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13.1: An Introduction to Research and Development (R&D)

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Learning Objectives

• Know what constitutes research and development (R&D).
• Understand the importance of R&D to corporations.
• Recognize the role government plays in R&D.

Research and development (R&D) refers to two intertwined processes of research (to identify new knowledge and ideas) and development (turning the ideas into tangible products or processes). Companies undertake R&D in order to develop new products, services, or procedures that will help them grow and expand their operations. Corporate R&D began in the United States with Thomas Edison and the Edison General Electric Company he founded in 1890 (which is today’s GE). Edison is credited with 1,093 patents, but it’s actually his invention of the corporate R&D lab that made all those other inventions possible.Andrea Meyer, “High-Value Innovation: Innovating the Management of Innovation,” Working Knowledge (blog), August 20, 2009, accessed February 22, 2011, http://workingknowledge.com/blog/?p=594 . Edison was the first to bring management discipline to R&D, which enabled a much more powerful method of invention by systematically harnessing the talent of many individuals. Edison’s 1,093 patents had less to do with individual genius and more to do with management genius: creating and managing an R&D lab that could efficiently and effectively crank out new inventions. For fifty years following the early twentieth century, GE was awarded more patents than any other firm in America.Gary Hamel, “The Why, What and How of Management Innovation,” Harvard Business Review , February 2006, accessed February 24, 2011, http://hbr.org/2006/02/the-why-what-and-how-of-management-innovation/ar/1 .

Edison is known as an inventor, but he was also a great innovator. Here’s the difference: an invention brings an idea into tangible reality by embodying it as a product or system. An innovation converts a new idea into revenues and profits. Inventors can get patents on original ideas, but those inventions may not make money. For an invention to become an innovation, people must be willing to buy it in high enough numbers that the firm benefits from making it.A. G. Lafley and Ram Charan, The Game-Changer (New York: Crown Publishing Group, 2008), 21.

Edison wanted his lab to be a commercial success. “Anything that won’t sell, I don’t want to invent. Its sale is proof of utility and utility is success,”A. G. Lafley and Ram Charan, The Game-Changer (New York: Crown Publishing Group, 2008), 25. Edison said. Edison’s lab in Menlo Park, New Jersey, was an applied research lab, which is a lab that develops and commercializes its research findings. As defined by the National Science Foundation, applied research is “systematic study to gain knowledge or understanding necessary to determine the means by which a recognized and specific need may be met.”National Science Foundation, “Definitions of Research and Development,” Office of Management and Budget Circular A-11, accessed March 5, 2011, http://www.nsf.gov/statistics/randdef/fedgov.cfm . In contrast, basic research advances the knowledge of science without an explicit, anticipated commercial outcome.

History and Importance

From Edison’s lab onward, companies learned that a systematic approach to research could provide big competitive advantages. Companies could not only invent new products, but they could also turn those inventions into innovations that launched whole new industries. For example, the radio, wireless communications, and television industry grew out of early-twentieth-century research by General Electric and American Telephone and Telegraph (AT&T, which founded Bell Labs).

The heyday of American R&D labs came in the 1950s and early 1960s, with corporate institutions like Bell Labs, RCA labs, IBM’s research centers, and government institutions such as NASA and DARPA. These labs funded both basic and applied research, giving birth to the transistor, long-distance TV transmission, photovoltaic solar cells, the UNIX operating system, and cellular telephony, each of which led to the creation of not just hundreds of products but whole industries and millions of jobs.Adrian Slywotzky, “How Science Can Create Millions of New Jobs,” BusinessWeek , September 7, 2009, accessed May 11, 2011, http://www.businessweek.com/magazine/content/09_36/b4145036678131.htm . DARPA’s creation of the Internet (known at its inception as ARPAnet) and Xerox PARC’s Ethernet and graphical-user interface (GUI) laid the foundations for the PC revolution.Adrian Slywotzky, “How Science Can Create Millions of New Jobs,” BusinessWeek , September 7, 2009, accessed May 11, 2011, http://www.businessweek.com/magazine/content/09_36/b4145036678131.htm .

Companies invest in R&D to gain a pipeline of new products. For a high-tech company like Apple, it means coming up with new types of products (e.g., the iPad) as well as newer and better versions of its existing computers and iPhones. For a pharmaceutical company, it means coming out with new drugs to treat diseases. Different parts of the world have different diseases or different forms of known diseases. For example, diabetes in China has a different molecular structure than diabetes elsewhere in the world, and pharmaceutical company Eli Lilly’s new R&D center in Shanghai will focus on this disease variant.“2011 Global R&D Funding Forecast,” R&D Magazine , December 2010, accessed February 27, 2011, www.battelle.org/aboutus/rd/2011.pdf . Even companies that sell only services benefit from innovation and developing new services. For example, MasterCard Global Service started providing customers with emergency cash advances, directions to nearby ATMs, and emergency card replacements.Lance Bettencourt, Service Innovation (New York: McGraw-Hill, 2010), 99.

Innovation also includes new product and service combinations. For example, heavy-equipment manufacturer John Deere created a product and service combination by equipping a GPS into one of its tractors. The GPS keeps the tractor on a parallel path, even under hands-free operation, and keeps the tractor with only a two-centimeter overlap of those parallel lines. This innovation helps a farmer increase the yield of the field and complete passes over the field in the tractor more quickly. The innovation also helps reduce fuel, seed, and chemical costs because there is little overlap and waste of the successive parallel passes.Lance Bettencourt, Service Innovation (New York: McGraw-Hill, 2010), 110.

Did You Know?

