From 2020 to 2022, R&D spending in the US grew from $367.2 to $387.4 billion. As companies in numerous industries continue to fund R&D projects, you want to join their ranks, build a strong R&D strategy, and develop products that will drive profits.Before you dive headfirst into your own project, it’s important to become familiar with the different types of R&D. With this knowledge, you’ll be able to easily understand what kind of information you need to support the next stage of your product development.1. Basic ResearchBasic research, also known as fundamental research, aims to expand your understanding of a specific phenomenon or subject. It answers questions that start with “what,” “why,” and “how.”According to the OECD (Organisation for Economic Cooperation and Development), the goal of basic research is to analyze “properties, structures and relationships with a view to formulating and testing hypotheses, theories or laws.” The research is performed without a specific application...
