Many of the world’s most innovative products were created as a result of dedicated corporate research and development efforts.
Products like the iPhone, the space shuttle, pacemakers, stealth paint, microwave popcorn, Antiretroviral drug therapies, Post-It’s, 3-D ultrasound technology, etc., were all developed out of bold vision, a willingness to embrace risk and invest in research and development as a means to fuel growth.
These products – and thousands of others like them – have changed the way we live. Some of them have even saved and extended the lives of people suffering from terrible diseases and other conditions.
None of this would be possible without a commitment to research and development.
Now think about your cause. What could you accomplish if your organization stopped operating on a month-to-month scarcity-based budget and instead began investing for the future you envision?
If you began putting money aside today for research and development, could you develop a new system to increase the number of inner city kids who graduate from high school and go on to get a college education? Maybe your organization could find a cure for Diabetes, or even cancer. With an R&D budget and the right strategy, maybe you could finally solve the problem of hunger right in your community.
These probably seem like gargantuan tasks for you right now. After all, it’s highly probable that your organization is living paycheck-to-paycheck, in the same way that many Americans are currently struggling financially. If you want to get beyond that you need to start thinking about an investment strategy that doesn’t just hoard money to continue your existing programs in the event of an emergency (i.e., a rainy day fund), but instead an investment strategy that allows you to fuel innovation, growth, and meaningful improvement for whatever your cause is.
Question: Will you add a Research & Development line-item to your next fiscal budget — and if so, how would you plan to use that money?
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