New product development efforts are a significant investment. When product development is initiated before the technology is ready, time and money can be wasted while fundamental technology problems are addressed and the inevitable rework is executed. Performing a Technology Readiness Assessment is a methodology for evaluating how ready a new technology is for commercialization. These are then evaluated within the context of the business climate to make decisions on when is the right time to initiate formal product development. Performing early "Phase 0" development is a path towards increasing technology readiness to the level appropriate for the business to pursue commercialization.
This whitepaper outlines a method for evaluating technology readiness for new product concepts, and offers methods to improve the odds for successful commercialization by addressing the risks early.