Very insightful. I worked at HP Laboratories for 20 years and it was the most rewarding experience of my life (this was back when HP was in the Computation, Measurement, Instrumentation, Medical and Printing business).
What I really liked about HP Labs is related to your Risk Management point and it’s SO true! They had a spectrum established with Applied Research at one end and Basic Research at the other and various projects were placed on that spectrum with a risk profile.
Failure was treated very positively because it was just another variable to be eliminated, thus a valuable learning experience to move a project toward the Applied Research end of the spectrum.
It was fascinating work! Really enjoyed your piece very much! Thanks!