Corporate research and development is like exercise: It takes time, energy, and commitment - and it's absolutely essential to staying fit and alert. But while humans have to put in time on the treadmill to keep that paunch at bay, more and more companies are paying someone else to do the sweaty work. Think of it as R&D by M&A. Corporations are always trying to grow - creating new products, developing new features, expanding into new markets. The old-school approach is to build a big R&D department. Put smart minds on long leashes, the thinking goes, and perhaps they'll come up with something innovative. But blue-sky research is a drag on the bottom line. Even the most pedestrian form of R&D, product development, requires dedicated staff and a fair amount of experimentation.
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