Boost Your Company's Revenue With These Top Reasons For More R&D!

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What is the purpose of research and development (R&D)? Research and development is the process and activities related to extending the products and services that a firm offers. There are two components to research and development: (1) research which is primarily focused on extending the knowledge of the firm, and (2) development which is focused on turning that new knowledge into usable products and services.

What are some examples of research and development activities?

You might think about research and development activities in terms of a process. On one end of the process you have raw ideas and then at the other end of that process you have a usable and well used product or service. Thus, the activities involved in research and development involves:

(1) Generating and cultivating ideas.
(2) Thinking of user requirements how these ideas fit with users’ needs.
(3) Design and development of the product or service.
(4) Quality assurance and testing of the product or service.
(5) Repeating the process with users in mind.

The key with successful research and development is to both allow the proliferation of ideas and as well as have the input of users.

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David Maslach is a research professor of entrepreneurship, innovation, and business strategy, I discuss topics, such as behavioral science, strategy, innovation, and entrepreneurship, and apply these to my new peer proofreading and editing platform. Topics include the sharing economy, altruism, investing in technology, starting a business, and bounded rationality. My favorite videos pertain to incentives, goal setting, and learning from failure to drive behaviors such as weight loss, stopping telemarketers, creating novel technologies, and creating new movements.

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