Research and development is essential for businesses to maintain a competitive edge. It allows companies to bring new products and services to market, improving productivity and expanding their customer base. R&D also helps businesses improve existing products and processes, making them more efficient and reducing costs. While the upfront investment in R&D can be significant, the long-term benefits are clear. Businesses that consistently invest in R&D are13% more productive than those that do not and 9% more productive than firms which only occasionally invest. This higher level of productivity provides a strong foundation for business growth, enabling firms to increase market share, create jobs, and generate wealth.