Appliance maker Whirlpool has made innovation a strategic priority in order to stay competitive. Whirlpool has an innovation pipeline that currently numbers close to 1,000 new products. On average, Whirlpool introduces one hundred new products to the market each year. “Every month we report pipeline size measured by estimated sales, and our goal this year is $4 billion,” said Moises Norena, director of global innovation at Whirlpool. With Whirlpool’s 2008 revenue totaling $18.9 billion, that means roughly 20 percent of sales would be from new products.Jessie Scanlon, “How Whirlpool Puts New Ideas through the Wringer,” BusinessWeek , August 3, 2009, accessed January 17, 2011, http://www.businessweek.com/innovate/content/aug2009/id2009083_452757.htm .

Not only do companies benefit from investing in R&D, but the nation’s economy benefits as well, as Massachusetts Institute of Technology (MIT) professor Robert Solow discovered. Solow showed mathematically that, in the long run, growth in gross national product per worker is due more to technological progress than to mere capital investment. Solow won a Nobel Prize for his research, and investment in corporate R&D labs grew.

Although R&D has its roots in national interests, it has become globalized. Most US and European Fortune 1000 companies have R&D centers in Asia.“2011 Global R&D Funding Forecast,” R&D Magazine , December 2010, accessed February 27, 2011, www.battelle.org/aboutus/rd/2011.pdf . You’ll see the reasons for the globalization of R&D in Section 13.3 .

The Role of Government

Governments have played a large role in the inception of R&D, mainly to fund research for military applications for war efforts. Today, governments still play a big role in innovation because of their ability to fund R&D. A government can fund R&D directly, by offering grants to universities and research centers or by offering contracts to corporations for performing research in a specific area.

Governments can also provide tax incentives for companies that invest in R&D. Countries vary in the tax incentives that they give to corporations that invest in R&D. By giving corporations a tax credit when they invest in R&D, governments encourage corporations to invest in R&D in their countries. For example, Australia gave a 125 percent tax deduction for R&D expenses. The Australian government’s website noted, “It’s little surprise then, that many companies from around the world are choosing to locate their R&D facilities in Australia.” The government also pointed out that “50 percent of the most innovative companies in Australia are foreign-based.”Committee on Prospering in the Global Economy of the 21st Century (U.S.), Committee on Science, Engineering, and Public Policy (U.S.), Rising Above the Gathering Storm (Washington, DC: National Academies Press, 2007), 195.

Finally, governments can promote innovation through investments in infrastructure that will support new technology and by committing to buy the new technology. China is doing this in a big way, and it is thus influencing the course of many companies around the world. Since 2000, China has had a policy in place “to encourage tech transfer from abroad and to force foreign companies to transfer their R&D operations to China in exchange for access to China’s large volume markets,” reported R&D Magazine in its 2010 review of global R&D.“2011 Global R&D Funding Forecast,” R&D Magazine , December 2010, accessed February 27, 2011, www.battelle.org/aboutus/rd/2011.pdf . For example, any automobile manufacturer that wants to sell cars in China must enter into a partnership with a Chinese company. As a result, General Motors (GM), Daimler, Hyundai, Volkswagen (VW), and Toyota have all formed joint ventures with Chinese companies. General Motors and Volkswagen, for example, have both formed joint ventures with the Chinese company Shanghai Automotive Industry Corporation (SAIC), even though SAIC also sells cars under its own brand.Brian Dumaine, “China Charges into Electric Cars,” Fortune , November 1, 2010, 140. The Chinese government made another strategic decision influencing innovation in the automobile industry. Because no Chinese company is a leader in internal combustion engines, the government decided to leapfrog the technology and focus on becoming a leader in electric cars.Bill Russo, Tao Ke, Edward Tse, and Bill Peng, China’s Next Revolution: Transforming The Global Auto Industry , Booz & Company report, 2010, accessed February 27, 2011, www.booz.com/media/file/China’s_Next_Revolution_en.pdf . “Beijing has pledged that it will do whatever it takes to help the Chinese car industry take the lead in electric vehicles,” notes industry watcher Brian Dumaine. Brian Dumaine, “China Charges into Electric Cars,” Fortune , November 1, 2010, 140. That includes allocating $8 billion in R&D funds as well as another $10 billion in infrastructure (e.g., installing charging stations).Gordon Orr, “Unleashing Innovation in China,” McKinsey Quarterly , January 2011, accessed January 2, 2011, www.mckinseyquarterly.com/Strategy/Innovation/Unleashing_innovation_in_China_2725 . The government will also subsidize the purchase of electric cars by consumers and has committed to buying electric cars for government fleets, thus guaranteeing that there will be buyers for the new electric vehicles that companies invent and develop.

Another role of government is to set high targets that require innovation. In the 1960s, the US Apollo space program launched by President John F. Kennedy inspired US corporations to work toward putting a man on the moon. The government’s investments in the Apollo program sped up the development of computer and communications technology and also led to innovations in fuel cells, water purification, freeze-drying food, and digital image processing now used in medical products for CAT scans and MRIs.Adrian Slywotzky, “How Science Can Create Millions of New Jobs,” BusinessWeek , September 7, 2009, accessed May 11, 2011, http://www.businessweek.com/magazine/content/09_36/b4145036678131.htm . Today, government policies coming from the European Union mandate ambitious environmental targets, such as carbon-neutral fuels and energy, which are driving global R&D to achieve environmental goals the way the Apollo program drove R&D in the 1960s.Martin Grueber and Tim Studt, “A Battelle Perspective on Investing in International R&D,” R&D Magazine , December 22, 2009, http://www.rdmag.com/Featured-Articles/2009/12/Global-Funding-Forecast-A-Battelle-Perspective-International-R-D .

