Abstract
Industrial R&D properly started in a systematic form over 120 years ago. It now consumes, worldwide, over £1 billion per day. It is a big, serious activity. For a number of reasons, not only its size, it is worth reviewing, and examining historically how it has been carried out and with what results-to examine best practice of today and then to suggest how it will be done in the future. The author discusses the R&D of Thomas Alva Edison and then goes on to discuss the management of R&D from the 1960s to the 1990s. The improvement of profitability, and the future of the smart economy are also discussed.
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