Good overview! I work in a corporate research lab. We're not big (market cap ~25B) but there is a real thirst for innovations. I'll echo the point about Resea

Good overview! I work in a corporate research lab. We're not big (market cap ~25B) but there is a real thirst for innovations. I'll echo the point about Research v Development. We're much more heavy on the development side of things, with time horizons of ~3.5 years. Research is ~10 years. Our research department is just me and 4 other guys. Our development department is much larger. One thing I found different is in M&A. We've purposefully not done a lot of M&As. Mostly because the bureaucracy is so thick here. Monopolizing the time of the smaller companies is simpler and faster than trying to onboard them. I suspect there are healthcare issues involved too. It'll be interesting to see how long things last.