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What is R&D: Research and Development?
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R&D: Research and Development

What is R&D: Research and Development?

R&D: Research and Development Definition

The first stage of the product lifecycle is R&D: Research and Development. During this phase, a product team will conceptualize and assess the viability of a new product to decide whether it is worth taking to market.

As the old saying goes, “Rome wasn’t built in a day”, and the same goes for products, too.

Any successful product begins with Research and Development. During this phase, a product team will think up ideas for new products or services, assess these ideas’ viability in the marketplace, research the required technologies, then begin to develop them.

Research and Development is unusual among business activities in that it doesn’t always result in a direct return on investment for the company.

That said, without it, no truly new or innovative product would ever hit the market. For this reason, R&D is a cost most businesses are willing to invest in.

What does Research and Development involve?

All businesses are different in the way they approach R&D, but there are some common factors:

  • Concept development

  • Prototyping

  • IP management

  • Technology licensing

The benefits of R&D in product development

There are many reasons companies invest in a Research and Development, but some of the most common include:

Gaining a competitive advantage

Truly innovative products can transform the fortunes of a business, giving it market leader status almost overnight.

Improving existing products and services

Stagnation is a big problem for businesses who do not innovate often enough, and R&D is the solution.

Boost the bottom line

While R&D doesn’t always result in a positive ROI, all it takes is one best-selling product idea to make it worthwhile.

General FAQ

What does R&D stand for?
R&D stands for Research and Development.
What is R&D in business?
Research and Development, is the first stage of the product development lifecycle. It is a means for businesses to create and develop new, innovative products to take to market. Businesses in all sectors will undergo some form of R&D, without R&D a company cannot be sure their product or service is meeting customer needs.
What is R&D management?
Research and Development management is the activity of overseeing the entire R&D process and practices, as well as making sure all teams have the expertise, knowledge and tools they need for R&D to succeed. R&D management covers research, NPD and portfolio management.
What is an R&D manager?
An R&D manager is responsible for overseeing the research and development of new products. This may include planning, team management, and deployment of technical infrastructure to support specific R&D processes such as prototyping.
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