Questions:

• Where is your business in the venture creation process?
• What is the right sequence of steps in commercializing technology?
• What are the key questions, deliverables, and resources associated with each step of the commercialization process?
• How would an investor classify your stage of development?

Description: TheVenture Readiness Model is a self-assessment tool to analyze the progress an entrepreneur has made in the commercialization or business development process. Originally developed to transfer technologies from NASA and Federal Laboratories, this and the accompanying tools are widely used by state and local organizations focused on technology-based economic development and new and existing companies in commercializing technology. TheVenture Readiness Model is based upon a Commercialization Model used nationally and internationally to assist 1000s of new startup and existing companies commercializing new products. The survey generates an overall Venture Readiness Level (VRL) consisting of the Technical Readiness Level (TRL), Market Readiness Level (MRL), and Business Readiness Level (BRL) of the commercialization process. The Venture Readiness Level will assist entrepreneurs and existing companies in strategizing their commercialization plans. A complete narrative description of the commercialization process accompanies this tool.

Purpose: TheVenture Readiness Model 1) identifies the entrepreneur’s progress in the commercialization process; 2) assists in developing a go-forward commercialization strategy; 3) identifies appropriate sources of financial capital; and 4) provides sources of business resources.

Directions: The tool consists of a technical, marketing, and business survey associated with each step. Begin by clicking on “Step 1” followed by “Step 2-18.” Answer the survey questions associated with each step. Stop on any step where all the answers are “No”.

Score: The survey will generate scores for the Technical Readiness Level, Market Readiness Level, Business Readiness Level and overall Venture Readiness Level. The following Venture Readiness Levels correspond with the following investor stages:

VRL 0.0-1.0, concept-stage; conceptual model
VRL 1.0-2.0, pre-seed stage; working model
VRL 2.0-3.0, seed-stage (no product, no revenue); engineered prototype
VRL 3.0-4.0, early-stage or A-round (product, no revenue); pre-production prototype or initial production VRL 4.0-5.0, mid-stage or B-round (product and revenue); full production
VRL 5.0-6.0, late-stage or C-round (growing market share) full production

Using the Tools: The Venture Readiness Model is one of several tools to assist entrepreneurs and investors in evaluating the status, quality, and value of a startup or early stage ventures. Database support for these tools are based upon national venture capital funding averages by stage of development, generally expected investor rates of return, and expertise gained from direct interaction with hundreds of startup and early-stage angel and venture capital financed business ventures. The recommended sequence for using the Readiness Level Tools is as follows:

1. Entrepreneurial Readiness Survey
2. Risk Readiness Survey
3. Venture Readiness Model
4. Business Plan Readiness Survey
5. Venture Valuation
6. Capitalization Table.

The Entrepreneurial Readiness Survey is FREE so give it a try, or click here to subscribe to the full Readiness Level Tool Set