The true test of R&D function lies in time to market. Business exists for the sake of making profits. So, the role of
R&D in minimizing the time to market becomes extremely important. Unless the R&D efforts in the lab cannot be
scaled up within a reasonable time frame, little can be expected in terms of the functional credit to be assigned to
R&D.
Significance of R&D for Medium and Small Business
Big MNCs have billions to spend on R&D but most of the small businesses do not have the same capabilities, this
does not mean R&D is impossible. There are plenty of government initiatives, which are aimed at leveraging the
R&D opportunities for medium and small business. Even venture capitalists have also recognized the importance
of these smaller entries.
Moreover, R&D is typically what your business can take advantage of public resources and eternal knowledge to
get some hands on experience because, at the end of the day, useful knowledge is the most important thing your
company needs. The R&D department is not worth of, if the desired outcomes of R&D are not utilized.
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JULY 2017 |