Research and Development is BIG Business - Locally and Nationally
BY:
Jennifer Alten
The term ‘research and development,’ or more commonly, ‘R&D,’ refers to “creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of knowledge to devise new applications,” according to the Organization for Economic Co-operation and Development (OECD). However, in the context of business, it typically refers to future-oriented, longer-term science and technology research – where forecasts of commercial yield are painted in broad strokes, rather than exact calculations. more....