Staying alive: Running chemical R&D like a business
R&D departments are increasingly facing higher scrutiny as businesses forgo exploratory research in favor of projects that will lead to short-term gains.
But with competition heating up in innovation-hungry places like China, businesses can’t afford to sacrifice R&D if they want long-term success. That’s why R&D heads need to start making their case in business terms.
This article makes three suggestions for how to pursue innovation with a business mindset:
- Be strategic with your innovation investments by
diversifyingyour R&D portfolio with promising projects and a few risky ones as well.
- Think of your R&D portfolio from a financial perspective and be prepared to discuss costs and projections with company executives.
- Look for problems that need to be solved and ask what your R&D team can create to solve those problems.
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