To overcome these challenges, entrepreneurs can adopt several strategies:
Government Grants and Subsidies: Many governments offer grants and subsidies to support R&D activities. Entrepreneurs should explore these funding opportunities. Private Funding: Seeking venture capital or angel investors who are willing to invest in innovative projects. Lean R&D: Adopting a lean approach to R&D by focusing on rapid prototyping and iterative development to minimize costs and risks. Open Innovation: Engaging in open innovation by collaborating with external partners to share risks and benefits.