Managing 'First-of-a-Kind' Projects: Developing a new technology from idea to commercial production involves major risks. Presented here are tools that project-management teams can use to mitigate them.

This article explores the challenges and risks involved in developing new technologies in the chemical process industries (CPI) and offers tools to mitigate these risks. It discusses the stages of technology development and the major risks at each stage. The concept of Technology Readiness Levels (TRLs) and technology maturation plans (TMP) are introduced to assess technology maturity and plan its progression. The article emphasizes the importance of background research and laboratory-scale testing to reduce uncertainty before moving to larger-scale demonstrations. It also discusses strategies for scaling up technology, financing options, and intellectual property management. The article includes brief biographical information about two individuals, Jason Dietsch and Leslie Gioja, who have experience in the field. [Extracted from the article]