Additional information

'Technology Readiness Level' definition

Technology Readiness Levels (TRL) are a way of determining the maturity of technology as it moves through its lifecycle from research and development through to production and deployment. Technology Readiness Levels are based on a scale from 1 to 9 with 9 being the most mature technology.

Stage Definition
TRL 1 Research and Development Scientific research begins translation to applied R&D - Lowest level of technology readiness. Scientific research begins to be translated into applied research and development. Examples might include paper studies of a technology's basic properties.
TRL 2 Invention begins - Once basic principles are observed, practical applications can be invented. Applications are speculative and there may be no proof or detailed analysis to support the assumptions. Examples are limited to analytic studies.
TRL 3 Active R&D is initiated - Active research and development is initiated. This includes analytical studies and laboratory studies to validate analytical predictions of separate elements of the technology. Examples include components that are representative, not yet integrated or not yet validated.
TRL 4 Testing and Demonstration Basic technological components are integrated - Basic technological components are integrated to establish that the pieces will work together.
TRL 5 Fidelity of breadboard technology improves significantly - The basic technological components are integrated with reasonably realistic supporting elements so it can be tested in a simulated environment. Examples include "high fidelity" laboratory integration of components.
TRL 6 Model/prototype is tested in relevant environment - Representative model or prototype system, which is well beyond that of TRL 5, is tested in a relevant environment. Represents a major step up in a technology's demonstrated readiness. Examples include testing a prototype in a high-fidelity laboratory environment or in simulated operational environment.
TRL 7 Prototype near or at planned operational system - Represents a major step up from TRL 6, requiring demonstration of an actual system prototype in an operational environment.
TRL 8 Production and Deployment Technology is proven to work - Actual technology completed and qualified through test and demonstration.
TRL 9 Actual application of technology is in its final form - Technology proven through successful operations.

'Investment Readiness Level' definition

The Investment Readiness Level (IRL) is designed to allow for a rich, strategic conversation and evaluation using a common set of metrics – related to the business model of the project, product, or company in question – as the basis. IRL data will be completed at the beginning and end of each project for measurement purposes only. Information provided will have no bearing on your Projects Fund proposal.

Investment Readiness Level
IRL 1 Business model. Complete your first pass business model canvas and clarify your assumptions.
IRL 2 Market Size and Competition. Find out what you can about the market size and the competition.
IRL 3 Problem/Solution Validation. Get out of the building and understand your customer. Validate that your solution solves their problem.
IRL 4 Prototype a low-fidelity minimum viable product.
IRL 5 Validate the product/market fit. Are there enough people that want your solution for their problem?
IRL 6 Validate the revenue model. Do your customers want to pay?
IRL 7 Prototype a high-fidelity minimum viable product that you can test on a larger scale.
IRL 8 Validate value delivery. Can you deliver at scale?
IRL 9 Identify and validate metrics that matter. Scale your business and the changes you’ve made focusing on the metrics that matter.

Merit Criterion Scoring Guide

Scoring Guide Score
Unsuitable – Commensurate with the project size, complexity and funding amount sought, to receive this rating the applicant has not demonstrated any of the requirements. 1
Poor – Commensurate with the project size, complexity and funding amount sought, to receive this rating the applicant has provided a poor response. 2
Suitable – Commensurate with the project size, complexity and funding amount sought, to receive this rating the applicant has provided a satisfactory response. 3
Very Suitable– Commensurate with the project size, complexity and funding amount sought, to receive this rating the applicant has provided a good response. 4
Highly suitable – Commensurate with the project size, complexity and funding amount sought, to receive this rating the applicant has provided a clear and comprehensive response. 5