Executive Summary (This is a document excerpt)

Despite the billions of dollars spent on corporate R&D each year, industrial CEOs are unhappy with the returns on their innovation investments. Yet they are reluctant to transform their R&D function — the sacred cow in engineering-minded firms — because they are mesmerized by its aura. To win in the customer-empowered global economy, firms must dare to revisit century-old assumptions and beliefs about R&D. To empower CEOs, this document debunks popular misconceptions about R&D and its glorified impact on firms' business performance, using evidence from successful companies that are embracing unorthodox R&D management best practices designed for the 21st century.

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