Government interpretation of the R&D act
Knowing what the current Government opinion is on certain industries and how they apply to this guidance and legislation is where the R&D consultant comes in.
Knowing, for example, that certain software activities have been deemed not experimental by the government, is knowledge the R&D consultant will know.
Understanding how the method and the guidance should apply to phrasing and presenting the development work of, say, a manufacturing claim would be another.
The detail in each industry—and each project—requires certain knowledge of contemporary interpretation of the legislation and official guidance.
Understanding Research and Development
The term R&D is widely linked to innovation both in the corporate and government sectors. R&D allows a company to stay ahead of its competition.
Without an R&D program, a company may not survive on its own and may have to rely on other ways to innovate such as engaging in mergers and acquisitions (M&A) or partnerships
At the same time, R&D can take the approach of a merger & acquisition, where a company will leverage the talent and intel of another company to create a competitive edge.
Why Is Research and Development Important?
Given the rapid rate of technological advancement, R&D is important for companies to stay competitive. Specifically, R&D allows companies to create products that are difficult for their competitors to replicate. Meanwhile, R&D efforts can lead to improved productivity that helps increase margins, further creating an edge in outpacing competitors. From a broader perspective, R&D can allow a company to stay ahead of the curve, anticipating customer demands or trends.