R&D budgets are large, with some of the top R&D intensive companies spending $680 billion (£536 billion) in 2016. Yet a recent report by Forbes revealed that most product launches fail at 80% and only 4% get a return on investment. How can companies succeed with R&D projects when the odds are stacked against them?
Research has shown that one surprisingly simple strategy can reduce the failure rate of R&D. What's the secret? Improve collaboration.
Collaboration is key because it enables sharing of information at the early stages of a project. This helps teams communicate which projects to focus on rather than spending time and resources focusing on different objectives.