Contract research services boost firms' own product innovation performance.
Firms that provide research services to other companies can actually improve their own product innovation performance. By offering contract research, firms can gain valuable insights and resources that help them develop better products. This is especially true for technology leaders, who benefit the most from these services. On the other hand, firms heavily involved in basic research may not see as much of an improvement in their product innovation. Overall, providing contract research services can be a smart strategy for firms looking to boost their own product development.