After the 1990s, US investment in R&D declined, especially in basic research. Governments in other countries, however, continue to invest. New government-corporate partnerships are developing around the world. IBM, which for years closely guarded its R&D labs (even IBM employees were required to have special badges to enter the R&D area), is now setting up “collaboratories” around the world. These collaboratories are partnerships between IBM researchers and outside experts from government, universities, and even other companies. “The world is our lab now,” says John E. Kelly III, director of IBM Research.Steve Hamm, “How Big Blue Is Forging Cutting-edge Partnerships around the World,” BusinessWeek , August 27, 2009, accessed January 2, 2010, http://www.businessweek.com/print/magazine/content/09_36/b4145040683083.htm . IBM has deals for six future collaboratories in China, Ireland, Taiwan, Switzerland, India, and Saudi Arabia.

The reason for the collaboratory strategy is to share R&D costs—IBM’s partners must share 50 percent of the funding costs, which means that together the partners can participate in a large-scale effort that they’d be hard pressed to fund on their own. An example is IBM’s research partnership with the state-funded Swiss university ETH Zurich. The two are building a $70 million semiconductor lab for nanotech research with the goal of identifying a replacement for the current semiconductor-switch technology.Steve Hamm, “How Big Blue Is Forging Cutting-Edge Partnerships around the World,” BusinessWeek , August 27, 2009, accessed January 2, 2010, http://www.businessweek.com/print/magazine/content/09_36/b4145040683083.htm . Such a breakthrough could harken the creation of a whole new industry.

Of all the countries in the world, the United States remains the largest investor in R&D. One-third of all spending on R&D comes from the United States. Just one government agency—the Department of Defense—provides more funding than all the nations of the world except China and Japan. Nonetheless, other countries are increasing the amounts of money they spend on R&D. Their governments are funding R&D at higher levels and are giving more attractive tax incentives to firms that spend on R&D.

Governments can also play a big role in the protection of intellectual property rights, as you’ll see in Section 13.2 .

KEY TAKEAWAYS

• R&D refers to two intertwined processes of research (to identify new facts and ideas) and development (turning the ideas into tangible products and services.) Companies undertake R&D to get a pipeline of new products. Breakthrough innovations can create whole new industries, which can provide thousands of jobs.
• Invention is the creation of a new idea embodied in a product or process, while innovation takes that new idea and commercializes it in a way that enables a company to generate revenue from it.
• Government support of R&D plays a significant role in innovation. It has been generally accepted that it’s desirable to encourage R&D for reasons of economic growth as well as national security. This has resulted in massive support from public funds for many sorts of laboratories. Governments influence R&D not only by providing direct funding but also by providing tax incentives to companies that invest in R&D. Governments also stimulate innovation through supporting institutions such as education and providing reliable infrastructure.

(AACSB: Reflective Thinking, Analytical Skills)

• What benefits does a company get by investing in R&D?
• Why do organizations make a distinction between basic research and applied research?
• Describe three ways in which government can influence R&D.

Research and Development (R&D)

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Mode 2 knowledge production (Mode 2) ; Mode 2 knowledge production ; Research and development and innovations (R&D&I)

Research and development (R&D) is a broad category describing the entity of basic research, applied research, and development activities. In general research and development means systematic activities in order to increase knowledge and use of this knowledge when developing new products, processes, or services. Nowadays innovation activities are strongly tight into the concept of research and development. In the broadest meaning, research and development consists of every activity from the basic research to the (successful) marketing of a product or (effective) launching of a new process (R&D&I).

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Research and development work is mostly related to business organizations. Development activities are targeted for them to development of new products and their success within the markets. A new product can be seen as the end of the chain of which...

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Gibbons, M., Limoges, C., Nowotny, H., Schwartzman, S., Scott, P., & Trow, M. (1994). The new production of knowledge: The dynamics of science and research in contemporary societies . London: Sage.

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Gulbrandsen, M. The role of basic research in innovation. Confluence , 55 . Retrieved from http://www.cas.uio.no/Publications/Seminar/Confluence_Gulbrandsen.pdf

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Kainulainen, S. (2014). Research and Development (R&D). In: Michalos, A.C. (eds) Encyclopedia of Quality of Life and Well-Being Research. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-0753-5_2482

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What do you want to do?

What is research and development.

Research and development (R&D) is when businesses gather knowledge to create new products or discover new ways to improve their existing products and services. Larger companies may have their own research and development team that will test and refine products or processes before commercial use. However, many companies outsource this work to universities due to a lack of in-house capacity and to access the expertise and advanced research equipment they possess.

Some companies invest far more in R&D than others due to the competitiveness and demands of their industry. For example, a consumer technology company is always trying to release devices that are more appealing than its competitors so will invest heavily on product design research to make their devices more innovative. 

Businesses of all sizes need to invest in research and development if they want to achieve future growth, stay abreast of developments in their industry and reduce production costs. Fortunately, Brunel University London is a world leading research institution dedicated to delivering solutions to a broad range of organisations of all sizes. We have academics from a wide range of disciplines that are bringing significant benefits to our business partners.

Benefits of research and development at Brunel University London:

• Inexpensive way to explore new ideas and find a gap in the market
• We can help you secure funding from the Government and the EU to develop your business whether your organisation is large or small
• We have world class equipment, expertise and facilities to conduct research projects and are continually investing money in the latest technology
• Working with Brunel can improve brand reputation and profile and potentially attract future investment
• Bringing innovative products to the market could give your business a competitive advantage. 

Which research and development method is right for you? 

There are a number of services we offer, however, it is important to have an objective when selecting a specific type of research and development so you can achieve your business goals in the most efficient way possible. 

