A Well-Oiled R&D Machine
The Science-Business website noted that in the last twelve years businesses have widely adopted such concepts as “corporate venturing”, taking a stake in businesses with promising technology, and “open innovation”, throwing challenges out to the wider world. The European Union’s Joint Research Centre described the benefits of open innovation in a report last year, pointing out that “licensing and R&D contracts help to avoid the often lengthy and tedious in-house R&D process, while collaboration strategies allow for sharing the R&D costs among different partners”.
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