Dow Chemical 2009 Annual Report Download - page 16

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At Dow, we never lose sight of the difference between invention and innovation. Invention
is the initial spark, but innovation is the art of perfecting the invention into something that
satisfies customers. Innovation transforms knowledge into new products, creates value and
fuels growth.
As a leading producer of advanced materials, Dow has the creativity, expertise and insight
to invent – and the resources, global reach and scale to drive innovation, leverage our
strengths and meet society’s unique challenges.
In 2009, Dow invested $1.6 billion1 in research and development (R&D). That is more than
the total physical sciences R&D budgets for the top 25 ranked U.S. universities combined.
Our stringent R&D pipeline management system helps ensure our research activities are
not only aligned with global megatrends but are also supported by solid business cases.
In this way, our innovation engine is generating the solutions that meet the most vital
needs of our customers and the world.
Innovation
Growth Synergies
Advanced Materials Division
Performance Products and Systems
Dow AgroSciences
Corporate Innovation Fund
Basics
R&D Pipeline Valuation
Net Present Value ($ billions)
5
10
17
22
28
1997 2007 2008 2009
Today, our R&D pipeline is valued
at $28 billion – more than five times
higher than in 1997.
uTHE RIGHT PIPELINE
By investing in the right resources today,
Dow’s innovation engine is primed to
deliver earnings growth while meeting
the challenges of tomorrow.
14 The Dow Chemical Company
1Pro forma basis.