We invited experts from several domains to gain fresh insights. The sessions were incredibly insightful, one example is on this page – an introduction to “Innovation Readiness Levels”.
Expert Talk: Ho to use Innovation Readiness Levels
In this Expert Talk, Donnie Sc. Lygonis from KTH, the National Technical University of Sweden, discusses a systematic approach to help new ideas evolve into actual companies. The KTH Innovation Readiness Levels are based on the TRL (Technology Readiness Levels from NASA). The EU Commission has adopted the TRL. By now, TRL is a frequently mentioned term, and understanding the concept is relevant for funding. The team at KTH extended this into a six-dimension system, including Customer Readiness, Technology Readiness, Business Readiness, IPR Readiness, Team Readiness and Funding Readiness. First and foremost, the levels are a communication tool, enabling everyone involved in a growth project to find a way to do “the right things at the right time”.
In TruBlo, we used this approach to support, mentor and track the 45 funded projects. And it was a game-changer. One positive aspect among many: Based on the levels, a mentor (or investor) and the startup manager can pin down where the company stands at the very moment and what would be the best next step. No other system provides this level of straightforward progress management. The talk recording briefly describes how the KTH Innovation Readiness was started and then shows how to apply the Readiness Levels. If you are a project manager or in a startup, some aspects should have high value and might even open a path to a simplified yet more effective company development.