Every entrepreneurs challenge is to turn an idea into cash. The failure rate is high and particularly in tech as there is a great deal of competition. Oh well, that is not gonna stop you, right?
My work with European Union Horizon2020 CloudWatch2 project provided me insight to the characteristics of R&I funded projects and the difficulty exiting product development into commercial realisation.
Moment of clarity
In a rare moment of clarity I pieced together an idea to combine Technology Readiness Levels (TRL) that are commonly used to track progress of a R&I project read at https://en.wikipedia.org/wiki/Technology_readiness_level with something I called Market Readiness Levels (MRL) (for which there is no Wikipedia reference).
The resulting conjoining of TRL and MRL created a methodology known as MTRL to control the technology and commercial outcomes of a R&I project. This was used successfully with a number of CloudWatch2 projects.
The ultimate outcome of this invention was the gift of MTRL to Oxford University Innovations. The invention and application is documented and accessible when you click here. Scroll to the bottom of the page for the report or click here to access.