Expert talk on Innovation and Technology Readiness Level

On 09.05.2023 Entrepreneurship Development Cell and IIC in association with the Department of CSBS organised an Expert talk on “Innovation and Technology Readiness Level”. The session was handled by Dr. R. Prem Ananth,A/P ECE Department, Francis Xavier Engineering College. 64 students from second year CSBS and 2 faculties of CSBS department participated in the program. The program was coordinated by Dr. T. Manimozhi, EDC coordinator of CSBS, Professor/Mathematics, Francis Xavier Engineering College from 2.30P.M. - 4.30 PM.

The guest speaker explained the concepts included in the title of the program. He said that the Technology Readiness Level (TRL) is a systematic approach used to assess the maturity and readiness of a technology or innovation for practical application. Ant it provides a framework to evaluate the technological progress and potential risks associated with transitioning a concept from the laboratory to the market. TRLs are typically categorized into nine levels, ranging from TRL 1 (basic principles observed) to TRL 9 (commercially available).

He insisted that, assessing the TRL of a technology is crucial for decision-making, resource allocation, and risk management. It helps organizations understand the readiness and feasibility of implementing a technology, estimate the time and resources required for development, and identify potential challenges or gaps that need to be addressed. By aligning investments and strategies with the appropriate TRL, companies can optimize their innovation processes and increase the likelihood of successful outcomes. The speaker interacted with the participants while explaining the concept. He also gave few examples form the real industrial situation. The participants raised few questions and the speaker gave the explanations for the queries. For most of the participants the session was an eye opener and gained more knowledge about the TRL.