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Innovation Industry R&D

Higher education expenditure on R&D (HERD) captures expenditure on creative and systematic work undertaken in order to increase knowledge or to devise new applications of available knowledge by universities and other post-secondary education institutions regardless of their source of finance or legal status.

The proportion of HERD financed by industry can be interpreted as investment in innovation (as often, the desired outcome of R&D is innovation).

Investment in HERD is required for development of new scientific and technological knowledge and human capital that can lead to innovation.

Business expenditure on R&D (BERD) is expenditure on creative and systematic work undertaken in order to increase knowledge or to devise new applications of available knowledge by business. This includes all businesses whose primary activity is the production of goods and services for sale to the general public; private non-profit institutions; and government.

BERD is considered important for innovation and economic growth. It covers activities carried out in the business sector by performing firms and institutions.

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