What do speed and research do?

[Lycon]

Should I bother to increase them? What do they do exactly?

[Miles Bluefalls]

Speed makes them work quicker overall. This carries to research and training, too.
Research...makes them research things faster. This is handy later on when you need people to NOT be wasting everyone's time doing research when everyone else is ready to do more profitable things.

In general, tho, I get speed first, then research for one or 2 guys. Or just hire someone with both, and have them be your "researcher". Then while they get your research done (relatively) quick, you can have everyone else on your team who's not busy bang out a quick contract or 2 for extra research points.

[Striderxdj]

I don't waste money on new features and engines until I unlock a new graphics option, train everyone twice a year (once in research, once in their weakest stat) and before too long you will just get insane amounts. Honestly you can make it to year 35 without ever using any game features other than graphics (not even sound) and get 9-10 average titles every time, the game just wants slightly better games every release, going all in making a bad ass title with maxed out features makes it nearly impossible to make a better game than your last.