Optimize Your Leads Management Process for Research and Development

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you know what i find interesting is how many people get research and development wrong so rnd and the strategy to actually do successful research and development is not all that intuitive in terms of doing it and then a lot of companies actually really struggle to do appropriate research and development so if you don't know me i am professor dave maslick i'm associate professor of innovation strategy in entrepreneurship and i created this whole reciprocity project to give back as much as i possibly can there's so many people to help me out that i want to pay the favor for it and help you out so this video is probably going to be geared towards people that are thinking of going into research and development hopefully they are going to be managers in some sort of firm or company that is doing research and development i want to give you a couple of hints to think about research and development strategies so the biggest thing that i think is the most daunting and and frightening thing with research and development is that you should be doing and dedicating some of your resources towards wasting money and so what do i mean by that why do you want to actually waste money well what you're looking for with research and development is creating new ideas new products new services that is going to turn into something in the future the problem is you don't have a very good idea of what those things are in the future if you focus on things that are going to provide value in the next say three to four years you're too short in the in the near term and not thinking about long-term value that's being generated so you have to produce you have to focus on things that are really random and really don't provide very much value in the near term so within the next five years you have to think about wasting money for those first five years to actually get into a new area and say 10 years from where you actually are so that effort that you're working on that thing that you're looking at actually is gonna feel like you're wasting money it's gonna feel like you're you're spending a heck of a lot of money and nothing that is not panning out and so the struggle that you're gonna be facing when you're talking to maybe it's your ceo or talking to other managers in your firm and your company is how do you actually justify spending money on something that really is not producing any value in the near term and so the struggle is actually making the case for the thing that you're working on is actually going to provide value sometime in the future the issue is we don't really know whether it's actually going to provide value or not sometimes it does in fact it doesn't a lot where you actually invest in something and there's just no value there so what you have to look for our returns are things or projects that provide a tremendous amount of potential for return and how you might treat that now there's lots of different ways to sort of think about what is the best research and development strategy one of the ways that i actually really like is thinking about it in terms of real options so it's this idea where you purchase the right but not the obligation to pursue something in the future to pursue some sort of activity in the future so thinking about it in those terms what you're looking at is things that provide potential opportunities in the future but don't necessarily cost a tremendous amount of money to get into it and by working on projects simultaneously maybe at several projects simultaneously or what i like to sort of think about is projects that have um sort of an overlapping theme but can provide multiple different paths in the future so they they are very generative on the thing that you're working on so it could be a very general purpose technology or some sort of innovation that is somewhat abstract that you can customize in the future when you sort of figure out what the product market fit is so um i want to point out this is never easy to figure those things out it takes a lot of effort it takes a lot of working at it to find what that product market fit is on these things are going to be stretching with what you're working on so the things that are going to provide immediate value are not necessarily long-term projects and so what you want to mix is working on some short-term projects that are going to provide some value in the immediate term so immediate term within the next five years and other long-term projects that are going to be feeling like you're wasting your money and so the issue that you have to be focusing on is coming up with a marketing campaign for your research and development efforts within the firm to figure out how to sell it to other people to say that this is a worthwhile project to work on and so way you might want to think about it is that the technology that you're working on is going to be so substantial that it's going to provide extraordinary value the problem is you just don't know what it's going to look like and how much value it's going to provide so what i'd recommend is for you to think about ways of of marketing within your firm to to convince other people that actually makes sense to work on these things it's going to be it's going to feel impossible it's going to feel very daunting to do that but it's going to be a very wise strategy in the long run to waste some resources on projects raise some resources on projects that are not going to go somewhere and some projects will actually turn out towards turn into something that's actually viable a great solution of some sort so if you look at what alphabet or google does it's exactly what they do it's a lot of what large companies actually do um what a lot of large companies do was talk about these general purpose technologies so you often have a platform where they can leverage off of that platform and go into different directions is kind of like the general purpose technology so 3m for example their capability or their platform that they have is glue is adhesives and things along those lines they're very good at that kind of stuff and they look for different sources um uh i i'm blanking on it's a glass manufacturer in in the united states not uh corning i was gonna say corral but that's not right corning has glass as their as their sort of platform that they build off of and as they build off that platform they look for ways to leverage off of that they don't necessarily have to spend nearly as much money every time they work on something that is very innovative they can leverage the sort of core knowledge that they have to do that so as you go and work on these research and development strategies as you go into management rules know that you got to figure out how to sell these things and figure out how to convince other people what it actually means to do something that's very innovative it's going to be a challenge but i'm pretty sure that you can do it all right if you like this video 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