For example: 

Objective: Develop new products and services

Innovation Voucher If you have an idea for a new product we can offer you a voucher valued between £1,000 - £5,000 to cover the project costs. This initiative is best suited to new start-ups and SMEs. 

Knowledge Transfer Partnerships  Transfer knowledge and expertise from the academic partner to your organisation to enable a progressive change in technology and expertise to impact on new products and services.  Co-Innovate 

A scheme funded by the European Regional Development Fund to help support new product and service innovation for SMEs in London. The services offered by Co-Innovate are free but you must be an SME based in London. 

Objective: Resolve a specific product or process problem 

Consultancy 

Access directly Brunel's world leading academic expertise and have focused attention to address a specific problem or issue. 

Objective: Explore ideas for new products and services

Research Partnerships

Larger organisations may want to form a partnership with us to generate mutually valuable and beneficial research for the long term. 

Undergraduate Student Project

Use Brunel's students to develop and amplify new concepts and prototypes. If this is something you are interested in please get in touch with our research team. 

Commercialisation 

It's possible that right now a particular piece of research is being developed in one of our research centres that could potentially be a marketable product/service within your industry and you may want to monetise it. 

Objective: Up-skill staff

Knowledge Transfer Partnerships 

Highly qualified staff or graduates work in your company's premises and project manage an agreed programme to transfer new technical skills and knowledge to your company staff. 

Co-Innovate 

Co-Innovate organise a number of events throughout the year for SMEs to help small businesses gain valuable business insights. 

Can't see your requirements here?  If you have a different business objective that we have not covered but could benefit from employing research and development please get in touch so we can see if we can help you. 

Your project could be short or long, large or small in scope and scale so it is hard to calculate a cost of a project until we have analysed different factors such as your specific needs, project duration and level of expertise needed. Once we get in contact with you to discuss your goals and put all these factors into consideration we can then let you know the cost before work commences. However, we may also be able to help you get access to funding to cover the costs of some of these services. 

• Research and Development (R&D) | Overview & Process

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Companies often spend resources on certain investigative undertakings in an effort to make discoveries that can help develop new products or way of doing things or work towards enhancing pre-existing products or processes. These activities come under the Research and Development (R&D) umbrella.

R&D is an important means for achieving future growth and maintaining a relevant product in the market . There is a misconception that R&D is the domain of high tech technology firms or the big pharmaceutical companies. In fact, most established consumer goods companies dedicate a significant part of their resources towards developing new versions of products or improving existing designs . However, where most other firms may only spend less than 5 percent of their revenue on research, industries such as pharmaceutical, software or high technology products need to spend significantly given the nature of their products.

© Shutterstock.com | Alexander Raths

In this article, we look at 1) types of R&D , 2) understanding similar terminology , 3) making the R&D decision , 4) basic R&D process , 5) creating an effective R&D process , 6) advantages of R&D , and 7) R&D challenges .

TYPES OF R&D

A US government agency, the National Science Foundation defines three types of R&D .

Basic Research

When research aims to understand a subject matter more completely and build on the body of knowledge relating to it, then it falls in the basic research category. This research does not have much practical or commercial application. The findings of such research may often be of potential interest to a company

Applied Research

Applied research has more specific and directed objectives. This type of research aims to determine methods to address a specific customer/industry need or requirement. These investigations are all focused on specific commercial objectives regarding products or processes.

Development

Development is when findings of a research are utilized for the production of specific products including materials, systems and methods. Design and development of prototypes and processes are also part of this area. A vital differentiation at this point is between development and engineering or manufacturing. Development is research that generates requisite knowledge and designs for production and converts these into prototypes. Engineering is utilization of these plans and research to produce commercial products.

UNDERSTANDING SIMILAR TERMINOLOGY

There are a number of terms that are often used interchangeably. Thought there is often overlap in all of these processes, there still remains a considerable difference in what they represent. This is why it is important to understand these differences.

The creation of new body of knowledge about existing products or processes, or the creation of an entirely new product is called R&D. This is systematic creative work, and the resulting new knowledge is then used to formulate new materials or entire new products as well as to alter and improve existing ones

Innovation includes either of two events or a combination of both of them. These are either the exploitation of a new market opportunity or the development and subsequent marketing of a technical invention. A technical invention with no demand will not be an innovation.

New Product Development

This is a management or business term where there is some change in the appearance, materials or marketing of a product but no new invention. It is basically the conversion of a market need or opportunity into a new product or a product upgrade

When an idea is turned into information which can lead to a new product then it is called design. This term is interpreted differently from country to country and varies between analytical marketing approaches to a more creative process.

Product Design

Misleadingly thought of as the superficial appearance of a product, product design actually encompasses a lot more. It is a cross functional process that includes market research, technical research, design of a concept, prototype creation, final product creation and launch . Usually, this is the refinement of an existing product rather than a new product.

MAKING THE R&D DECISION

Investment in R&D can be extensive and a long term commitment. Often, the required knowledge already exists and can be acquired for a price. Before committing to investment in R&D, a company needs to analyze whether it makes more sense to produce their own knowledge base or acquire existing work. The influence of the following factors can help make this decision.

Proprietariness

If the nature of the research is such that it can be protected through patents or non-disclosure agreements , then this research becomes the sole property of the company undertaking it and becomes much more valuable. Patents can allow a company several years of a head start to maximize profits and cement its position in the market. This sort of situation justifies the cost of the R&D process. On the other hand, if the research cannot be protected, then it may be easily copied by a competitor with little or no monetary expense. In this case, it may be a good idea to acquire research.

Setting up a R&D wing only makes sense if the market growth rate is slow or relatively moderate. In a fast paced environment, competitors may rush ahead before research has been completed, making the entire process useless.

