To put it briefly, R&D is not synonymous with innovation. The good news is that the majority of individuals concur that R&D and innovation are distinct concepts; however, the precise distinctions remain a matter of debate.
Some theories: that R+D is an early-stage component of innovation, an umbrella-term for commercializing findings and discoveries. Or, that R+D is a long-term play but innovation can be put into action, across a variety of business needs, in the near term. In the contemporary, outcomes-driven marketplace, both R&D and innovation are undergoing transformation, as evidenced by the variety of definitions. This inquiry is particularly pertinent for digital enterprises that are perpetually under gargantuan pressure to develop innovative solutions. However, this demand for innovation is present in every industry. However, they have devised short-term innovation initiatives that are entirely distinct from R&D in recent years. What is that that gives?
Although innovation can still originate from any source, this multipurpose view of R+D suggests that when organizations acknowledge and pursue all three objectives, R+D may be more directly associated with an innovative result.
Thus, genuine innovation is not merely a product that is “better”; rather, it is one that provides the consumer with new value. One approach entails reallocating a portion of R&D expenditures: allocate 15% of your existing R&D budget towards a business-oriented R&D process that seeks to enhance value propositions, be it by developing scalable business models or value-added products for customers. An additional method of financing innovation is to adopt the mindset of a startup: cease “cost cutting,” which signifies impending adversity. Instead, reallocate substantial marketing budgets and funds previously allocated to insignificant “innovations” towards research and development.
Therefore, it could be argued that innovation with a favorable market impact necessitates the assumption of both market and technical risk. In contrast, conventional R&D places exclusive emphasis on technical risk, delegating market risk management to other organizational divisions.
Rather than attributing innovation solely to continuous R&D, it might be more accurate to redefine the term “innovation” as the product of invention (facilitated by R&D) combined with a business model and customer value.
Lingaya’s Vidyapeeth, the best college in Delhi NCR, champions a pragmatic approach to Research, Development, and Innovation. Our commitment to excellence defines a dynamic learning environment for students.
Dr. Swapnila Roy
Associate Dean(R &D)
Lingaya’s Vidyapeeth, FaridabadJanuary 25, 2024
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