Uncovering the secrets of R&D
Introducing IRL’s guide to research and development showing how science and engineering can add value to business through the development of new and improved products and processes.
If you’re in the business of producing and selling something, there’s a good chance that R&D could give you a competitive edge. But many New Zealand businesses are missing this message and our levels of investment in R&D lag behind many OECD countries.
“Part of the problem,“ says Gavin Mitchell, head of IRL’s industry engagement team, “is that R&D just sounds plain scary. The average New Zealand business owner thinks it will be too expensive, too complex and too time-consuming, so they think it’s not for them.”
This misconception has been the driver behind the development of IRL’s new resource, R&D Uncovered. The booklet provides an easy-to-read overview of what exactly R&D is, how it can build business profitability, how the R&D process works and how businesses can get started.
It also gives examples of how businesses throughout the country are reaping the rewards of getting involved.
“Comvita posted record profits for their health and beauty company in 2012, based on product innovation and R&D,” says Mitchell.
“And Acma Industries opened the door to the US market for their foam bus seat product and then licensed it around the world based on just a couple of thousand dollars invested in the study of product decomposition.
“We want to make these stories the norm rather than the exception. It’s IRL’s job to support New Zealand businesses to take their products and services to the next level,” says Mitchell.
If you’re interested in finding out how IRL can help you add value to your business, contact us on 0508 CALL IRL (0508 2255475) to request a copy or to talk to one of our industry engagement team.
True or false? Dispelling the myths around R&D
R&D is too expensive – FALSE
Projects that can add value to business can start from as little as a few thousand dollars and there are often opportunities to secure co-investment for larger projects.
R&D is too difficult and complex – FALSE
R&D providers like IRL aim to simplify the process as much as possible and take
care of the science side so you can focus on how to get the best value for your
It takes a long time to get a return on investment in R&D – FALSE
While it’s true that major R&D projects can take years, smaller, but still valuable, projects can be turned around in as little as a few weeks.
R&D is only for big business – FALSE
While many large businesses are involved in R&D, smaller businesses can, and do, benefit from R&D as well. In fact, R&D can be a driver for growth and profitability for many businesses, regardless of their size.
[Refer also to our R&D Guides page]