Because of its nature, R&D is not always a guaranteed success commercially. In this regard, it may be desirable to acquire the required research to convert it into necessary marketable products. There is significantly less risk in acquisition as there may be an opportunity to test the technology out before formally purchasing anything.

Considering the long term potential success of a product, acquiring technology is less risky but more costly than generating own research. This is because license fees or royalties may need to be paid and there may even be an arrangement that requires payments tied to sales figures and may continue for as long as the license period. There is also the danger of geographical limitations or other restrictive caveats. In addition, if the technology changes mid license, all the investment will become a sunk cost. Setting up R&D has its own costs associated with it. There needs to be massive initial investment that leads to negative cash flow for a long time. But it does protect the company from the rest of the limitations of acquiring research.

All these aspects need to be carefully assessed and a pros vs. cons assessment needs to be conducted before the make or buy decision is finalized.

BASIC R&D PROCESS

Foster Ideas

At this point the research team may sit down to brainstorm. The discussion may start with an understanding and itemization of the issues faced in their particular industry and then narrowed down to important or core areas of opportunity or concern.

Focus Ideas

The initial pool of ideas is vast and may be generic. The team will then sift through these and locate ideas with potential or those that do not have insurmountable limitations. At this point the team may look into existing products and assess how original a new idea is and how well it can be developed.

Develop Ideas

Once an idea has been thoroughly researched, it may be combined with a market survey to assess market readiness. Ideas with true potential are once again narrowed down and the process of turning research into a marketable commodity begins.

Prototypes and Trials

Researchers may work closely with product developers to understand and agree on how an idea may be turned into a practical product. As the process iterates, the prototype complexity may start to increase and issues such as mass production and sales tactics may begin to enter the process.

Regulatory, Marketing & Product Development Activities

As the product takes shape, the process that began with R&D divides into relevant areas necessary to bring the research product to the market. Regulatory aspects are assessed and work begins to meet all the criteria for approvals and launch. The marketing function begins developing strategies and preparing their materials while sales, pricing and distribution are also planned for.

The product that started as a research question will now be ready for its biggest test, the introduction to the market. The evaluation of the product continues at this stage and beyond, eventually leading to possible re-designs if needed. At any point in this process the idea may be abandoned. Its feasibility may be questioned or the research may not reveal what the business hoped for. It is therefore important to analyze each idea critically at every stage and not become emotionally invested in anything.

CREATING AN EFFECTIVE R&D PROCESS

A formal R&D function adds great value to any organization. It can significantly contribute towards organizational growth and sustained market share. However, all business may not have the necessary resources to set up such a function. In such cases, or in organizations where a formal R&D function is not really required, it is a good idea to foster an R&D mindset . When all employees are encouraged to think creatively and with a research oriented thought process, they all feel invested in the business and there will be the possibility of innovation and unique ideas and solutions. This mindset can be slowly inculcated within the company by following the steps mentioned below.

Assess Customer Needs

It is a good idea to regularly scan and assess the market and identify whether the company’s offering is doing well or if it is in trouble. If it is successful, encourage employees to identify reasons for success so that these can then be used as benchmarks or best practices. If the product is not doing well, then encourage teams to research reasons why. Perhaps a competitor is offering a better solution or perhaps the product cannot meet the customer’s needs effectively.

Identify Objectives

Allow your employees to see clearly what the business objectives are. The end goal for a commercial enterprise is to enhance profits. If this is the case, then all research the employees engage in should focus on reaching this goal while fulfilling a customer need.

Define and Design Processes

A definite project management process helps keep formal and informal research programs on schedule. Realistic goals and targets help focus the process and ensures that relevant and realistic timelines are decided upon.

Create a Team

A team may need to be created if a specific project is on the agenda. This team should be cross functional and will be able to work towards a specific goal in a systematic manner. If the surrounding organizational environment also has a research mindset then they will be better prepared and suited to assist the core team when ever needed.

Whenever needed, it may be a good idea to outsource research projects. Universities and specific research organizations can help achieve research objectives that may not be manageable within a limited organizational budget.

ADVANTAGES OF R&D

Though setting up an R&D function is not an easy task by any means, it has its unique advantages for the organization. These include the following.

Research and Development expenses are often tax deductible. This depends on the country of operations of course but a significant write-off can be a great way to offset large initial investments. But it is important to understand what kind of research activities are deductible and which ones are not. Generally, things like market research or an assessment of historical information are not deductible.

A company can use research to identify leaner and more cost effective means of manufacturing. This reduction in cost can either help provide a more reasonably priced product to the customer or increase the profit margin.

When an investor sets out to put their resources into any company, they tend to prefer those who can become market leaders and innovate constantly. An effective R&D function goes a long way in helping to achieve these objectives for a company. Investors see this as a proactive approach to business and they may end up financing the costs associated with maintaining this R&D function.

Recruitment

Top talent is also attracted to innovative companies doing exciting things. With a successful Research and Development function, qualified candidates will be excited to join the company.

Through R&D based developments, companies can acquire patents for their products. These can help them gain market advantage and cement their position in the industry. This one time product development can lead to long term profits.

R&D CHALLENGES

R&D also has many challenges associated with it. These may include the following.

Initial setup costs as well as continued investment are necessary to keep research work cutting edge and relevant. Not all companies may find it feasible to continue this expenditure.

Increased Timescales

Once a commitment to R&D is made, it may take many years for the actual product to reach the market and a number of years will be filled with no return on continued heavy investment.

Uncertain Results

Not all research that is undertaken yields results. Many ideas and solutions are scrapped midway and work has to start from the beginning.

