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Running chemical R&D as a business
Posted on May 12th, 2017 by Christina Valimaki in Chemical R&D
In some companies, the R&D team is not always wholly aligned with the business executives. This can arise from communication difficulties and conflicting priorities. To bridge this gap, the heads of R&D must learn to present their goals for innovation in the language of dollars and sense.
Follow this three-point plan to help business executives and R&D management see more eye-to-eye:
- Make strategic innovation investments where the majority of projects have almost guaranteed returns—then a small slice of the budget can be devoted to riskier endeavors.
- Track and report results internally based on the 5-year outlook for the projects, constantly monitor the progress, adjust as needed and continually confirm that they are meeting the needs of the market.
- Track and report results externally by identifying need in the market and analyze the benefits of addressing that need; when launching the product, articulate how the company solved the problem.
To learn more, read our white paper “Staying Alive: Running Chemical R&D Like a Business.”
Click on the fact sheet to view the file.
All opinions shared in this post are the author’s own.
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