slideshare ppt on research

Wednesday, 29 August 2012

Why is R&D so Important?

Let me provide some brief background on the historical importance of R&D. It has been apparent for at least a century that future economic progress will be driven by the invention and application of new technologies. R&D is one category of spending that develops and drives these new technologies. However, private sector firms are prone to focus their R&D on “applied” projects, where the payoff to their bottom line is likely to accrue only to them. Their role is not to undertake broad R&D for the general benefit of our nation.
In contrast, government can sponsor the kind of “basic” research projects that seek wide ranging scientific understanding that can affect entire industries, rather than individual firms. For example, government research funding has been critical to many technologies of everyday
importance. Just a few examples would include the development of plant genetics, fiber optics, magnetic resonance imaging, computer-aided design and computer-aided manufacturing (CAD/CAM), data compression technologies that make all manner of electronic devices more powerful, progress toward edible vaccinations, and the “eye chip” that might help 6 million blind Americans .From the perspective of U.S. competiveness, many of these government-sponsored technological advances have been instrumental in driving economic growth and raising living standards for American families. They have created new industries and high paying jobs that have benefitted a wide-range of regional, state, and local economies.