the way of establishing
a business.
KEY PARTNERS
Describe the
network of
suppliers and
partner that make
the business
model work.
VALUE
PROPOSITION
What do you
provide to
customers?
Describe the
bundle and/
or services that
provide value to
customers.
CUSTOMER
SEGMENTS
Which groups of
customers do you
currently serve?
Briefly describe
each different
customer group.
ACTIVITIES
What are the
most important
activities that the
company must
do to make the
business model
work
KEY
RESOURCES
What assets do
you have under
your control for
delivering on your
value proposition?
COST STRUCTURE
What are the major categories of costs that you
incur to make your business model work? Describe
each major cost category.
REVENUE STRUCTURE
Hod do you generate revenue from each customer
grouping? Describe your different revenue streams.
CUSTOMER
RELATIONSHIPS
How do you foster
and maintain
relationships with
customers?
CHANNELS
How do you
currently deliver
products or
services to
customers?
Figure 2: The Business Model Canvas
28
The ‘Valley of Death’ framework looks at the business life cycle to examine the various
points along which significant challenges for the business emerge. Like other frameworks,
there are various versions of this framework used across the industry, but a common feature
across each ‘valley’ is that it is defined in a space between the peak attention or support
of different stakeholders. For example, the Product Development valley of death lies in
the space between public or academic funded research and early stage investor funded
startups, while the Scale to Market valley of death lies between the growth stage investor
funded startup and publicly listed companies. This framework is very useful in identifying
what key stakeholders need to be sensitized and persuaded.
4.3  Market-focused Frameworks
Similar to the other two categories, an important framework here is the Market Readiness
Level (MRL) framework. An important distinction here, however, is that it relies on extrinsic
indicators - or more specifically, the awareness of extrinsic market indicators - and the
preparedness (in the technology development project) for facing the extrinsic scenario in
the market. Various versions and forms of the MRL framework have been introduced by
government agencies and the industry. While this framework has certainly found higher
adoption thant the CRL framework, it is not as widespread in the acceptance as the TRL
framework.
4. Overview of Assessment Frameworks
19 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Total Addressable Market
How big is the largest market?
TAM
SAM
SOM
EVG
Serviceable Available Market
How big is the market that you could reach now?
Serviceable Obtainable Market
What is the market you can reach with you 
current resources?
Earlyvangelists
What are your most potential customers?
Figure 3: Market Sizing Techniques
29
The most popular method of market focused frameworks rely on market sizing techniques,
which is a method of evaluating and estimating the potential reach and revenue of a given
product or service. This method relies on overall market size estimates from market surveys
and research reports, and then identifies the specific market by applying a series of weights
based on various assumptions.
An important feature of the ‘Valley of Death’ framework discussed in the previous subsection
is that it is often also used as a market focused framework. This is possible because the
framework relies on extrinsic indicators like the interest and support of various stakeholders
to identify the ‘valleys’. As a result, the framework is able to provide a close estimate of
the market factors affecting the technology development project.
4. Overview of Assessment Frameworks
20 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 5. Proposed Model for the joint assessment
of Technical and Commercial Readiness
and Market Maturity
A significant majority of the assessment frameworks usually examine only one aspect of the
technology development project, and hence provide an incomplete or lopsided insight in
its stage of development. Keeping in mind the hazards of such incomplete assessment that
have been covered in detail during the discussion on India’s present status and the needs
for assessment, the paper here proposes a model for a joint assessment of the technical
and commercial readiness and market maturity of a technology development project.
At this point it is highlighted that the idea of a joint assessment framework is hardly new.
The challenges and limitations of the individual frameworks were clearly outlined over the
1990s and early 2000s, and several attempts have been made since then to provide a joint
technical and commercial readiness assessment framework. Two such efforts worth noting
are explained in brief along with our observations.
zThe Market & Technology Readiness Level or MTRL
30
, developed by Frank Khan
Sullivan, Michel Drescher from Oxford University e-Research Centre and Frank
Bennett at Cloud Industry Forum, and was originally used to support several
European Research & Innovation projects. This framework provides a detailed
questionnaire regarding the technological and market readiness, and uses
mathematical modeling to create a composite readiness level. We observe that
this framework provides a robust analysis of the joint readiness of a project but
is not intuitive, reducing its ease-of-use.
zThe 4-axis framework
31
extends the Technology Readiness Level in three further
directions, namely the Legal, Organisational and Societal Readiness Levels. This
framework was developed by Ilenia Bruno and Francesco Molinari, and published
in In Proceedings of the 13th International Conference on Theory and Practice
of Electronic Governance (ICEGOV2020). We observe that while this framework
provides an intuitive extension of the TRL framework in three new directions, it
does not add value in terms of joint assessment of the readiness of technology
development projects.
The present proposal seeks to present a joint assessment framework that also incorporates
the market readiness aspect, and through that, to introduce the notion of an ‘optimal path’
for such technology development projects. Towards this, we begin by using three linear
progression models of assessment frameworks - namely the Technology Readiness Level
(TRL), Commercialisation Readiness Level (CRL), and Market Readiness Level (MRL) - as
the base versions. These frameworks and their limitations are discussed in detail below.
21 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 5.1 Technology Readiness Levels (TRL) Overview and Rationale
TRL is a framework for estimating the technology maturity of core technologies in a
program during the selection process and in subsequent monitoring and evaluation phases
until these technologies, or products utilizing them, attain market readiness. Originally
introduced by NASA (National Aeronautics and Space Administration), the TRL scale is a
metric with nine technology readiness levels for describing the maturity of a technology
from ideation stage (TRL-1) to highest degree of application in its operational environment
(TRL-9).
It is based on the assumption that as a technology advances from basic concept to final
implementation, its maturity level increases. The scale is intended to give a standard
language for innovators, researchers, and investors to communicate about the readiness
of a technology for commercialization or deployment.