Market Conditions

There is always the danger that a significant new invention or innovation will render years of research obsolete and create setbacks in the industry with competitors becoming front runners for the customer’s business.

It is important for any business to understand the advantages and disadvantages of engaging in Research and Development activities. Once these are studied, then the step can be taken towards becoming and R&D organization.

In the meanwhile, it is good practice to inculcate a research mind set and research oriented thinking within all employees, no matter what their functional area of expertise. This will help bring about new ideas, new solutions and an innovative way of approaching all business problems, whether small or large.

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Definition of research and development noun from the Oxford Advanced American Dictionary

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Research and Development (R&D) Expenses: Definition and Example

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

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What Are Research and Development (R&D) Expenses?

Research and development ( R&D ) expenses are associated directly with the research and development of a company's goods or services and any intellectual property generated in the process. A company generally incurs R&D expenses in the process of finding and creating new products or services.

As a common type of operating expense , a company may capitalize R&D expenses.

Key Takeaways

• Research and development (R&D) expenses are direct expenditures relating to a company's efforts to develop, design, and enhance its products, services, technologies, or processes.
• The industrial, technological, health care, and pharmaceutical sectors typically incur the highest degree of R&D expenses.
• The IRS offers tax breaks for R&D expenses, and these may also be capitalized as business expense.

Understanding Research and Development Expenses

Research and development is a systematic activity that combines basic and applied research to discover solutions to new or existing problems or to create or update goods and services. When a company conducts its own R&D, it often results in the ownership of intellectual property in the form of patents or copyrights that result from discoveries or inventions.

An essential component of a company's research and development arm is its direct R&D expenses, which can range on a spectrum from relatively minor costs to several billions of dollars for large research-focused corporations. Companies in the industrial, technological, health care, and pharmaceutical sectors usually have the highest levels of R&D expenses. Some companies—for example, those in technology—reinvest a significant portion of their profits back into research and development as an investment in their continued growth.

Large companies have also been able to conduct R&D through acquisition by investing in or subsidizing some of those smaller companies' costs or acquiring them outright.

Real World Example of R&D Expenses

Tech companies rely heavily on their research and development capabilities, so they have relatively outsized R&D expenses. In a constantly changing environment, it's important for such a company to remain on the bleeding edge of innovation. For example, Meta ( META ), formerly Facebook, invests heavily in the research and development of products such as virtual reality and predictive AI chatbots . These endeavors allow Meta to diversify its business and find new growth opportunities as technology continues to evolve.

Meta's 2014 acquisition of Oculus Rift is an example of R&D expenses through acquisition. Meta already had the internal resources necessary to build out a virtual reality division, but by acquiring an existing virtual reality company, it was able to expedite the time it took them to develop this capability.

Reasons to Conduct R&D

Businesses conduct R&D for many reasons, the first and foremost being new product research and development. Before any new product is released into the marketplace, it goes through significant research and development phases, which include a product's market opportunity, cost, and production timeline. After adequate research, a new product enters the development phase, where a company creates the product or service using the concept laid out during the research phase.

Some companies use R&D to update existing products or conduct quality checks in which a business evaluates a product to ensure that it is still adequate and discusses any improvements. If the improvements are cost-effective, they will be implemented during the development phase.

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• 31 May 2024

What is science? Tech heavyweights brawl over definition

• Fred Schwaller

You can also search for this author in PubMed   Google Scholar

X owner Elon Musk (left) and artificial-intelligence pioneer Yann LeCun sparred on the social-media platform about scientific publications. Credit: Slaven Vlasic/Getty for The New York Times, Benjamin Girette/Bloomberg via Getty

If you do research and don’t publish it, is it science? That’s the question at the heart of an ongoing debate on X between entrepreneur Elon Musk and pioneering computer scientist Yann LeCun. Over the past few days, the conversation sprawled into a brawl about the definition of science, attracting thousands of commentators including researchers of all stripes.

The discussion started on 27 May, after Musk posted on the social-media platform X (formerly Twitter): “Join xAI if you believe in our mission of understanding the universe, which requires maximally rigorous pursuit of the truth, without regard to popularity or political correctness.” (Musk founded the company xAI to build artificial intelligence (AI) capable of enhanced reasoning. Its first product is a generative-AI chatbot called Grok.)

Thousands of scientists are cutting back on Twitter, seeding angst and uncertainty

LeCun, chief AI scientist at tech giant Meta, is known for his foundational work in deep learning and neural networks. He called out the post, saying that Musk “claims to want a ‘maximally rigorous pursuit of the truth’ but spews crazy-ass conspiracy theories on his own social platform”. It escalated quickly , with Musk questioning what science LeCun had done in the past five years. LeCun, who also holds an academic post in AI at New York University in New York City, replied: “Over 80 technical papers published since January 2022. What about you?”

LeCun then posted saying “if you do research and don’t publish, it’s not Science”. He argued that research is only ‘science’ when it is collected as a body of knowledge, tested for correctness and reproducibility and then published. “Technological marvels don’t just pop out of the vacuum. They are built on years (sometimes decades) of scientific research,” he said . Without sharing that scientific information, “technological progress would slow to a crawl”.

LeCun’s definition of science sparked a backlash. Some people criticized him for not mentioning that science is not just a collection of facts, but is often considered a systematic method . Another tech entrepreneur — Palmer Luckey, who developed the virtual-reality headset Oculus — condemned the idea that “people who don’t publish their research for peer review will die bitter and forgotten”. Still others argued that scientific experiments done at companies are often kept private; even outside the private sector, 40% of data from academic and government scientists goes unpublished, according to some estimates .

“LeCun still misses the very essence of how science works. Saying ‘science is only science if it is published’ gatekeeps the idea that science is a method of understanding that people can use in their daily lives,” says Peter Coveney, a computer scientist at University College London.

