Product Development is the essence of successful launch of the brand that leads to equity creation in the market. Enterprising Entrepreneur and Early Stage Investor DEEPEN BARAI elaborated ‘New product development (NPD) is the complete process of bringing a new product to the market till its consumption & feedback from the end user of the business chain through the systematic procedure & parameter. It may be a Consumable product, service or idea.’
The Founder of SPEEDFORCE added, ‘NPD is the complete process of bringing a new product or service to market. New product development may be done to develop an item to compete with a particular product or may be done to improve an already established product.’
The Gujarat Head of Early Stage Investment Bank VENTURE WOLF stated, ‘this type of development is considered the preliminary step in product or service development and involves a number of steps that must be completed before the product can be introduced to the market.’
Addressing a group of young enthusiastic startups in Baroda at an event, Product Development organized by GTU Innovative Council, the stalwart revealed the success of an organization depends on the market validation conducted by the team.
Answering a question, Why New Products, he answered, ‘New product development is essential to any business that must keep up with market trends and changes. Approximately one-third of the revenue a business generates is coming from products they did not sell five years ago. Changing environment creates new demands and needs.’
At the event, DEEPEN BARAI narrated steps to be followed, for creating a market-welcoming product. He said ‘it begins when the company finds and develops a new product idea. During product development, sales are zero and the company’s investment costs amount is high.’
Concluding the workshop, he said, ‘New product development drives growth, Market research is critical to the success of a new product launch. Market research is a continuous process as customer needs, your business and the environment changes.’
Overall, Product Development is an integral part of the developing team while analyzing the problem and finding the most precise solution after considering the prominent differentiators defined in market validation. WAY2WORLD appreciates the efforts taken by GTU INNOVATIVE COUNCIL in fostering startup ecosystem in Vadodara. With inputs from internet-RajKishan