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'''Research and development''' ('''R&D''' or '''R+D''')<ref>{{Cite web|url=https://www.europarl.europa.eu/factsheets/en/sheet/66/policy-for-research-and-technological-development|title = Policy for research and technological development | Fact Sheets on the European Union | European Parliament| date=31 March 2023 }}</ref> is the set of innovative activities undertaken by corporations or governments in developing new services or products.<ref name="cbo">{{cite web |title=Research and Development in the Pharmaceutical Industry |url=https://www.cbo.gov/publication/57126 |publisher=US Congressional Budget Office |access-date=29 August 2024 |date=April 2021}}</ref><ref>{{cite book |title=A Dictionary of Aviation |first=David W. |last=Wragg |isbn=9780850451634 |edition=first |publisher=Osprey |year=1973 |page=223}}</ref><ref name="investopedia">{{Cite news|url=http://www.investopedia.com/terms/r/randd.asp|title=Research And Development – R&D|last=Staff|first=Investopedia|date=2003-11-25|work=Investopedia|access-date=2017-12-12|language=en-US}}</ref> R&D constitutes the first stage of development of a potential new service or the production process.
Although R&D activities may differ across businesses, the primary goal of an R&D department is to [[new product development|develop new products]] and services.<ref name=cbo/><ref name="investopedia"/> R&D differs from the vast majority of corporate activities in that it is not intended to yield immediate profit, and generally carries greater risk and an uncertain [[return on investment]].<ref name=cbo/><ref>{{Cite journal|last1=Yiu|first1=L. M. Daphne|last2=Lam|first2=Hugo K. S.|last3=Yeung|first3=Andy C. L.|last4=Cheng|first4=T. C. E.|date=2020|title=Enhancing the Financial Returns of R&D Investments through Operations Management|url=https://onlinelibrary.wiley.com/doi/abs/10.1111/poms.13186|journal=Production and Operations Management|language=en|volume=29|issue=7|pages=1658–1678|doi=10.1111/poms.13186|s2cid=216529963|issn=1937-5956|hdl=10397/89881|hdl-access=free}}</ref> R&D is crucial for acquiring larger shares of the market through new products.<ref name="investopedia"/> ''R&D&I'' represents R&D with innovation.<ref>EUROPEAN COMMISSION https://ec.europa.eu/competition/state_aid/cases/220403/220403_758165_5_1.pdf</ref><ref>Expenses for university R&D&I increase moderately in Spain https://www.eurekalert.org/pub_releases/2021-07/ucid-efu072221.php</ref><ref>Research, Development and Innovation (R&D&I), [[Fundação Para a Ciência e Tecnologia]] https://www.fct.pt/dsi/idi/index.phtml.en {{Webarchive|url=https://web.archive.org/web/20220907114622/https://www.fct.pt/dsi/idi/index.phtml.en |date=2022-09-07 }}</ref>
==Background==
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==Business R&D==
[[File:Mercedes Benz Research Development North America (13896037060).jpg|thumb|Mercedes Benz Research Development North America (13896037060)]]
Research and development are very difficult to manage, since the defining feature of research is that the researchers do not know in advance exactly how to accomplish the desired result. As a result, "higher R&D spending does not guarantee more creativity, higher profit or a greater market share".<ref>{{cite web|title=Aerospace and Defense: Inventing and Selling the Next Generation|url=http://csis.org/files/publication/090520_diig_aerospace.pdf|website=Center for Strategic and International Studies|publisher=Center for Strategic and International Studies, International Security Program|access-date=6 August 2017|pages=1|language=en|date=December 5, 2009|archive-date=28 July 2011|archive-url=https://web.archive.org/web/20110728100600/http://csis.org/files/publication/090520_diig_aerospace.pdf|url-status=dead}}</ref> Research is the most risky financing area because both the development of an invention and its successful realization carries uncertainty including the profitability of the invention.<ref name="auto">{{Cite web|url=https://investor-partner.co.uk/|title=Sbobet88 : Daftar Situs Taruhan Judi Bola Terlengkap Sbobet88|website=sbobet88}}</ref> One way entrepreneurs can reduce these uncertainties is to buy the licence for a franchise, so that the [[know-how]] is already incorporated in the licence.<ref name="auto"/>
===Benefit by sector===
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