R&D all the way! The Value of A Well-Constructed R&D Plan In Your Business

R&D all the way! The Value of A Well-Constructed R&D Plan In Your Business

The Value of A Well-Constructed R&D Plan In Your Business

Keeping tabs on the dynamic Canadian tech industry is a source of great inspiration and in some cases, anxiety. Tech companies are constantly bombarded with rapid technological advancements and everchanging market landscapes, challenging their current product.

These challenges can present exciting opportunities for product innovation and advancements. Tech companies understand the importance of innovation and its ability to single-handedly drive future company growth.

Consistently adding value to your established creations, through an R&D strategy ensures businesses sustainability through changing demand trends and increasing competitors. Here are three tips to successfully implement an R&D Strategy in your business: 

1) Create a strategic framework 

Start by asking yourself these questions: 

  • How will your products continue to bring value to the dynamic tech market and how are you overcoming limitations? 
  • What is the importance of your brand, company in the future? 
  • What external changes can impact your target audience and how will your creations remain relevant to them? 
  • Are you consistently challenging your team and fixed routines, products? 

While these questions are a great place to start, it’s important to be mindful of varying solutions based on your company’s own values and mission. An R&D plan that aligns with a company’s vision and business strategies, is bound to be more effective and successful.  These solutions can act as goals or a strategic framework that companies can work towards through an R&D plan.  

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

2) Establish a dedicated R&D team to manage the strategy 

Once you have a clear understanding of your strategic framework, you can start forming an R&D team to carry out the plan. It’s crucial that members of the team know the structure of the group and acknowledges the responsibilities each person has. Your R&D team, and particularly the team lead, should understand what is being tested and why. Having a firm decision-maker, calling the “continue” or “stop” shots will enhance the efficiency of your team. 

Related: How can Business Grants Bring Innovative Ideas to the Market

If your company is smaller and doesn’t have a dedicated R&D, that isn’t an issue! If you have a sense of who in your business is responsible for leading the program towards your strategic framework all is well. It’s also beneficial to have a clear milestone to measure your R&D team’s progress against it. 

In terms of finding talent, your company has no need to worry, Canada is home to several niche researchers, scientists, and developers. If you’re looking to hire contract based or short term, be sure to check out freelance talent as well.  

Related: Sweet and Saas-y: Growth Hacks for SaaS Businesses

3) Have a well-built test environment  

Having an appropriate test environment gives you the chance to effectively test what your R&D team has built. This ensures the product built or enhanced fulfills the objectives outlined in your company’s strategic framework. Let’s say your R&D team delivered the comfiest pillow by your company ever.

In order to effectively test the quality of this pillow and whether it fulfills its purpose, it must be used by different people. To test the effect of different factors, age, sleeping patterns, and health, on the review of your pillow, an appropriate test environment must be created.

If financial limitations impact your ability to create a sound test environment, keep your heads up for Canadian R&D grants and tax credits!

Including Industrial Research Assistance Program (IRAP) and Scientific Research and Experimental Development Tax Incentive Program (SR&ED).  

Whether you’re a start-up or a large business, accepting problems as opportunities, create solutions and require a well-structured R&D plan integrated into your business. R&D directly contributes to a company’s vision for its brand, products, and services. A well-structured R&D plan implemented in your business will bring life to your team’s innovative ideas.  

Do you want to know all the R&D Grants and Incentives your company is eligible for? Feel free to reach out to EVAMAX today for a no-obligation consultation.   

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