Where Are You on The Technology Readiness Scale? What Questions Should You Be Able to Answer About Your Technology?
It is ubiquitous to see companies referring to the four stages of innovation: research and development, ascent, maturity, and decline, mostly in the case of their competition or solution that is being disrupted.
It is almost never the case that entrepreneurs think of their technology readiness level and present such information in their interaction with investors. Paradoxically, we like to evaluate market potential, while relying on data from non-reviewed sources or one derived from samples, thus subject to gross approximations.
What is perhaps not yet a key practice, at least, in some organisations, is to assess the go-to-market equivalent for the solution. While I believe that without monumental sale effort coupled with expertise, not even the cure for all forms of cancers will not pick up on a J-curve, I think that at early stages, we somehow focus on the unmeasurable aspects of a business, instead of looking at what is there.
What is the Minimum Viable Product? What does it do? How does it do it?
Common sense dictates that some curiosity should be exercised for the elements which can be verified. How do you start thinking about technology readiness, if that is even a thing?
My guess is that you start with some core elements, such as the innovation cycle of activities, and you start asking questions, with the view of understanding the potential elements which will have a significant impact on the proposed business model and afferent financial projections.