CENTRE FOR RESEARCH, DEVELOPMENT AND INNOVATION (CRDI)
Your R&D strategy depends on the size of your business. In small businesses, R&D tends to focus more on product improvement because of budget and cost limitations. Larger businesses may be able to dedicate more time and resources to R&D to introduce new products as well as improve existing ones. The benefits of R&D are often long-term, so it’s important to remember that your investment in it may not result in short-term profits. As well as product development and improvement, R&D can help you develop more efficient processes and new ways of delivering services. Spending more time and money on R&D does not guarantee it will be successful. The key to successful R&D is extensive market research to identify the needs and desires of your customers. You will need to revisit this research regularly as customer preferences frequently change.
R&D can lead to innovations in your business. These may be in terms of new products and services, improved processes and new ways to interact with your customers. These innovations can result in greater profits and lower costs. Innovation is also a useful way to grow your business.
CRDI Support for R&D
Once new and improved products have been developed through R&D, businesses often seek to commercialise them so they can be sold on the market. In GCEL, there are a number of support services available to help businesses and researchers commercialise their products, including:
- the Entrepreneurs’ programmes supports businesses who are interested in R&D with a range of programs designed to stimulate innovation
- Innovate Africa – provides advice, solutions and tools to assist business, research organisations and governments state-wide to develop their commercialisation skills.