WRITING TASK 2
You should spend about 40 minutes on this task.
Present a written argument or case to an educated reader with no specialist knowledge.
Write about the following topic:
Many businesses find it very difficult to assign enough time and resources to research and development. What could a government do to encourage more company spending in this area?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
Write at least 250 words.
Sample Answer:
In today’s rapidly evolving business landscape, the importance of research and development (R&D) cannot be overstated. However, many businesses struggle to allocate sufficient time and resources to this crucial aspect of innovation. In order to encourage more company spending in R&D, governments can implement a range of policies and initiatives.
One potential solution is for the government to provide tax incentives for businesses that invest in R&D. By offering tax breaks or credits for R&D expenditures, companies would be more inclined to allocate a larger portion of their budget to research and development activities. This would not only benefit the individual businesses, but also contribute to overall economic growth and technological advancement.
Another approach could involve the government providing grants or subsidies specifically for R&D projects. By offering financial support for R&D initiatives, businesses would have greater financial security and incentive to pursue innovative projects that may have a longer-term payoff. This would be particularly beneficial for small and medium-sized enterprises that may lack the financial resources to invest in R&D without government assistance.
In addition to financial incentives, the government could also establish partnerships with businesses to facilitate collaborative R&D efforts. By creating programs that connect businesses with academic institutions or research organizations, companies would have access to expertise and resources that they may not have otherwise. This collaboration could lead to more impactful and cost-effective R&D outcomes.
Furthermore, the government could invest in R&D infrastructure and facilities to provide businesses with the necessary resources to conduct research and development activities. By creating R&D hubs or innovation centers, companies would have access to state-of-the-art equipment and facilities, which could lower the barriers to entry for R&D initiatives.
In conclusion, there are a variety of measures that governments can take to encourage more company spending in research and development. By implementing policies such as tax incentives, grants, collaborative programs, and infrastructure investment, governments can play a pivotal role in fostering a culture of innovation and driving economic growth through R&D. It is imperative for governments to recognize the importance of R&D and take proactive steps to support and incentivize businesses to invest in this critical area.
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