As the COVID-19 crisis has impacted every sector of the economy in 2020, many are wondering when things will begin to move forward again. But while the virus has been devastating, there are opportunities for manufacturers and entrepreneurs to look to when planning their future. Statistics show that the best time to start a new …
The Merriam Webster dictionary defines the word entrepreneur as: “One who organizes, manages, and assumes the risks of a business or enterprise”. But for anyone who has ever undertaken the journey to entrepreneurship, as well as those who may feel motivated to do so, the definition of the word is secondary to the motivation to …
The business world is always changing. Alongside the normal competition for customers and new revenue, today’s world has seen unprecedented disruption in industries and economies across the globe. From tariff wars to natural disasters to COVID-19, companies have had to scramble to shore up existing product lines and introduce new products and services to stay …
The payback on R&D efforts is not a linear relationship relative to revenue. In many cases, it may take years to see results just for the viability of a new product or service, much less profitability. And it is not uncommon for those years to see no results at all resulting in a loss on …
In today’s hyper-competitive world, new products and new services are paramount to a company’s survival. But except for some commodified process manufacturing industry segments with narrow product portfolios, the R&D involved in developing new products can be expensive. Data from as recently as 2018 show that R&D spending was around $2 trillion USD. And of …
