R&D management can be defined as where the tasks of innovation management (i.e., creating and commercializing inventions) meet the tasks of technology management (i.e., external and internal creation and retention of technological know-how).[3] It covers activities such as basic research, fundamental research, technology development, advanced development, concept development, new product development, process development, prototyping, R&D portfolio management, technology transfer, etc., but generally is not considered to include technology licensing, innovation management, IP management, corporate venturing, incubation, etc. as those are sufficiently independent activities that can be carried out without the presence of a R&D function in a firm.[4]