The importance of feedback

LeCun later clarified his definition, posting: “science progresses through the collision of ideas, verification, analysis, reproduction, and improvements. If you don’t publish your research *in some way* your research will likely have no impact.”

He also hinted in his posts that there is need for more openness in AI research, in particular the source code underlying neural networks. Coveney and philosopher of science Janet Stemwedel at San José State University in California agree with LeCun on this point, especially amid criticisms that AI algorithms — such as those underlying the chatbot ChatGPT and text-to-video tool Sora, made by OpenAI in San Francisco, California, and AlphaFold3 , the protein-structure-prediction tool created by Google DeepMind in London — are being developed and launched without the publication of their code.

“The big issue is that you need to expose your knowledge claims to rigorous examination, and you need to be responsive to the feedback that emerges from that,” says Stemwedel. She added that philosophers of science now see responsiveness to feedback as a cornerstone of modern definitions of science, alongside principles such as the utility of science for making predictions and providing explanations.

Coveney pointed to the development of generalist AI tools, which aim to interpret data and produce advanced reasoning abilities without being specifically trained for individual tasks. “At the heart of it is a large language model like ChatGPT, but they implement what’s called foundation models to solve problems.” He says that it’s questionable how scientific their methods are, even when their processes can be scrutinized by scientists.

Twitter changed science — what happens now it’s in turmoil?

xAI, for instance, is making the AI tools that it develops open source. “Musk argues that we can provide scientific explanations by using explainable AI like xAI, thereby replacing conventional ways of doing science,” says Coveney. “The problem is that a machine ingesting scientific literature and then creating statistical inferences does not confer understanding to the machine. It’s not an objective and rational way of creating scientific theories.”

Debated definition

The definition of science will always be contentious, says Stemwedel, who has studied how scientists use Twitter and X. Before Musk took over, Twitter had a beneficial role in overall discussions about science, and people showed that science could be responsive to feedback. “Early discussions showed objectivity is not a property of individual scientists, but rather of the collective efforts of a knowledge-building community. In the Musk era , I’m afraid things have gotten less responsive to reason.”

Amid the debate, Coveney says that it’s crucial to maintain the fundamental ideas of science that stem from the Enlightenment.

“The central element is, if you can’t have an objective discussion, then you’re not doing science, because you’re just articulating your opinions,” he says. The irony, adds Coveney, is that this is exactly what was happening during the debate on X.

doi: https://doi.org/10.1038/d41586-024-01626-z

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Perspective Therapeutics to Present at the Society of Nuclear Medicine and Molecular Imaging (SNMMI) Annual Meeting 2024

SEATTLE, May 20, 2024 (GLOBE NEWSWIRE) -- Perspective Therapeutics, Inc. ("Perspective" or "the Company") (NYSE AMERICAN: CATX), a radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body, today announced the Company will present information pertaining to the Company's sponsored studies of its assets at the Society of Nuclear Medicine & Molecular Imaging ("SNMMI") Annual Meeting 2024, which is being held in Toronto, Canada, from June 8-11, 2024. The Company notes that results based on investigator-initiated use of its assets are also being presented.  

"We are greatly encouraged by the progress of our clinical and preclinical programs," said Thijs Spoor, CEO of Perspective. "The upcoming presentations at the SNMMI meeting will showcase our activities with VMT-α-NET and other promising therapies, underlining our commitment to advancing care for patients battling challenging tumor types."

[ 212 Pb]VMT-α-NET for the Treatment of Neuroendocrine Tumors The abstract describing Perspective's trial in progress of the Phase 1/2a dose escalation study (NCT05636618) in patients with unresectable or metastatic somatostatin receptor type 2 ("SSTR2")-positive neuroendocrine tumors ("NETs") who have not received prior peptide receptor radionuclide therapies ("PRRT") stated the trial's status as of January 15, 2024, consistent with the abstract submission deadline for the SNMMI conference. Updates on this trial as of March 7, 2024 were provided during the Company's investor update on March 18, 2024, accessible on the events page of the Company's website. This study, in conjunction with the Phase 0 imaging study (NCT05111509), would inform the recommended Phase 2 dose of [ 212 Pb]VMT-α-NET.

Perspective, in collaborating independent investigators, is evaluating dosimetry and the applicability of patient-specific dosing as determined by a target renal absorbed dose for [ 212 Pb]VMT-α-NET. An abstract reported pooled data from ten patients recruited in the Company's sponsored Phase 0 imaging study and an investigator sponsored absorbed dose escalation study. The investigator reported [ 212 Pb]VMT-α-NET was prescribed to three patients at individualized doses of 5.3, 7.9, and 13.3 mCi (cumulatively, delivered over two cycles) while targeting renal absorbed dose of 3.5Gy. Higher levels of targeted renal absorbed doses are in the protocol for subsequent cohorts of the investigator sponsored study.

The Company has been informed that updated results from the investigator initiated trial of [ 212 Pb]VMT-α-NET in India have been accepted for presentation by the SNMMI conference. The investigator enrolled adult patients with histologically confirmed NETs and metastatic medullary thyroid carcinomas. The investigator informed the Company that the update includes results from 12 patients at a later data cutoff date than previous presentations. The most recent prior public update by the investigator was during the 36 th Annual Congress of the European Association of Nuclear Medicine (EANM) in September 2023.

