Nowadays the importance of Research and Development to a Company survival and longevity is well known. Virtually every industry feels the impact of increased competition and the fast pace of technology change. However, resources are getting scarce, both for doing business and research as well, leaving managers with the tough job of selecting which project will get funding. Years ago, when money was (seemingly) unlimited the driving force to research was the challenge of inventing something new. The process complexity, the intricate analysis methods, the breaking of new frontiers were the food for the scientists inquiring minds. Then marketing professionals had to work to find or create market. Now market research, business analysis tools and other aspects once unknown to scientists rule. This article describes three approaches to research funding and summarizes some of the principles that help corporations to do a better job.
Research and development; marketing; research funding; product development; life cicle; business strategy