This discussion focuses on the importance of Research and Development (R&D) in fostering innovation, technological progress, and long-term economic growth. Participants will explore how investments in R&D strengthen national competitiveness, create new market opportunities, and accelerate the transition to a knowledge-based economy. The session will also address challenges such as funding, talent retention, and the commercialization of research outcomes, with special attention to emerging economies and post-conflict development contexts.
An assessment of R&D and Innovation and the relationships between them as well as the economic value creation at enterprise and societal level, could be a subject of several PhD dissertations. The goal of this answer is to provide a view that is limited in scale and scope with respect to the question.
First, innovative products and processes do not require research and development.
Indeed, in the animal kingdom and Humankind, innovation has been embedded into the evolutionary process. Many species have gone instinct because of the lack of the ability to innovate. Those who have survived have demonstrated that they can innovate; the neanderthals and the homo sapiens for an example.
Chimpanzees are known to develop knowledge of plants and leaves to medicate illnesses or heal wounds.
The progressive and continuous evolvement of humankind throughout the ages has been determined by innovators and the creation of innovative products and processes.
For an example, the Archimedes' principle for fluid displacement, was not a result of Archimedes' R&D works but rather of his "engineering mindset". It is nonetheless a major innovation that has changed the world and is today the foundation of the discipline of the Mechanics of Fluids. Without such innovation and discovery, Christopher Columbus would not have discovered the Americas; there would not be any warships and aircraft carriers and commercial cruise lines.
Major innovative products and processes include the Roman Empire aqueducts which development still puzzles the engineering world today; the Mayas unique architectural and monumental structures are considered innovative also by today standards.
Second, many R&D related discoveries in universities and companies are not considered innovative rightway. They are meant often to support the value creation processes in these organizations.
Today, R&D is mostly understood as a major step in the enterprise value chain or value creation process. More specifically, it an integrated part of the product lifecycle process, which includes: R&D, development and testing of prototype, pilot plant (if necessary), large scale manufacturing, go to market,
maintenance, recycling and disposition. Innovation can occur across the lifecycle process.
A major difference between R&D focus and innovation driven organizations is on one hand, that innovative products and processes can lead to inventions and commercialization quickly. On the other hand, R&D intensive product management can generate a significant amount of knowledge such as the number of patents which may or may not lead to new products and processes commercialization, but still considered as integrated part of an organization knowledge assets base.
The key to success for organizations striving to high performance and excellence is to integrate both R&D and innovation process into their knowledge management system where both tacit and explicit knowledge are shared throughout the entire company. This leads to highly efficient gains and greater economic values as well as increased shareholder value wherever required.
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