Nozomu Matsumoto founded Pioneer as an audio products manufacturer in 1938, making speakers in his garage. As we move further into the 21st century, the environment of the electronics industry is changing rapidly. In the midst of such change, even more foresight and flexibility are required, particularly in research and development. R&D has been crucial to Pioneer's growth, creativity and leadership. With seven percent of revenues invested back into R&D, we continue to develop imaginative products that best fit the lifestyle of the new century.