Three crucial habits are missing in the world of Research and Development (R&D): the use of portfolios, the practice of exploration, and the habit of reflection.
The use of portfolios allows R&D to manage risk and uncertainty by diversifying their investments across a range of projects. This approach is common in finance but is rarely applied in R&D, despite its potential to improve outcomes.
The practice of exploration, or the willingness to venture into unfamiliar territories, is another missing habit. Many R&D teams stick to what they know, neglecting the opportunity for discovery and innovation. This approach can limit the potential for breakthroughs.
The habit of reflection, or learning from past experiences, is also often overlooked. R&D teams tend to focus on future projects rather than reflecting on past successes and failures. This lack of reflection can hinder learning and improvement.
These missing habits could be the key to unlocking the full potential of R&D. By adopting a portfolio approach, embracing exploration, and fostering a culture of reflection, R&D teams can manage risk, foster innovation, and learn from past experiences to improve future outcomes.
Go to source article: https://www.nesta.org.uk/blog/three-missing-habits-rd/