With the exception of two industries- chemicals & energy and aerospace & defense- every other has seen an increase in R & D spending in 2018. Four of these industries tend to dominate the list of the top twenty spenders. These four industries – healthcare, auto, software & internet and computing & electronics- also account for 76% of the total R & D taking place. In the last of the industries mentioned, a third of it may be attributed to the two giants Apple and Samsung alone. Spending on business research and development also varies depending on the region. China and Europe account for 34% and 14% of the total spend worldwide. One thing that the best of the innovators get right is the alignment between their innovation and corporate strategy. A company- wide cultural support is provided to this innovation strategy. Innovations are based on insights emanating from customers themselves. The top management of such companies gets directly involved in the process. They also tightly control the innovation project selection.


Uploaded Date:29 December 2018

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