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Purpose

To investigate why many leading businesses are struggling to finance, invent, and commercialize their innovations.

Design/methodology/approach

Observes the changes in companies' R&D departments and approach.

Findings

It is becoming apparent to many leading businesses that the traditional model of innovation – where companies single‐handedly finance, invent, and commercialize their innovations – is increasingly ill disposed to meeting the growing demand for technology enabled innovation.

Originality/value

Demonstrates how R&D is working now compared to the in‐house style of the past.

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