Table 2: Technology Readiness Levels (TRL) Scale
Technology Readiness
Level (TRL
32
)
Requisite Conditions
TRL 1 Basic principles observed and reported
TRL 2 Technology concept and/or application formulated
TRL 3
Analytical and Experimental Critical Function and/or Characteristic
Proof-of-Concept
TRL 4
Technology Component / sub-system validation in laboratory
environment
TRL 5
Technology Component / sub-system validation in relevant
environment (industrially relevant environment in case of key
enabling technologies)
TRL 6
Technology sub-system or prototype demonstration in a relevant
environment
TRL 7
Technology System Prototype demonstration in an operational
environment
TRL 8
Actual Technology System completed and qualified through testing
and demonstration
TRL 9
Actual Technology System proven in its operational environment
(competitive manufacturing in the case of key enabling
technologies)
The 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 a standard language to express the maturity of a technology. This
can serve to minimize ambiguity and boost confidence in a technology’s potential success,
ultimately leading to more informed investment and deployment decisions.
5. Proposed Model for the joint assessment of Technical and Commercial Readiness and Market Maturity
22 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 5.2 Commercialisation Readiness Levels (CRL) Overview and
Rationale
The CRL will assess various indicators which influence the commercial and market conditions
beyond the technology maturity. This enables key barriers to be addressed to support the
commercialisation of a technology. It is intended to supplement the TRL scale by providing
increased focus on a technology’s preparedness for market launch and commercial success
through specific and clearly defined business indicators.
Like the TRLs, the CRLs are on a scale from 1 – 9 to identify the commercial readiness of
the technology, from basic value proposition stage (CRL-1) to trusted solution (CRL-9). The
CRL approach was designed to give a framework for assessing a technology’s commercial
readiness, primarily for the goal of bringing it to market. This encompasses market analysis,
cost-effectiveness, scalability, and regulatory compliance, which are often not addressed
by the TRL system.
Commercialisation Readiness
Level (CRL
33
)
Requisite Conditions
CRL 1
Basic value proposition of technology identified and
reported
CRL 2Business concept formulated with potential applications
CRL 3Business Plans validated with Proof-of-Business-Case
CRL 4Minimum Viable Product Completed and Pilots initiated
CRL 5
Minimum Marketable Product and Operational Processes
Validated
CRL 6
Minimum Marketable Product Deployed in the Market with
Operating Revenue Targets
CRL 7Matured Product Design and Marketing Strategy Validated
CRL 8
Matured Product Deployed in the Market with Targets
Achieved
CRL 9
A Trusted Solution and a successful business model
established
5.3 Market Readiness Levels (MRL) Overview and Rationale
MRL is a methodology used to evaluate how close to the market the project outputs /
products are. 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. The MRL scale is intended to supplement
the TRL and CRL by focusing on a technology’s preparedness for the purpose of customer
adoption and market success.
MRL reflects the evolution of a project from initial project development to market leadership.
The level sequence must take into consideration the changes that must occur for a project
to transform itself from a purely technology endeavor to a market powerhouse. It aids
in accelerating the commercialization of technology and ensuring its success, which will
promote innovation and economic progress.
5. Proposed Model for the joint assessment of Technical and Commercial Readiness and Market Maturity
23 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Table 3: Market Readiness Levels (MRL) Scale
Market Readiness Level
(MRL)
Requisite Conditions
MRL 1 Basic Market Need Perceived and Defined
MRL 2 Potential Business Models Formulated with Value Proposition
MRL 3 Early Stakeholders Identified and their Needs Validated
MRL 4 Feedback from Pilot of Minimum Viable Product Obtained
MRL 5
Market Sizing for Minimum Marketable Product Completed and
Operating Revenue Targets Generated
MRL 6
Problem Solution Fit Validated with Proven Traction and
Competitor Analysis Completed
MRL 7
Feedback from Minimum Marketable Product Obtained and Market
Research for Matured Product Completed
MRL 8
Product Market Fit Validated with Proven Scalability and Market
Share Target Fixed
MRL 9
Continuous Iteration of Product Development through Feedback
and Market Research
5.4  Identifying the gaps
Each of the Technology readiness level (TRL), Commercialization readiness level (CRL), and
Market readiness level (MRL) systems, have certain limitations which are:
Table 4: Identifying the gaps
Technology Readiness Level
(TRL)
Commercialization
Readiness Level (CRL)
Market Readiness Level
(MRL)
TRLs only take into account a
technology’s technical readiness,
ignoring other elements
like market demand, cost-
effectiveness, and regulatory
compliance that are crucial for
commercial success.
TRLs do not specify how
to advance a technology
from one level to the
next, making it difficult
to design and implement
technological development and
commercialization strategies.
CRLs are concerned
with commercialization
readiness and may
overlook technical
elements of a technology.
External variables, such as
changes in rules or market
conditions, might have an
impact on a technology’s
commercial readiness.
The MRL system may be
subjective, and various
stakeholders may perceive
it differently, resulting in
contradictions in ratings.
MRLs may fail to account
for external factors that can
influence technology adoption,
such as changes in customer
tastes, competition, or
technological improvements.
5. Proposed Model for the joint assessment of Technical and Commercial Readiness and Market Maturity
24 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix While each approach has certain limitations, they all provide a useful framework for
assessing the readiness of a technology from different perspectives. By combining these
many viewpoints, stakeholders can make more informed decisions regarding a technology’s
potential commercial success and establish successful strategies for technological
advancement and user adoption.
5. Proposed Model for the joint assessment of Technical and Commercial Readiness and Market Maturity
25 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 6. Construction of the Techno-Commercial
Readiness and Market Maturity Matrix
(TCRM Matrix) Framework
In order to construct a joint assessment framework, we envision a model that will have a high
level of abstraction, so that it may be applied to a wide range of technology development
projects, and will encourage ease-of-use, so that a user would be able to intuitively utilize
it without prior knowledge. Further, we also seek to introduce the notion of an ‘optimal’
path, but do so with caution to ensure it does not compromise the level of abstraction.
Keeping in mind the above, we find that the TRL, CRL, and MRL frameworks, despite their
limitations as linear progression models, serve as the best building blocks for the joint
assessment framework.
We note that the TRL and CRL framework are distinct from the MRL framework in that the
former are based on intrinsic indicators whereas the latter is based on extrinsic indicators.
We find that this presents a unique opportunity to improve the ease of use, and leverage
this feature in our construction of the Techno-Commercial Readiness and Market Maturity
Matrix (or TCRM Matrix).
