What should I consider when starting a research and development department?

Our company is small but growing fast. We're a media and publishing company from the U.K. We have a large tech arm, and my boss has given me the opportunity to start pushing research and development, with a view to hopefully create a research and development function to the business. I guess my question is how do I formalise that process? What should I consider and how should I go about R&D, other than browsing Reddit! Thanks in advance!