R&D
R&D
Activities that directly contribute to achieving advance in science or technology through the resolution of scientific or technological uncertainty. According to the OECD, R&D comprise creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of knowledge to devise new applications. The OECD considers the three following activities as R&D: basic research, applied research, and experimental development.
R&D is traditionally considered as being one of the main indicators of the level of innovation activity. NESTA argues in its report "The Innovation Gap" that such indicator poorly reflects the true level of innovative activity, excludes the vast majority of the UK economy and ignores "hidden innovation" - which is crucial to the UK economy.
References
DTI (March 2004) "Guidelines on the meaning of R&D tax purposes".OECD (2002), "Frascati Manual", France, Paris.
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