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Early-stage research is expensive, risky, and unpredictable--so corporations generally shy away from it, leaving many opportunities unexplored. They could revitalize their research operations by adopting the approach taken by Bob Langer, a chemical engineer whose lab at MIT is one of the most productive and profitable research facilities in the world. HBR senior editor Steven Prokesch reports in depth on Langer Lab's proven formula for accelerating the pace of discoveries and getting them into the world as products. It includes: (1) a focus on high-impact projects--ones that could make a major difference to society; (2) a process for crossing the proverbial "valley of death" between research and commercial development; (3) methods for facilitating multidisciplinary collaboration; (4) ways to make the constant turnover of researchers and the limited duration of project funding a plus; and (5) a leadership style that balances freedom and support. By drawing on the Langer Lab values and model, companies could make the world a better place--and make lots of money in the process.

Kathy Giusti never had any desire to be an entrepreneur, especially not one in the nonprofit sector. She was on the fast track at a huge corporation-and loving it. Then at, the age of 37, she learned she had a deadly form of blood cancer. That life-altering news would put her on a new path: galvanizing efforts to find a cure. In the process, she would found two nonprofits, building unprecedented discipline into their mode of operation.