We also consider two test cases (given below) at each stage to show how the framework
being constructed can be used for assessment, and to determine whether it offers any
additional insights as compared to discrete assessment using different frameworks.
zThe assessment of project (P1) at different points in time (t1, t2, and t3) shows
where the focus has been over those time intervals.
zThe comparative assessment of various technology Projects (P1, P2, P3) at a given
time (t2) shows which are more technically or commercially mature.
6.1 First Stage of Construction
We begin the first stage construction of the TCRM Matrix by taking the two frameworks
based on intrinsic indicators - the TRL and CRL framework - and construct a simple but
inverted matrix from them as shown in the table below. This table can be used as a
rudimentary tool to jointly assess the technical and commercial development stage of any
given technology project (or multiple projects).
26 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Table 5: First stage construction of the TCRM Matrix framework, with two test cases
TRL9
TRL8
TRL7
TRL6
TRL5
TRL4
TRL3
TRL2
TRL1
CRL1CRL2CRL3CRL4CRL5CRL6CRL7CRL8CRL9
P1(t1)
P1(t2)
P3(t2)
P1(t3)
P2(t2)
We examine the two test cases using this stage of the TCRM Matrix framework, and find
that:
zThe project P1 focused more on technological development between t1 and t2,
and then shifted focus to commercial development between t2 and t3.
zAt time t2, P1 has highest technological readiness, P3 has most commercial
readiness, and P2 lies somewhere in between.
We note that at this stage the TCRM Matrix framework does not offer any additional insights
needed for the joint assessment to be more meaningful than a discrete assessment.
6.2 Second Stage of Construction
In the second stage of construction of the TCRM Matrix framework we attempt to
incorporate the underlying context of the two readiness level frameworks and to link them
to each other. This is done by using a colour-coding the matrix to showcase the relationship
and interdependence of the TRL and CRL. Through this, we also begin introducing the
notion of an ‘optimum path’. The path is called ‘optimum’ because it relies on a given
technology project meeting the minimum criteria of each (Technology/Commercialization)
readiness level framework in a manner that maximizes the project’s performance on the
other readiness level framework.
We determine the minimum criteria based on logical and common sense understanding of
technology development projects. For example, it is not logical to conduct pilots (CRL-4)
6. Construction of the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) Framework
27  
 
 
 
 
 
 
 
 





A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix without first having the technology sub-system validated in relevant environment (TRL-
5) or, preferably, having a prototype demonstration in a relevant environment (TRL-6).
Similarly, attempting to design and validate a Minimum Marketable Product (CRL-5) without
completing a prototype (TRL-6) is also illogical. Hence, these form the minimum criteria
which determine that the ‘optimum’ path lies in conducting pilots after the sub-system or
prototype is validated in the relevant environment, and then using the learning from the
pilots to refine the prototype and design the Minimum Marketable Product.
Table 6: Second stage construction of the TCRM Matrix framework, with two test cases
LEGEND
Concrete
Idea
Commercial
Lag (small)
Technological
Lag (small)
Diffused Idea
Optimum
Path
Commercial
Lag (large)
Technological
Lag (large)
Not Possible, by
definition
We again examine the two test cases using this stage of the TCRM Matrix framework, and
find that:
zBetween t1 and t2, the project P1 focused on technological development but did
not meet its commercial readiness potential that could have been achieved at
that stage. Then between t2 and t3, it shifted focus to commercial development
but started lagging in the potential technology readiness that could have been
achieved at that stage.
zAt time t2, P1 has highest technological readiness but does not meet its
commercialization readiness potential, while P3 has very high commercial
readiness but does not meet its technological readiness potential. The project P2
has maximized its commercial readiness for the level of technological readiness
6. Construction of the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) Framework
28 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix it had achieved.
At this stage the TCRM Matrix framework offers some additional insights through the joint
assessment over and above that possible from a discrete assessment. However, these
insights are not fully actionable, and do not highlight the risks or challenges associated with
the technological or commercial lag in the technology development project. We also find
that at this stage, the notion of the ‘optimum path’ is based purely on the interdependence
of the TRL and CRL frameworks, and requires validation from the external framework.
6.3 Third Stage of Construction
In the third stage of construction of the TCRM Matrix framework we attempt to fill the gaps
by incorporating the MRL framework (which we reiterate and emphasize is a framework
based on extrinsic indicators) and overlaying it on the ‘optimum path’. This is done by
envisioning the MRL framework as a set of line segments that cut across the matrix based
on the MRL framework’s underlying linkages with the TRL and CRL framework.
We first show the reimagined MRL framework overlaid on top of the Second Stage
construction of the TCRM Matrix framework with each level placed and labelled in a
corresponding cell. Here it is important that emphasize that unlike the TRL and CRL
frameworks (as used in the TCRM) that identify the current status of the technology
development project, the MRL framework (as used in the TCRM) identifies the minimum
market readiness level that needs to be achieved to meaningfully proceed to the next
technology readiness level or commercialisation readiness level.
Table 7: Second stage construction of the TCRM Matrix framework, overlaid with the
MRL framework
TRL9MRL 9
TRL8MRL 8
TRL7MRL 7
TRL6MRL 5MRL 6
TRL5MRL 4
TRL4MRL 3
TRL3 MRL 2
TRL2 MRL 1
TRL1
CRL1CRL2CRL3CRL4CRL5CRL6CRL7CRL8CRL9
6. Construction of the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) Framework
29  
 
 
 
 
 
 
 
 








A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix This form of the TCRM Matrix framework is only an interim step intended to develop an
understanding of the framework. Moving towards its final form, the MRL content in the
cells of the matrix is replaced with basic line segments, and the resulting curve - called
the MRL curve - is retained. In order to ensure ease-of-use, it is emphasized that the
MRL curve increases by one ‘level’ every time it moves to the next cell in the matrix. It
should also be noted that the direction of movement determines whether that minimum
market readiness level enables achieving the next readiness level for technology (vertical
movement), commercial (horizontal movement), or both (diagonal movement).
