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Invoice wording for Research and Development

so in this video i actually want to talk about what is research and development and what could you expect with research and development so if you don't know me i am professor day massage i'm associate professor of innovation strategy and entrepreneurship and i created this whole reciprocity project to give back as much as i possibly can there's so many people help me out that i want to pay the favor forward to help you out so i created the sharing economy editing platform you could check that out still building it out and making a lot of changes to it so definitely go check that out if you want to help out with the project go buy some credits on there it does help out so um all right so what is research and development so research is really looking at the activities that a firm does or maybe it is an organization does that is focused on creating new ideas and products i normally sort of think about research that is focused research is typically more focused at things that are more in the distance and that have a longer time horizon rather than you know development which is a lot more focused on fixing existing problems and services or fixing problems with products or services that is really about products that are already or services that are already commercialized and they are about impacting the current products that you have or certain services that you have to actually make them a little bit better whereas research is really focused on that more long-term thing that sometimes doesn't necessarily have any practical implications immediately it might have practical implications it might but um you know sometimes it actually doesn't have um any sort of practical implications right now and in but they might do they might have some in the future and you have to sort of think about what is the you know what are you trying to do with research and development so it turns out that um you know firms like to focus on development because they get immediate returns from those particular thing but those things those activities but you know i research is done a lot more within sort of a university setting a lot of firms actually do a lot of companies do do research but they because they're more focused on the short term they they might prioritize more development activities those things that will net a return for their efforts within the next say five years or something along those lines so you know r d what does it actually look like within an organization and you know what are you actually doing in their r d department a research and development department what you're trying to do within a research and development part department in an organization is really problem solving where you're going and you are trying to solve exist existing problems and um coming in trying to come up with new solutions to problems that might come up in the future or you know sometimes we are investigating or coming up with something where where we know that there's a problem in the marketplace so maybe it's a customer or a supplier or something like that understands that there's an actual problem that's going on and then what you're trying to do is solve that problem for them so that they can do this thing a little bit better so the goal is to actually leverage what the company is already doing so this is where you build on the capabilities or or you know competencies of the firm where you can increasingly do better with what you actually have and so if you have the sort of core um competence or this ability to do things then you want to be solving those particular problems um and actually getting a little better at them so what you want to be looking at is looking for ways that you can um leverage your abilities to solve uh whether it's customers or your own problems or just looking around what you're actually doing and solve those immediate problems now with research you're trying to think about problems that might exist in the future or ones that are a little bit more difficult sort of abstract to solve but you're still trying to solve problems and come up with solutions whatever that might look like for your organization or for the broader community as as a whole so hopefully this kind of helps with trying to figure out what is research and development and what's the difference between those two but really you should be thinking about you know research is a little bit more abstract it's much more longer term in terms of its impact um compared to what development is and there's often not like uh commercializable intent behind actually doing research whereas development is a lot more focused on that commercializable intent solving immediate problems solving the problem problems of customers and and suppliers that you can immediately do it right now to actually get something on on the market so um if you like this video give me one of those i do appreciate it take care and have a wonderful day all right bye