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Companies know exactly what they spend on research, but knowing exactly what they get for their money is a persistent problem. Without a good way to measure value, research—especially innovative fundamental research—can be viewed as a cost that can be cut to boost near-term earnings (supposedly without long-term consequences). The number of patents is one metric for measuring the value of research, but that information is not necessarily useful without knowing the business value of those patents in the marketplace. What other metrics serve to highlight the value of research and innovation?
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