Research and development

My first day at university, I remember the professor explaining to the class that R&D stood for research and development.

Here's the problem with research and development. The research is superficial. It doesn't generate new ideas because the resource spent to do research is small.

Although R&D does stand for research and development. Many small and medium sized businesses will limit their R&D to the following:

Internet
Talking to others (usually friends, or family)
Statistics from government
Observations
Past experiences
Analysis of competition

The R&D budgets are not significant enough to conduct surveys, extensive sampling, testing and scientific research.

But there is a way to conduct R&D. But it's not the conventional way like the major corporations would conduct their R&D.

Because budgets are tight, R&D has to be bootstrapped. R&D cannot stand for Research and Development.

R&D for small business, in my opinion, should stand for Rob and Duplicate.

I'm not suggesting stealing the competition's ideas. That's a bit douchey, and may not apply to your business.

I suggest looking at a completely different industry to see if there is anything that can be implemented into your industry. Some would call that an invention. I call it a re-purposeing of an idea. It's a duplication.

Here's a perfect example: My dad bought a LawnBoy push mower when I was 13 years old. It was our first mower with a safety latch on it. As a new invention, the lawnmower industry had figured out that if an operator slipped and let go of the mower, they would keep all their toes because the latch would release and the engine would immediately stop.

My dad didn't care about my toes. He tied the latch with a piece of rope.

Fast forward twenty years, we bought our first stroller when our oldest child was born. To my amazement strollers didn't have a similar safety latch at that time. If I was walking down a hill and slipped on a piece of ice, my reaction might be to let go of the stroller. Without a latch to immediately put on the brakes, my precious child is now dangerously cruising into the busy city streets.

Isn't a baby a bit more important than a couple of piggies?

Rob and Duplicate. Find ideas that work in other industries and figure out how they could work in yours. You will be seen as innovative, inventive, a genius. But are you really?

You're paying attention. You're looking around. You're finding answers to your problems that have already been answered.

Henry Ford did it. His invention of the assembly line was nothing more than an inspiration he had when he visited a slaughterhouse and saw a disassembly line. Do the opposite of disassembly and you get assembly. Put the disassembly in reverse and you have an assembly line.

And Henry Ford was considered a genius. We take his early theories for granted today. All he did was rob and duplicate someone else's work.

You would be best served to do the same. Just keep your eyes peeled. And be open to new ideas.