Understanding the Main Types of R&D: A Comprehensive Guide

30TH MARCH, 2023 Research and development (R&D) is critical in today's ever-evolving business landscape. It is the process of exploring new ideas, technologies and methodologies to create new products, services and solutions or improve existing ones. Essentially, it is the engine that fuels innovation and growth. For businesses, it can be a game-changer in terms of staying competitive and relevant in the marketplace.The importance of R&D cannot be overstated. It allows businesses to differentiate themselves from their competitors by continuously developing and improving their offerings. Furthermore, it helps them stay ahead of industry trends and changing customer needs and expectations. R&D also fosters creativity and collaboration within an organisation, leading to a culture of innovation that can drive growth and success over time.The purpose of this article is to provide a comprehensive guide to the main types of R&D, including basic research, applied research, and experimental dev...