Nor did he and Bill wish to take on any long-term debt. "Having grown up during the Depression, we were determined to fund growth from profit and not to operate on borrowed money." Still another HP policy, faithfully followed right up to the present, is to maintain a relatively high level of investment in research and product development. Over the years the company's annual spending on research and development amounted to as much as ten percent of sales, supporting Packard's contention that "good new products are the lifeblood of this business."
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Nor did he and Bill wish to take on any long-term debt.
"Having grown up during the Depression, we were determined to fund growth from profit and
not to operate on borrowed money."
Still another HP policy, faithfully followed right up to the present, is to maintain a relatively
high level of investment in research and product development.
Over the years the company's annual spending on research and development amounted to as much
as ten percent of sales, supporting Packard's contention that "good new products are the
lifeblood of this business."