Innovation & Development
Operation & Application: Innovation and development, also known as research and technical development (R&D), is a general term for activities in connection with corporate or governmental innovation. Research and development is situated at the front end of the innovation life cycle, which may end with commercialization.
R&D activities differ from institution to institution, with two primary models, of an R&D department either staffed by engineers and tasked with directly developing new products, or staffed with industrial scientists and tasked with applied research in scientific or technological fields, which may facilitate future product development. R&D differs from the vast majority of corporate activities in that it is not intended to yield immediate profit, and generally carries greater risk and an uncertain return on investment.