The Valuation of Early Stage Technology (VEST) research project is an effort to develop a contemporary theory and an empirical and practically applicable model for appraising the value of early-stage technology in the information and communication industry based on large firm-level data.

The ability to commercialise technological innovations is a key driver of long term economic growth. Yet technology by nature is an intangible asset and we lack an accurate method to give innovations a sensible valuation. This is a major bottleneck that hinders investment into the development, transaction, transfer and commercialisation of technology, especially early-stage technologies. The current markets need a proper and consistent valuator to determine the worth of technology as a tradable product in its early stages.

We hope that the research findings will not only have high academic value but also significant policy implications and practical use for those in the ICT industry. Research by TMCD has found that reducing the bottlenecks for early-stage, small-scale and incremental innovations facilitates more investment, transfer and commercialisation of technologies and enables economic growth.