"Going the Distance with Technology Readiness Levels (TRLs): A Blueprint for Business Success"

To achieve business success, it's essential to invest resources in the right areas. Making the right investment decisions, especially in technology startups, is a challenging task. This is where technology readiness levels (TRLs) come in handy. The TRLs are a critical measurement tool that allows businesses to assess the readiness of their technology or idea to advance to the next level. In this blog post, we'll explore how TRLs can provide a blueprint for business success.

TRLs are important because they offer a structured approach to technology development, from ideation to commercialization. By establishing a clear roadmap, businesses can streamline their operations and avoid pitfalls such as over-investing in immature technologies. Companies can invest time and resources efficiently, with the understanding that the technology aligns with their goals.

TRLs can also help businesses secure funding from investors. Investors assess TRLs to determine the potential risks and returns associated with a product, decision-making moved by how well the product satisfies the market's needs, and the product's scalability. The higher the TRL, the better the chances of securing funding as a business is perceived as less risky.

Moreover, TRL can help businesses protect their intellectual property. Patents can be filed to safeguard the innovations. However, patents ought to be filed earlier in the development process, which requires knowing your product's TRL, reinforcing that a better TRL level means higher chances of profitability, making patents filings more likely.