In this paper, we adopt a somewhat novel perspective on design research. The concept of product semantics and its focus on meaning is used to interpret design research as design. It is argued that we may conceive of design research as design in two realms: The practical and the academic. In doing design research, there is a reciprocal shaping of artifacts: Better artifacts (contributions to practice) through appropriation of knowledge and methods from the academic realm, and better knowledge artifacts (contributions to academia) by drawing relevance and experiences of appropriation from the practical realm. We adopt a product semantics view to discuss research as design. Product semantics highlights the meaning of artifacts with respect to their (i) stakeholders, (ii) artifacts-in-use, (iii), artifacts-in-language, (iv) artifact lifecycle, and (v) ecology. Based on this interpretation, we propose important activities that should characterize the practice of doing design research.