Research and Development (R&D) Definition
We reason that the definition of R&D is to ‘find a better way to do something.’ Simple.
The world-famous inventor and businessman, Thomas Edison said:
“There’s a better way to do it. Find it!”
- This fantastic quote is the essence of R&D.
To further breakdown the definition of R & D let’s look at the two words on their own.
The goal of the research is to understand the current level of understanding on a topic, then better it.
This ‘research’ can apply to any area of human endeavour.
‘Development’ applies to what you do with the level of understanding you have amassed.
In the world of business, carrying out both areas well leads to an advance in science and/or technology.
Securing an advance leads to a competitive advantage that is exploited for profit.
This process is then repeated by your competitors that then leads to further advances.
Most of the time the advances are marginal gains but every now and then the advances can be a quantum leap.
It is the potential for ‘seismic shifts’ in understanding that propels humanity forward.
To understand the sheer power of R&D let’s examine where you are reading this post. Chances are it’s on a smart device or computer of some description.
Do you realise your smartphone has more computing power than that which sent humans to the moon on 20th July 1969?
Do you also realise in less than 300 years we have gone from little to no understanding of electricity, to the modern world?
This was possible by the innovations of many scientists from across the world. Bit by bit progress is made.
This is what R&D is about. It’s about having a passion for what you do and wanting to be the best at it.
More and more businesses are now investing in research and development. It’s an effective way to drive business further.
Much progress is being made with machine learning and automation. It is now possible to save hundreds of hours by having machines perform tasks. They perform them quicker, with fewer errors.
Whilst there is a lot of suspicion surrounding AI and machines, there really is nothing to fear. Whatever is made by man can be defeated by man.
The future is so exciting and filled with wonder and possibility.
We encourage you to THINK BIG! Find your passion and go for it!
Whether you want to learn how to play an instrument or create a new product researching your topic is the first crucial step.
Never stop learning. Humans are made to learn, explore and develop.