Research and Development (R&D) projects are inherently ambitious, complex, uncertain, and risky. On the one hand, they increasingly involve diversified groups of people and entities that gather around common goals, with different objectives for each one. On the other hand, science and technology policies promoted and implemented by public entities are gaining momentum, translating into more R&D funding opportunities but also into more competition and accountability for the use of public funds. Research managers and administrators are, therefore, faced with growing challenges when coping with all these aspects and leading teams of scientists, companies, users, and other stakeholders towards successful projects. Traditional project management frameworks have been used and adapted to help the R&D project manager. However, the potential of design thinking principles and practices in this context has yet to achieve its full potential. This is quite surprising bearing in mind that both R&D projects and design thinking share a central characteristic: the key role of creativity and co-creation in assuring successful initiatives. In this paper, the rationale for a new tool for R&D management based on design thinking principles is presented. The relevant literature is reviewed, and the concepts that previous researchers have suggested are analyzed. The interplay between classical project management approaches and the creativity-driven nature of every R&D initiative is rationalized. The findings are used to develop a conceptual framework for a tool which can help research managers and administrators in facilitating the successful development of R&D initiatives. The usefulness of the R&D Canvas to the research management and administration profession is centered on its multi-purpose usability as an effective planning and communication tool that facilitates the incorporation of creativity and co-development practices in the highly heterogeneous contexts characteristic of contemporary R&D endeavors.