Which Factors Influence a Company’s Evaluation of the Contribution of Basic Research to Innovation?

Abstract

Basic research is the fountainhead of innovation. Basic research is defined as an experimental or theoretical work undertaken primarily to acquire new knowledge of the underlying foundations of phenomena and observable facts, without any particular application or use in view (OECD, 2002). Breakthrough discoveries made in basic research have led to the creation of many unique technologies. For example, Nobel Prize-winning research has proposed innovative technologies that improve our lives and society. The outcomes of basic research are crucial for science-based industries, including applied fields like the pharmaceutical industry.