Table 8: Third and final stage construction of the TCRM Matrix framework, with two test cases
LEGEND
Concrete
Idea
Commercial
Lag (small)
Technological
Lag (small)
Diffused Idea
/ MRL Curve
Optimum
Path
Commercial
Lag (large)
Technological
Lag (large)
Not Possible,
by definition
The MRL Curve increases by one ‘level’ every time it moves to the next cell in the matrix
We again examine the two test cases using this stage of the TCRM Matrix framework, and
find that:
zBetween t1 and t2, the project P1 focused on technological development but did
not meet its commercial readiness or the market readiness potential that could
have been achieved at that stage of technology development. Then between
t2 and t3, it shifted focus to commercial development but started lagging in
the potential technology readiness that could have been achieved at that stage.
However, in doing so, it moved closer to the market readiness for the given level
6. Construction of the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) Framework
30 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix technology development, and at t3, achieved a more optimum balance between
technological, commercial, and market readiness.
zAt time t2, P1 has highest technological readiness but does not meet its
commercialization readiness potential and is also lagging in market readiness.
At the same time, P3 has very high commercial readiness but does not meet
its technological readiness potential. Moreover, it has strayed far away from
the market readiness, and therefore its high commercial readiness is unlikely to
offer meaningful returns. The project P2 has not only maximized its commercial
readiness for the level of technological readiness it had achieved, but also rides
the market readiness curve closely thereby ensuring it is responsive to shifts in
the market forces.
At this final stage, the TCRM Matrix framework offers more meaningful insights through
the joint assessment (over and above that possible from a discrete assessment) and also
offers actionable intelligence in each test case. Further, the optimum path based on the
interdependence of the TRL and CRL frameworks (the intrinsic model) and the MRL
curve (the extrinsic model) are found to track closely with each other. This validates and
completes the notion of the optimal path, where projects that ‘ride the curve’ will be able
to transition from the lab to market with greatest ease.
6. Construction of the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) Framework
31











A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix

???
???
? ?? 7. Validating the TCRM Matrix framework
The Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) framework
has been constructed as a joint assessment framework on the basis of existing TRL, CRL,
and MRL frameworks. In order to validate the TCRM Matrix framework, we take a two
pronged approach. First, we compare the framework itself against external frameworks that
are distinct from those used in its construction. And second, we examine how the results
yielded by the framework when applied to established and broadly recognized successful
technology development projects.
7.1 Validation Based on Other Models
Across the scientific, industrial, and startup community, the ‘Valley of Death’ framework is
acknowledged as a time-tested model and has been found to be true across a wide range
of technology development projects. Therefore, we attempt to validate our framework
against it by superimposing the Valley of Death curve over the TCRM Matrix framework.
Here, the Valley of Death curve is placed along the CRL framework.
Table 9: The TCRM Matrix framework validated against the Valley of Death Framework
We note that the Valley of Death curve is loosely aligned with the MRL curve and the
optimal path. There are two prominent ‘valleys’; the first being that of Product Development
and the second being that of Scaling to Market. Here it is highlighted that the optimal path
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Number of Adopters
Technology Matures
Mainstream MarketEarly MarketA New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix
Innovators
Early Adopters
Early MajorityLate Majority
Chasm shown in the TCRM Matrix framework offers a smooth and efficient transition through the
valleys, and encourages a market-aware approach to technology development.
Another important framework that is used in the context of assessing the status of
technology development projects is Moore’s Technology Adoption Life Cycle framework.
This framework uses a sociological model and suggests that technology adoption in a group
follows a Bell Curve. It states that Innovators and Early Adopters are eager enthusiasts
to adopt new technology, but there being a ‘chasm’ before the Early Majority and Late
Majority also adopt that technology. We attempt to validate the TCRM Matrix framework
against Moore’s Technology Adoption Life cycle Framework by superimposing them placed
along the direction of time.
Table 10: The TCRM Matrix framework validated against the Technology Adoption
Life Cycle Framework
34
We observe that the Technology Adoption Life Cycle Framework extends beyond the
TTCRM Matrix framework, but is aligned in terms of expected adoption under the framework.
Here it is highlighted that the optimal path shown in the TCRM Matrix framework enables
the transition through the ‘chasm’ by ensuring the feedback from Early Adopters (or Pilot
Stakeholders in the TCRM Matrix framework) is incorporated in the product development
to create a Minimum Marketable Product that can bring in the Early Majority.
7. Validating the TCRM Matrix framework
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A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Based on the validation against the two external frameworks, the TCRM Matrix framework
appears to deliver consistent analytical insights with those frameworks.
7.2 Validation Based on Established Case Examples
We recognise that any assessment framework is only as good as the results and insights it
provides. Hence, to determine the validity of its results as against the general consensus of
what is considered a successful technology development project, we examine what results
the TCRM Matrix framework would offer in respect of three very different examples of
technology development projects–viz. BHIM UPI (a financial application of information and
communication technology), COVAXIN (a vaccine developed in response to the COVID-19
pandemic), and the PSLV (an indigenously developed satellite launch vehicle). This is done
by taking 5 milestones along the development of each project, plotting them on the TCRM
Matrix framework, and examining whether the results produced are aligned with the general
consensus of their performance.
Case Example 1: The BHIM UPI system
Important Milestones in the development of the BHIM UPI system:
M1 (October 2012) : UPI envisioned in “Payment Systems in India: Vision 2012-2015”. Note
that IMPS (Immediate Payment Services) had already been launched in 2010.
M2 (August 2014) : *99# service launched to build on IMPS and RuPay services
M3 (April 2016) : UPI pilot launched by RBI with 21 banks and BHIM UPI app launched
M4 (December 2016) : UPI-enabled apps are available across platforms
M5 (July 2021) : UPI starts being internationalized
Table 11: Milestones in development of UPI as plotted on theTCRM Matrix framework
7. Validating the TCRM Matrix framework
34 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix United Payment Interface (UPI), is the flag-bearer of the ongoing Indian Financial Revolution.
It is an instant real-time payment system developed by the National Payments Corporation
of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-
merchant (P2M) transactions.
