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From Project To Product
The current method for assessing technology maturity through Technology Readiness Levels (TRLs), fails to take into account who will use or pay for the technology. This is a reason many technology businesses fail to achieve market penetration leading to failure as too little attention is paid to market readiness. The gap between technology and market readiness must be bridged with a better approach. There is now a model that combines TRL with a new definition of Market Readiness Level (MRL) to guide a business through the essential stages from idea to commercial exploitation and sustainability.