Technological Readiness

Technological readiness is the degree to which a technology has matured from an initial concept into a reliable solution suitable for practical use, making it important for assessing innovation and commercialization potential. It is commonly evaluated through Technology Readiness Levels, which track progress from basic scientific principles through prototype development, testing, and validation in relevant or operational environments. In marketing, technological readiness helps organizations judge when a product is ready for market introduction, target appropriate customer segments, shape credible messaging, and align investment with development risk. It also supports clearer expectations about performance, adoption, and the timing of commercialization.

Technological Readiness - Related Videos

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JoVE Business - Microeconomics

Technological Change

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2024

Total Factor Productivity (TFP) measures the efficiency with which inputs are transformed into outputs in production. It is the essence of economic growth, driven by technological advancement. Consider the agricultural sector, where production requires vast amounts of human labor and work animals. Today, modern farm machinery and agriculture technologies have revolutionized how we cultivate crops and produce food much more efficiently. TP = A*f(K, L) TFP is represented as a multiplier 'A' in...

Education

JoVE Business - Microeconomics
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Impact of Technology on Supply Curve

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2024

Technology plays a pivotal role in shaping the supply curve by influencing the efficiency and productivity of production processes. Advancements in technology enable firms to enhance their manufacturing processes, streamline operations, and produce goods or services more efficiently. As a result, firms can lower their production costs, increase output levels, and supply more goods or services at each price level. This leads to a rightward shift in the supply curve, indicating an expansion of...

Wheels of Growth: Technology and Innovation

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2025

Economic expansion over time depends not only on increasing inputs like labor and capital, but also on using them more effectively. Technology and innovation play a pivotal role in this efficiency gain. They allow economies to produce more output without proportional increases in input, a phenomenon captured by the concept of total factor productivity (TFP).Shifting the Production Possibility FrontierInnovations shift the production possibility frontier outward, meaning an economy can generate...

The Neoclassical Growth Model: Technological Advancement

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2025

In the neoclassical growth model, once capital per worker stops increasing, the only way to keep growing is through better technology. This means finding smarter ways to use the same resources to produce more. It doesn’t require more machines or more people—just improvements in how things are done. As technology improves, output per worker rises even if capital stays the same. This leads to higher wages and better living standards over time.The production function includes a term for technology.

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