The UPI journey began in 2012 when the Reserve Bank of India (RBI) released a vision
statement for a period of four years that indicated commitment towards building a safe,
efficient, and authorized payment and settlement system in India. As a next step, in the year
2014, *99# service was launched by NPCI, which is a USSD (Unstructured Supplementary
Service Data) based mobile banking service that brings together diverse ecosystem partners
such as Banks & TSPs (Telecom Service Providers). This marks an efficient jump in the
technical and commercial levels as per theTCRM Matrix framework. The next milestone was
achieved with the launch of the UPI pilot in April 2016, with 21 banks. This was followed by
working on the feedback from the pilot of the UPI MVP and subsequent public launch in
December 2016. These two milestones in the UPI development journey witness a steady
and efficient rise in the technical maturity of the product and parallelly managing the
commercialization timeline. The path followed by the product cycle is a little discordant
with the TCRM Matrix framework which can be understood by the fact that it took almost
two years for the UPI pilot launch. If the product journey would have followed the MRL key
components of proper Market Research and Market Fit Validation, this could have been
achieved a little earlier.
Finally, the last milestone sees a major jump in the commercial maturity of the UPI
product/ brand. The NPCI International Payments Limited (NIPL) signed a memorandum
of understanding (MoU) with a UK-based financial firm in 2021 to expand the acceptance
of UPI into foreign markets especially in China and the United States which accounts for
half of all international transactions coming from India. This marks the alignment with the
TCRM Matrix framework.
Case Example 2: The COVAXIN journey
Important Milestones in the development of the Indian vaccine Covaxin:
M1 (May 2020) : Pre-clinical studies completed for the discovery of indigenous vaccine
M2 (July 2020) : DCGI approval for Phase I & II Human Clinical Trials
M3 (November 2020) : Phase III Trials begin for the vaccine
M4 (January 2021) : Covaxin received Emergency Use Authorisation (EUA) from the DCGI
for restricted use
M5 (November 2021) : Covaxin granted Emergency Use Listing by the World Health
Organization (WHO)
7. Validating the TCRM Matrix framework
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A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Table 12: Milestones in development of Covaxin as plotted on the TCRM Matrix framework
When Covid-19 was declared a pandemic in March 2020, it was only a matter of time, and
the virus had already taken over the whole world, not expected to leave anytime soon. As
the world’s pharmacy, India needed to play a major role in drug and vaccine development.
Amidst a crisis and the resultant issues related to logistics, coordination and so on, India
was able to roll out its indigenously developed vaccine at the beginning of 2021.
The Covaxin journey began in May 2020 with the announcement of the partnership between
Bharat Biotech with the National Institute of Virology and the Indian Council of Medical
Research to develop an inactivated coronavirus vaccine called Covaxin and the pre-clinical
studies were completed subsequently. By the start of July 2020, India’s Drugs regulatory
body, DGCI (Drugs Controller General of India) gave Covaxin the go ahead for human
trials. Next, in November 2020, the company announced that they were beginning phase 3
trials for the vaccine. This milestone is where the Covaxin development curve goes off the
tangent as per the TCRM Matrix framework. This is because of the fact that in comparison
to the typical 10-year-cycle of vaccine development, the development of covaxin in less
than a year is nothing less than an extraordinary achievement and hence a major technical
maturity surge is witnessed.
In January 2021, Covaxin received Emergency Use Authorisation (EUA) from the DCGI
for restricted use which marks the next milestone in the vaccine development journey.
The vaccine’s efficacy results were released much later in March 2021 end which declared
the vaccine to be “safe, immunogenic with no serious side effects”. Following this, it was
announced in September 2021 that Bharat Biotech has been submitting data from their
clinical trials to the WHO on a rolling basis for a EUL (emergency use listing). And by
7. Validating the TCRM Matrix framework
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A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix November 2021, the WHO officially announced that Covaxin has finally been added to its
list of recognised and recommended vaccines. The major milestones in the development
and commercialisation of the vaccine Covaxin establish that it is in sync with theTCRM
Matrix framework.
Case Example 3: The Polar Satellite Launch Vehicle (PSLV) journey
Important Milestones in the development and launch of the Indian launch vehicle:
M1 (May 1978) : Studies by the PSLV Planning Group began
M2 (October 1994) : PSLV-D2 successfully launched IRS-P2
M3 (May 1999) : PCLV-C2, ISRO’s first commercial launch with foreign satellites as payload
M4 (December 2020): PSLV-C50 injects communication satellite CMS-01 into orbit
M5 (September 2022) : Private Industry bagged contract for end-to-end realisation of five
PSLVs over a period of four years
Table 13: Milestones in development of PSLV as plotted on the TCRM Matrix framework
The Polar Satellite Launch Vehicle (PSLV) is an expendable medium-lift launch vehicle
designed and operated by the Indian Space Research Organisation (ISRO). It was developed
to allow India to launch its Indian Remote Sensing (IRS) satellites into sun-synchronous
orbits, a service that was only commercially available from Russia until the advent of the
PSLV in 1993.
7. Validating the TCRM Matrix framework
37 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix The major milestones in the development and scale-up of the PSLV through the years
establish that it is in sync with the TCRM Matrix framework. Its development was initiated
with studies by the PSLV Planning group to develop a vehicle that began in 1978. The
PSLV was first launched in September 1993. While the first and second stages performed
as expected, an attitude control problem led to the collision of the second and third stages
at separation, and the payload failed to reach orbit. After this initial setback, the PSLV
successfully completed its second mission in 1994, which has been marked as the second
milestone in the PSLV journey.
The third milestone is the launch of the PCLV-C2, ISRO’s first commercial launch with foreign
satellites as the payload. It was for the first time that ISRO launched three satellites in a
single vehicle – with the Indian Remote Sensing Satellite as the main payload and Korean
and German as auxiliary payloads. This proves to be a steady increase in the technical
maturity and commercial success of the product, and shows a market readiness in the
development of the PSLV. The next milestones of launching the PSLV-C50 which injects
communication satellite CMS-01 into orbit and eventually the allocation of contracts for
the end-to-end realization of PSLVs to the private industry see a significant increase in the
technical and commercial levels which is in agreement with the TCRM Matrix framework.
7. Validating the TCRM Matrix framework
38 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 8. Using The Techno-Commercial Readiness
and Market Maturity Matrix (TCRM Matrix)
Framework
Over the previous sections, the Techno-Commercial Readiness and Market Maturity Matrix
(TCRM Matrix) Framework has been developed and validated as a tool for the joint
assessment of the technical, commercial, and market readiness of technology development
projects. This section focuses on using the TCRM Matrix framework, discussing where it
is best used, explaining how it is used, and highlighting what to understand from its use.
