“R&D Spending Holds Steady In Slump”
In the April 6, 2009 issue of The Wall Street Journal, Booz & Company Partner Barry Jaruzelski (North America) said companies that cut development budgets “may not be in a position to take advantage of things when they come back.” Indeed, many major U.S. companies that are cutting jobs and wages appear to still be spending on innovation, having learned from past downturns that they must invest through tough times if they hope to compete when the economy improves. Jaruzelski pointed to television and mass-produced chocolate-chip cookies as innovations that were refined during the Great Depression, but weren’t commercial hits until after World War II.