A Better Way from ‘R’ to ‘D’
BELLEVUE, WASHINGTON – When business leaders get together to talk about innovating their industries, they typically focus on initiatives like improving government funding for basic research, or building technology hubs and incubators. But a crucial element of “innovation” is often absent from these discussions: the final products.
That’s no oversight. On the contrary, the lack of product-focused discussion is symptomatic of a far more serious problem facing businesses of all sizes in nearly every industry. Simply put, product development takes a back seat in innovation strategy because the financial link between ideation and commercialization is broken.
For economies to prosper, good ideas need a nudge getting to market. Innovative products are, after all, what makes life healthier, more efficient, and more fun. But there’s ample evidence to suggest that development – the “D” in R&D – has not kept pace with the blistering speed of “R” – modern-day research.