Research & Development (R&D) - Business concept of the day
R&D
3 Oct 2018, 11:11 — 1 min read
Definition: Research & Development (R&D) is the process of discovering and developing new products and services. It helps companies invent innovative products & services.
Example: Before releasing their innovative mobile app payments solution, the startup had spent two years on R&D to evaluate its feasibility, explore technology & understand their target market.
Business Insight: Investing time and money in R&D is essential for startups and SMEs to create a product that is competitive in the marketplace with enduring value. Pharmaceuticals, semiconductor and software/technology companies tend to spend the most on R&D.
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