Studies have shown that over 70% of companies admit to investing in research that led to (or was leading to) a previously patented solution. The estimated cost of this duplication of effort comes in a...
t nearly 30 percent of total R&D spend.
The top three vertical market sectors - in terms of R&D spend - information technology, automotive, and pharmaceuticals waste a purported $15 billion, $9.7 billion and $9.2 billion, respectively, re-inventing the wheel.
That wasted spend could go a long way – check out this infographic to see what, if applied elsewhere, the $9.7 billion the auto industry alone wastes could do:
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