As briefly touched upon when discussing the need for assessing tech-based projects, the
first step in any assessment must be determining what kind of project is being assessed.
While there are multiple paradigms for classification of such projects, we find that the
Quadrant Model of Scientifc Research proposed by Donald Stokes offers a simple, intuitive,
and effective framework for classification. The framework (see figure below) essentially
asks two questions for any project: Is there a quest for fundamental understanding? And
is there a consideration for use? The project can then be classified as pure basic research
(Bohr Quadrant), pure applied research (Edison Quadrant), or use-inspired basic research
(Pasteur’s Quadrant).
Quadrant Model of Scientifc Research
Is there a consideration for use?
NoYes
Is there a
Quest for
fundamental
understanding?
Yes
Pure Basic Research
Bohr Quadrant
Use-inspired Basic Research
Pasteur Quadrant
No
Other Quadrant
Pure Applied Research
Edison Quadrant
Figure 4: Quadrant Model of Scientific Research by Donald Stokes
The methodology of classification proposed in this model already indicates that scientific
projects in different quadrants will have to be assessed differently. Keeping in mind that
the TCRM Matrix framework is envisioned and developed for joint assessment, it would be
best suited for the assessment of projects that have some consideration of use, i.e., the
projects that come under the Pasteur Quadrant and Edison Quadrant.
As seen from the test cases, the TCRM Matrix framework can be used to assess the progress
of technology development projects over time or to comparatively assess different
technology development projects at a given point of time. In both cases, the usage involves
plotting the status of projects on the matrix as well as on the MRL Curve using independent
assessments. Here, it is advised that the independent assessments be conducted keeping
in mind the technological and economic context of the technology development project.
39 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix Recalling the discussion on the need for assessments, it is highlighted that the most
prominent case is the examination of individual technology development projects. In
order to effectively leverage the TCRM Matrix framework, the status of any project at
multiple points of time since its inception should be considered (or in case of proposals,
the important milestones along its development should be considered). Then, the project
can be assessed with the following steps:
1. An independent assessment of the technological and commercial readiness of the
project is undertaken at each point of time, and these are plotted onto the matrix. For
improved results, an independent assessment of the market maturity is undertaken at
each of those points, and plotted on the MRL Curve with a link to its corresponding
status on the matrix.
2. The direction of the project’s progress over time (formed by the plotted status at each
point of time) is considered relative to the direction of the optimal path. This is used
to determine whether the project is maximizing its commercial readiness for a given
level of technological readiness, and vice-versa.
3. The distance of the project’s status from the MRL Curve at each point of time is
considered to determine what gaps the project needs to fill in order to maximize its
commercial readiness for that status level of technological readiness.
The other case is the comparative assessment of different technology development projects
at a given point of time. In order to gain meanginful insights from a comparison using the
TCRM Matrix framework, it is suggested that the projects be generally similar in terms of
scope and objectives. Then, the projects can be comparatively assessed with the following
steps.
1. An independent assessment of the technological and commercial readiness is
undertaken for each project, and these are plotted onto the matrix. For improved results,
an independent assessment of the market maturity of each project is undertaken, and
is plotted on the MRL Curve with a link to its corresponding project on the matrix.
2. The position of each project on the matrix is used to determine whether the project
is on or near the optimal path or is technologically or commercially lagging, and the
extent of such a lag.
3. The distance of each project from the MRL Curve is considered to determine the
project closest or farthest from market maturity, and to ascertain the steps required
to reach market maturity for them.
In this manner, the TCRM Matrix framework provides additional insights beyond independent
assessment and also gives actionable intelligence for the effective progress of the
technology development project.
Interpreting the TCRM Matrix framework is an integral component of its usage, and to that
end, an attempt has been made to use the matrix, the colours coded portions, and the
curve to make it intuitive to understand. The most important interprtive note is that the
TCRM Matrix framework is inclined towards commercialisation by design, so as to nudge
the technologies being developed to enter the market. A project that is travelling along
the optimal path and riding the MRL Curve will have a higher likelihood of success and will
8. Using The Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) Framework
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A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix reach the market the fastest.
Moreover, a project that is commercially lagging will draw little benefit from the technological
progress, and will most likely have to revisit its product designs and the product-market
fit. A project that is technologically lagging will draw little benefit from the commercial
progress, and will most likely have to revisit its technology development. The status of any
project plotted on the matrix gives a simultaneous view of the project’s progress along the
technological and commercial dimensions. The distance (in terms of cells) of the status
plotted on the matrix and the status plotted on the MRL Curve (or just the closest point
on the MRL Curve) gives the market maturity gap.
However, as with all other frameworks, the TCRM Matrix framework is a tool to simplify and
visualise the complex conditions of the real world in which the technology development
project is being implemented. Hence, with scientific humility, we suggest that a modicum
of caution must be exercised when drawing such inferences and conclusions. At the same
time, we also firmly believe the joint assessment framework offers significant advantage
over other independent assessment tools.
Table 14: The TCRM Matrix framework and its Legend
LEGEND
Concrete
Idea
Commercial
Lag (small)
Technological
Lag (small)
Diffused Idea
/ MRL Curve
Optimum
Path
Commercial
Lag (large)
Technological
Lag (large)
Not Possible,
by definition
The MRL Curve increases by one ‘level’ every time it moves to the next cell in the matrix
41 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 9. Value Proposition of the TCRM Matrix
Framework
The TCRM Matrix framework has been designed to have a high level of abstraction, so
that it may be applied to a wide range of technology development projects, and will
encourage ease-of-use, so that a user would be able to intuitively utilize it without prior
knowledge. In doing so, the TCRM Matrix framework offers important value for a wide
range of stakeholders.
9.1 Government
1. Prioritizing Funding: It is particularly
important as it can help in making
informed decisions about funding
research and development projects.
By using TCRM Matrix assessments,
governments can prioritize
investments in technologies that
are ready for commercialization
and have the potential to create
new markets, drive innovation, and
spur economic growth. By investing
in and supporting these technologies, governments can help create new jobs and
drive economic development.
