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Your assignment is to prepare and submit a paper on industrial research and development of r&d company.
Your assignment is to prepare and submit a paper on industrial research and development of r&d company. Innovation is the cornerstone of the R&D department within any firm and therefore plays a vital role in ensuring its productivity and profitability. As Sadakao (2009) points out, innovation is in fact, attracting additional attention as a means of overcoming the current global recession by enhancing competitiveness, which appears to offer a means of coping with the financial constraints of the recession. This trend is in line with the policies followed by Japanese companies, where slightly less than 70% of their R&D projects are designed to enhance competitiveness of the organization, with only 25% being directed towards the development of new business and 10% for the development of long term technological seeds. Sadakao (2009) also points out during a recession, R&D investment is generally constrained because there is a lack of capital available and therefore Government may play a more important role, just as the Obama administration is also implementing the Green deal program in the current recession, in order to promote innovation in the development of environmentally friendly energy programs.
Dugal and Morbey (1995) have compared R&D spending by several Companies during two U.S. recessions and the findings from their study suggest that those Companies investing more heavily in R&D are more likely to continue with a pattern of sustained growth. Their competitors who have modest investments into R&D tend to suffer from a decline in sales during a recession. In the current business climate, it is significant to note that innovation is becoming an increasingly open process, where one company may develop a new business idea but partner with another Company in selling it (Chesbrough, 2007). Alternatively, it may also allow other Companies to gain access to its unused internal technologies in order to gain the maximum out of its already existing potential.
