What Is R&D?

Orestis Georgiou, Mykola Maksymenko and Stephen Russo
Additional contact information
Orestis Georgiou: Ultraleap Ltd.
Mykola Maksymenko: Haiqu Inc.
Stephen Russo: Honeywell Building Automation Inc.

Chapter 3 in R&D Management and Technology Commercialization, 2025, pp 11-31 from Springer

Abstract: Abstract This chapter attempts a soft landing into the realm of R&D and innovation, exploring their fundamental roles in driving the development of new products, services, and breakthrough technologies. It introduces key concepts and frameworks, including the R&D uncertainty cone, technology readiness levels (TRLs), the funnel model, open innovation, and methodologies like stage-gate, lean, and agile. The chapter also contrasts academia’s open-ended research process with the structured, risk-driven R&D funnels in industry, highlighting the distinct challenges and goals of each. Through practical insights and examples, the chapter addresses how organizations bridge the “valley of death,” ensuring promising technologies transition from research to commercialization. Concluding with a practical skeleton for managing R&D functions, it underscores the importance of optimizing R&D practices to maximize returns on investment, given the significant global expenditure on innovation, currently at 2.2% of GDP.

Keywords: R&D definitions; Open innovation; Funnel model; Academic vs. industry research; Valley of death; Technology Readiness Level (TRL) (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-3-031-86789-7_3

Ordering information: This item can be ordered from
http://www.springer.com/9783031867897

DOI: 10.1007/978-3-031-86789-7_3

Access Statistics for this chapter

More chapters in Management for Professionals from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().