Unit 9 Discussion Innovation and Risks

13165Companies work very hard to earn a competitive advantage within the marketplace. One of the optimal ways to do this is to be first to market with a new idea, product, or service. Frequently, companies set up research and development (R&D) teams within their company focused on these efforts. However, suppliers also do the same — they have their own R&D teams. Innovation comes with its own set of risks and can also mitigate risks. Explore this connection by answering the following:

Identify a company that was first to the marketplace with a new technology. What were the risks they faced from an R&D standpoint? How do you think the company may have mitigated these risks?
How would a business go about the process of sharing R&D efforts between their company and their supplier or suppliers?
In what ways would this new partnership and relationship benefit the supplier?
In what ways would this new partnership and relationship benefit the company?

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