Preclinical Progress on Targeted Therapies for Melanoma and Tumor Environments

The Company will present preclinical data for [ 212 Pb]VMT01, a targeted α-particle radionuclide therapy (α-TRT) targeting the melanocortin 1 receptor ("MC1R"), used in combination with immune checkpoint inhibitors ("ICIs") in diverse murine melanoma models with high (B16-F10), mid (YUMM-D3) and low (YUMMwt) expressions of MC1R. These data provide a rationale for advancing the combination of [ 212 Pb]VMT01 and ICIs to clinical investigations. The ongoing Phase 1/2a study of [ 212 Pb]VMT01 is being amended to evaluate the safety and tolerability of Perspective's [ 212 Pb]VMT01 in combination with the ICI nivolumab in patients with histologically confirmed melanoma and MC1R-positive imaging scans.

The final presentation will introduce [ 203/212 Pb]-PSV-359, a novel cyclic peptide developed to target fibroblast activation protein alpha ("FAP"), a protein abundantly expressed by cancer-associated fibroblasts in tumor lesions and involved in promoting disease progression. [ 203/212 Pb]-PSV-359 has a proprietary targeting moiety designed by Perspective to optimize "theranostic" applications, representing a promising avenue for addressing FAP expressing cancers regardless of disease site.

About Perspective Therapeutics, Inc. Perspective Therapeutics, Inc., is a radiopharmaceutical development company that is pioneering advanced treatment applications for cancers throughout the body. The Company has proprietary technology that utilizes the alpha emitting isotope 212 Pb to deliver powerful radiation specifically to cancer cells via specialized targeting peptides. The Company is also developing complementary imaging diagnostics that incorporate the same targeting peptides, which provide the opportunity to personalize treatment and optimize patient outcomes. This "theranostic" approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity.

The Company's melanoma (VMT01) and neuroendocrine tumor (VMT-α-NET) programs have entered Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at several leading academic institutions. The Company has also developed a proprietary 212 Pb generator to secure key isotopes for clinical trial and commercial operations.

For more information, please visit the Company's website at www.perspectivetherapeutics.com .

Safe Harbor Statement This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "estimate," "believe," "predict," "potential" or "continue" or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements concerning, among other things, the Company's ability to pioneer advanced treatment applications for cancers throughout the body; the Company's expectation that its clinical and preclinical programs will continue to progress; the Company's belief that it will showcase its activities with VMT-α-Net and other promising therapies at the Society of Nuclear Medicine and Molecular Imaging meeting, underlining the Company's commitment to advancing care for patients battling challenging tumor types; the Company's belief that [ 203/212 Pb]-PSV-359, a novel cyclic peptide, has the ability to target fibroblast activation protein alpha, a protein abundantly expressed by cancer-associated fibroblasts in tumor lesions and involved in promoting disease progression; the Company's belief that it has designed a proprietary targeting moiety for [ 203/212 Pb]PSV359 to optimize "theranostic" applications, representing a promising avenue for addressing FAP expressing cancers regardless of disease site; the Company's prediction that complementary imaging diagnostics that incorporate certain targeting peptides provide the opportunity to personalize treatment and optimize patient outcomes; the Company's expectation that its "theranostic" approach enables the ability to see specific tumors and then treat it to potentially improve efficacy and minimize toxicity; the Company's ability to develop a proprietary 212 Pb generator to secure key isotopes for clinical trial and commercial operations; the Company's clinical development plans and the expected timing thereof; the expected timing for availability and release of data; expectations regarding the potential market opportunities for the Company's product candidates; the potential functionality, capabilities, and benefits of the Company's product candidates and the potential application of these product candidates for other disease indications; the Company's expectations, beliefs, intentions, and strategies regarding the future; the Company's intentions to improve important aspects of care in cancer treatment; and other statements that are not historical fact.

The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the Company's actual results to differ materially from the results described in or implied by the forward-looking statements, including, without limitation, the potential that regulatory authorities may not grant or may delay approval for the Company's product candidates; uncertainties and delays relating to the design, enrollment, completion, and results of clinical trials; unanticipated costs and expenses; pre-clinical and early clinical trials may not be indicative of the results in later clinical trials; clinical trial results may not support regulatory approval or further development in a specified indication or at all; actions or advice of regulatory authorities may affect the design, initiation, timing, continuation and/or progress of clinical trials or result in the need for additional clinical trials; the Company's ability to obtain and maintain regulatory approval for the Company's product candidates; delays, interruptions or failures in the manufacture and supply of the Company's product candidates; the size and growth potential of the markets for the Company's product candidates, and the Company's ability to service those markets; the Company's cash and cash equivalents may not be sufficient to support its operating plan for as long as anticipated; the Company's expectations, projections and estimates regarding expenses, future revenue, capital requirements, and the availability of and the need for additional financing; the Company's ability to obtain additional funding to support its clinical development programs; the availability or potential availability of alternative products or treatments for conditions targeted by the Company that could affect the availability or commercial potential of its product candidates; the ability of the Company to manage growth and successfully integrate its businesses; the Company's ability to maintain its key employees; sufficient training and use of the Company's products and product candidates; the market acceptance and recognition of the Company's products and product candidates; the Company's ability to maintain and enforce its intellectual property rights; the Company's ability to maintain its therapeutic isotope supply agreement with the Department of Energy; the Company's ability to continue to comply with the procedures and regulatory requirements mandated by the FDA for additional trials, Phase 1 and 2 approvals, Fast Track approvals, and 510(k) approval and reimbursement codes; and any changes in applicable laws and regulations. Other factors that may cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are described under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"), in the Company's other filings with the SEC, and in the Company's future reports to be filed with the SEC and available at www.sec.gov . Forward-looking statements contained in this news release are made as of this date. Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Perspective Therapeutics IR: Annie Cheng [email protected]

Russo Partners, LLC Nic Johnson / Adanna G. Alexander, Ph.D.

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