Several strategies can help reduce the cost of catalyst development:
- Collaboration: Partnering with academic institutions, research organizations, or other companies can share the financial burden and bring in diverse expertise. - Government Grants and Funding: Securing funding from government bodies or other funding agencies can offset some of the R&D costs. - Open Innovation: Leveraging open innovation platforms can tap into a broader pool of ideas and solutions, potentially reducing the time and cost involved in development. - Sustainable Practices: Using more abundant and less expensive materials can help in reducing the material costs.
