Model for Development of Innovative ICT Products at High-Growth Potential Startups

Abstract

Product development teams at ICT companies are using various innovation tools (e.g., Business Model Canvas, Lean Startup) and management methodologies (e.g., Lean Startup, Kaizen). The aim of this chapter is to align selection of innovation tools with company growth in subsequent stages of product development before and during commercialization stage. This chapter introduces a conceptual framework to be applied for creation of new ICT products by technology startups. This model describes the ICT product development path and availability of methods taking into account the product development stages. The choice of the tools and methods for development of innovative ICT products is found to be also correlated with the product IRL (innovation readiness level), choice of the growth financing (self-financing vs. venture money), and internal environment factors. The main findings of the research related to the validation of the proposed model for ICT product development by a number of emerging university spin-offs. The novelty of the research is related to introduction of relationship between currently available product development (innovation) tools and managerial processes, and the product development cycle.