Research and development (R&D) is a key activity for growing and improving your business. Successful R&D relies on extensive market research and detailed assessment of your customer needs and behaviours, before developing new and improved products and services to fit those needs.
R&D is crucial to growth, both when starting up and as a means of keeping your existing business profitable. But new product development process can sometimes be risky and it needs considerable planning and organisation.
This guide highlights best practices in researching new product and service ideas. It explains how to generate ideas and assess their viability, carry out concept development and testing and ultimately test the market.
It also tells you how to protect new product ideas and find suitable finance and funding options for a new product or service development.