2. Risk Mitigation: The TCRM Matrix assessments can help the government identify
potential risks associated with any existing or new upcoming technology and
develop strategies to mitigate those risks. The government can determine its
potential market size, competitive landscape, and potential barriers to adoption.
3. Setting Regulations: The TCRM Matrix assessments can help the government
set appropriate regulations for emerging technologies. The government can
use TCRM Matrix assessments to determine the appropriate level of regulation
required to ensure the safety and reliability of the technology as well as can help
accelerate the commercialization of new technologies and reduce the time and
cost of bringing them to market.
4. Public-Private Partnerships: The TCRM Matrix assessments can help the
government establish public-private partnerships to develop and commercialize
new technologies. By providing funding for technologies with high TRL levels,
the government can incentivize private sector investment and accelerate the
commercialization of new technologies.
5. Strategic Planning: The TCRM Matrix assessments can help the government develop
strategic plans for technology development and deployment. By understanding
the TRL levels of different technologies and assessing the readiness to be scaled
9. Value Proposition of the TCRM Matrix Framework
42 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix up, the government can prioritize investments in areas where there is a high
potential for impact and where the technology is most likely to be successful.
9.2 Academia
1. Understanding Project Viability:
The TCRM Matrix assesses the
current state of a project and helps
in identifying the project weaknesses
and next steps. It demonstrates the
current status of products for market
launch and understanding of barriers
to exploitation/sustainability based
on the viability of project outputs.
zEffort and Cost Estimation:
The TCRM Matrix can help in
understanding the context, anticipated value and impact, and credibility of the
execution plan of the project. Used that way, TCRM can be used to assess the
project’s applicability, capacity and tenacity of delivering the desired results.
zTransitioning Technologies: The TCRM Matrix approach can be seen as an
important toolkit in its research and innovation strategy; developing a more
robust pathway for the transition of technologies from laboratory to market,
commercialization and R&D funding.
zProblem-Solution Fit Check: The TCRM Matrix can be used to evaluate the
potential of the product to be scaled from laboratory to pilot scale and issues
that may affect achieving full scale can be identified. Furthermore, mapping the
product attributes against customer needs with a clear value proposition.
zFacilitating Collaboration: The TCRM Matrix can facilitate collaboration between
different sectors, such as the government, industry, and academia. By using a
common language and framework for assessing technology readiness, academia
can better communicate with the various stakeholders and work together towards
achieving shared goals.
9.3 Industry & Startups
1. Internal Project Planning: As an
industry or startup, determining the
direction of work in every project is
a crucial and periodic activity. The
TCRM Matrix serves as a handy
tool for reviewing progress so far
and determining next steps for a
given project or multiple projects.
Moreover, it also helps in ensuring
an efficient utilisation of existing
funds and resources.
9. Value Proposition of the TCRM Matrix Framework
43 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 2. Technology Transfer or Acquisition: A key decision taken during a large technology
development project is whether to transfer or acquire a given technology. The
TCRM Matrix can be used to make an informed decision about such a transfer
or acquisition, providing not only the current status but also a quick estimate of
the steps to be taken before that transfer or acquisition begins providing results.
3. Improved Funding and Financing: Both as an industry or as a startup,
obtaining funds to finance ongoing or planned projects is an important activity
that determines their valuation. The TCRM Matrix can be used to validate the
assumptions and provide robust valuation of the technology development project
at each stage. This not only boosts the valuation, but also provides confidence
to all stakeholders.
4. Go-To-Market Strategy: Every product and every market is different, and developing
a strategy for going to market requires a thorough analysis of the product-market
fit along with iterative product development. The TCRM Matrix can be used to
provide a clear roadmap towards such a strategy for each product, whether as a
new technology or as an established technology entering a new market.
5. Tracking Emerging Technologies: Keeping track of emerging technologies is
important for industries and startups whose core value proposition is based on
technology development. Here, the TCRM Matrix offers a quick tool to determine
which technologies are closest to market and can cause disruption to the existing
order of business.
9.4 Investors
1. Support for Portfolio Companies:
The TCRM Matrix can be used
by investors to evaluate the
commercialization and market
readiness of their portfolio
companies. The framework will
also help them identify the key
gaps for their growth and thereby
accelerate the progress of their
portfolio companies. Moreover, the
TCRM Matrix framework also serves
to validate the valuation assumptions for these companies.
2. Informed Investment Decisions: The TCRM Matrix can be used to assess innovations
and startups that are pitched to them. Investors can determine the approach
to product development undertaken until that point. Moreover, the framework
can also help them explore pathways for the innovation or startups to enter the
market, and the steps that need to be taken in those pathways.
3. Improving Resource Utilization: The efficient utilization of existing resources is
crucial for the survival of an innovation or startup. As investors, the TCRM Matrix
will provide a quick and reliable reference to improve the utilisation of resources
44 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix in a manner that will accelerate that innovation or startup to the market.
4. Determining Scalability: The TCRM Matrix enables an assessment of the scalability
potential of an innovation or startup at a given point based on its distance from
the MRL curve. This can be a key indicator for an investor to determine where
to focus their attention among their portfolio companies and what is needed for
that innovation or startup to achieve scale.
5. Planning Exit Strategy: As an investor, the logical conclusion of their involvement
with an innovation or startup is their exit, and hence, planning for it is imperative.
The TCRM Matrix can be used to explore various exit points along the innovation
or startup’s journey, and determine the potential Return on Investment value at
the point of exit.
45 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 10. Conclusion & Way Forward
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. We note
that there have been a few efforts around the globe to create such frameworks for joint
assessment of technology development projects, but we found that either such frameworks
are not intuitive or they do not offer additional insights in the form of joint assessment.
The proposed TCRM Matrix framework seeks to fill these gaps through a joint assessment,
which will offer meaningful insights, and introduce the notion of an optimal path, which
gives actionable intelligence. At the same time, we recognize that all frameworks are an
estimation of the larger picture, and while we have made our best efforts to ensure that a
holistic estimation is provided through the proposed TCRM Matrix framework, we caution
that it is not a replacement to human intelligence inputs.
Overall, the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix)
framework is an important tool for all the stakeholders of a nation involved in technology
development and innovation landscape such as the government, academia, industry &
startups as well as the investor community. The TCRM Matrix can be useful in promoting
innovation, reducing risk, and achieving economic and social benefits. In particular for the
government, we highlight that this framework can be used to make informed decisions
about investments, policies, and regulations.
