Why innovation and R&D activities are crucial to the success of a company
“My dear, here we must run as fast as we can, just to stay in place. And if you wish to go anywhere you must run twice as fast as that.”
What Lewis Carroll had in mind when he wrote this? Modern business? Maybe. Because a business today has to run fast to remain in place and if it wants to move ahead, it has to innovate and upgrade itself. Yes, either you invest in R&D activities and innovate or else you perish. That’s the mantra of modern day businesses.
Investing in research and development – critical for the existence of a company
Investing in R&D activities is crucial for a company because it actually means investing in technology which would enable the company to produce new products and services. For any business, it is important to invest in R& D activities to develop competitive advantage.
If you look at the market today, you will observe that the companies that are leading the industry all bank upon their R& D. Be it Google, Intel, Apple or Deloitte, the leaders know where to put their money in.
In fact, the two factors that determine success of a company are knowledge and innovation and so at Myland Business Institute we make our students understand the importance of these two and learn how to use them.
Who can benefit from R&D?
It’s not only the big companies that benefit from R& D, the small and medium organizations also stand to gain. Of course, the small companies would not have huge sums at disposal to spend on innovation but they can make use of government funds to further their R&D aspirations.
How to run a R&D department?
It’s not enough to set up a R&D department and expect it to run on its own. This is exactly what the students at Myland Business Institute learn. We teach them how to have the best R&D department and make it work according to the vision of their companies.
For this the entrepreneurs have to look after things like project strategy, technology strategy, R&D culture and values and proper organization and process. The relationship with external and internal customers also has to be looked into.
Running a great R&D department is the dream of most entrepreneurs and we prepare our students to realize this dream and ride the wave of technology. The students of Myland Business Institute are best suited to appreciate the importance of R&D process and implement it successfully in their business.
For more information about the qualities of R&D inovation or entire business courses in the Myland Business Institute, please, contact us.
Registration for studies here.