Innovation driven by corporate research and development from "summary" of The New Industrial State by John Kenneth Galbraith
The process of innovation within large corporations is heavily influenced by the research and development activities that take place within these organizations. Corporate research and development, or R&D, plays a crucial role in driving innovation by generating new ideas, technologies, and products that can help the company stay ahead of its competitors. In many large corporations, the R&D department is responsible for conducting research, experimenting with new technologies, and developing prototypes of potential new products. These activities are essential for fostering innovation within the organization and keeping up with changing market trends and consumer preferences. One of the key characteristics of innovation driven by corporate R&D is the focus on long-term goals and objectives. Unlike smaller businesses that may prioritize short-term profits, large corporations can afford to invest in R&D activities that may not yield immediate returns but have the potential to generate significant value in the future. Moreover, corporate R&D allows companies to leverage their resources, expertise, and capabilities to explore new opportunities and create innovative solutions to complex problems. By investing in R&D, corporations can build a strong foundation for sustained growth and competitiveness in the marketplace. Another important aspect of innovation driven by corporate R&D is the emphasis on collaboration and cross-functional teamwork. R&D departments often work closely with other departments within the organization, such as marketing, sales, and manufacturing, to ensure that new ideas and technologies are effectively integrated into the company's overall strategy.- Innovation driven by corporate research and development is a dynamic and iterative process that requires continuous investment, experimentation, and collaboration. By leveraging their internal resources and capabilities, large corporations can generate new ideas, technologies, and products that can help them adapt to changing market conditions and maintain a competitive edge in the industry.
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