How can organizations manage the high initial costs?
Organizations can manage the high initial costs through several strategies:
Collaborations: Forming partnerships with academic institutions, government agencies, and other companies can help share the financial burden and access specialized knowledge. Funding Opportunities: Pursuing grants and subsidies from governmental and non-governmental organizations can provide crucial financial support. Incremental Investment: Phasing investments over time to match the development stages of projects can help manage cash flow. Outsourcing: Leveraging external service providers for certain research and development activities can reduce the need for in-house infrastructure.