The goal of this paper is to provide an improved understanding and assessment methodology
for technology development projects, and in turn, help more indigenous innovations reach
Indian as well as International markets. It is acknowledged that as the framework is used by
various stakeholders some challenges in its usage may emerge, which will be incorporated
and addressed in the future. Further, it has been recognised that this is only one aspect
towards improving the Quality of Science and Ease of Doing Science in India.
In closing, it is emphasized that the role of a scientist and innovator is not simply the
discovery or creation of a technology, but also includes the responsibility of ensuring that
the technology is being applied for the socioeconomic development of the nation.
46 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 11. References
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digital-revolution
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nasscom/articleshow/74109713.cms
3 https://www.nasscom.in/knowledge-center/publications/perspective-2025-shaping-
digital-revolution
4 https://community.nasscom.in/communities/talent/nasscom-presidents-key-
messaging-at-the-hr-summit.html?page=8
5 https://community.nasscom.in/communities/talent/nasscom-presidents-key-
messaging-at-the-hr-summit.html?page=8
6 https://www.fao.org/india/fao-in-india/india-at-a-glance/en/
7 https://www.fao.org/india/fao-in-india/india-at-a-glance/en/
8 https://www.i-scholar.in/index.php/Ajm/article/view/42560
9 https://www.fao.org/india/fao-in-india/india-at-a-glance/en/
10 https://eands.dacnet.nic.in/PDF/Agricultural%20Statistics%20at%20a%20Glance%20
-%202021%20(English%20version).pdf
11 https://www.investindia.gov.in/sector/pharmaceuticals
12 https://www.investindia.gov.in/sector/pharmaceuticals
13 https://www.investindia.gov.in/sector/pharmaceuticals
14 https://www.investindia.gov.in/sector/pharmaceuticals
15 https://www.thehindu.com/news/national/india-supplies-nearly-60-of-vaccines-used-
worldwide-nirmala-sitharaman/article65779208.ece
16 https://www.marklines.com/en/report/rep2180_202107
17 https://www.marklines.com/en/report/rep2180_202107
18 https://www.marklines.com/en/report/rep2180_202107
19 https://pib.gov.in/PressReleseDetailm.aspx?PRID=1577007
20 https://www.marklines.com/en/report/rep1872_201906
21 https://www.investindia.gov.in/sector/textiles-apparel
22 https://www.investindia.gov.in/sector/textiles-apparel
23 https://www.investindia.gov.in/sector/textiles-apparel
24 https://www.dfupublications.com/categories/article/indian-textile-inc-an-overview
25 https://pib.gov.in/PressReleasePage.aspx?PRID=1885147
26 http://www.nrdcindia.com/
11. References
47 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 27 https://www.tifac.org.in/
28 https://www.semanticscholar.org/paper/EXPLORING-THE-LIMITS-OF-THE-
TECHNOLOGY-S%E2%80%90CURVE.-I%3A-Christensen/31b5f477879457c513aba232
7c8225046c2a3d96
29 https://www.itu.int/en/ITU-D/Initiatives/m-Powering/Documents/Presentation%20
of%20the%20WG%20on%20Business%20Models.pdf
30 https://productmindset.substack.com/p/tam-sam-som
31 https://swforum.eu/sites/default/files/2021-05/SWForum_MTRL_Webinar_26.05.2021.
pdf
32 https://ec.europa.eu/isa2/sites/isa/files/technology_readiness_revisited_-_
icegov2020.pdf
33 https://www.starbridgevc.com/market-readiness-levels#:~:text=After%20
reviewing%20the%20literature%2C%20we,input%20from%20the%20other%20efforts
34 https://shs.hal.science/halshs-00565048/document
35 https://www.shortform.com/blog/technology-adoption-life-cycle-chasm/
36 https://courses.cs.washington.edu/courses/cse510/16wi/readings/stokes_pasteurs_
quadrant.pdf
11. References
48 A New Lens for Innovation in New India -
Introducing the Techno-Commercial Readiness and Market Maturity Matrix 12. About the Authors
Dr. V.K. Saraswat, Member (S&T), NITI Aayog
Dr Vijay Kumar Saraswat, Padma Bhushan (2013), is a distinguished
scientist with vast experience in defence research—in both basic and
applied sciences—spanning several decades. As the Member (S&T),
NITI Aayog, he has spearheaded programmes for the development
of the Methanol Economy, Carbon Capture Utilisation and Storage,
and Nuclear Small Modular Reactors.
Dr. Neeraj Sinha, Senior Adviser (S&T), NITI Aayog
Dr Neeraj Sinha has been working for over three decades on a broad
cross-section of renewable energy, climate change, and material
sciences. As the Senior Adviser (S&T), NITI Aayog his most notable
work includes the Development of the Advanced Ultra Supercritical
Technology for coal-based power generation and supporting the Atal
Innovation Mission.
Sh. Naman Agrawal, Specialist (S&T), NITI Aayog
Naman Agrawal is a result-oriented professional with over 10 years of
experience across Startup Ecosystem Management and Technology
Commercialization. As a Specialist (S&T), NITI Aayog, he has contributed
to strengthening the science, technology and innovation ecosystem
in the country in association with Central Scientific Departments/
Agencies, and has written 20+ academic and research articles.
Ms. Naba Suroor, Associate (S&T), NITI Aayog
Naba Suroor is a Science & Technology Policy professional with diverse
experience in curriculum development and innovation management.
As an Associate (S&T), NITI Aayog, she has provided policy inputs
for the Quantum Computing Mission, National Science, Technology
and Innovation Policy (STIP), and supported initiatives for the Global
Innovation Index and the India Innovation Index.
Sh. Siddhey G Shinde, Young Professional (S&T), NITI Aayog
Siddhey G Shinde is a mission-driven Science & Technology Policy
professional skilled in technology-aware Policymaking, International
Regulations, and Strategic Partnerships. As a Young Professional (S&T),
NITI Aayog, he has contributed to policies on the semiconductor
ecosystem in India, telecom regulations, 5G spectrum and private
networks, data protection, and the space economy.
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