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Business Essentials: What actually hides behind Research and Development(R&D) buzzword
R&D has become a buzzword in many business communities. It has become fashionable to do R&D. General opinion is that if you are doing R&D you will be extra reach or you will do something great for the community or even mankind.
I’ve been working on R&D projects since the mid-nineties. I was involved in many different roles ranging from developer to financier of the project.
History of R&D
Most modern countries believe that the prosperity of the nation depends heavily on technological advancement and that technology advancement is primarily based on R&D.
Since the industrial revolution in the 18th century, England seems to be leading in encouraging people and companies to engage in R&D. As a consequence the majority of the lead scientist and majority of intellectual property rights is still concentrated within the UK.
What does R&D stand for?
In order for a project to qualify as an R&D project, UK scientists have prepared this definition.
The work that qualifies as R&D must be part of a specific project to make an advance in science or technology.