Report
Funding the Future: Investing in Long-Horizon Innovation
August 9, 2020
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Effective long-term capital allocation drives innovation and value creation, with R&D playing a central role.
Long-horizon R&D projects face unique pressures, often making them the first to be cut when financial constraints arise. Factors such as managerial risk aversion, uncertainty in forecasting long-term returns, shorter executive tenures, and incentive structures that overlook innovation all contribute to this imbalance.
As a result, companies increasingly favor short-term projects with predictable but lower returns, while neglecting high-impact, long-term innovations that could generate transformational value. To reverse this trend, companies must adopt long-horizon R&D investments.
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