The terms R&D and innovation are often (mistakenly) used interchangeably due to their interconnected nature. But despite their similarities, there are some striking differences between R&D and innovation. They are separate entities that work best when their distinctions are recognized and utilized in conjunction—like peanut butter and chocolate. Are they similar? Yes. Are they compatible? Oh, hell yes! But if Reese's ditched the delicious chocolatey coating in favor of doubling up on peanut butter, we'd all feel like a little something was missing. Today we will explore the roles of R&D and innovation in business.