Rethinking industrial research, development and innovation in the 21st century

•Innovative companies invest in bold research and organize for breakthroughs.•The companies balance the power of scientists, engineers and business functions.•Their leaders inspire with their own interest in solving challenging problems.•The cases provide lessons that can lead to more breakthrough innovation globally.

Solving problems related to energy, water, food supplies, health and the environment requires breakthrough innovation and the fundamental research that underlies it. Enhanced governmental funding in research is critical, but industry also needs to step up. This article focuses on the ways Google, Edwards Lifesciences, Tesla Motors, and Space X are making investment in far sighted research a priority, and have developed processes that ensure that scientists and engineers remain central to the organization even as it grows. Their leaders demonstrate a passion for using science and technology to solve major problems, and view companies as vehicles for inventing the future.