Navigating the New Product Development Process: A Case Study of a Startup’s Journey from Ideation to Commercializatio

Abstract

New Product Development (NPD) is a critical yet challenging aspect of business development, with failure rates ranging from 40% to 80%. This challenge is particularly pronounced in startups, which form the backbone of most developed economies. Despite their importance, startups often struggle with NPD, with some studies suggesting a failure rate as high as 90%. This research paper contributes to the existing literature by examining the NPD journey of a technology startup, Plugable. Plugable, an Irish enterprise in the mobility sector, aims to create a platform similar to Airbnb for private Electrical Vehicle (EV) chargers. The paper traces the journey of two products the company attempted to launch. The first product did not reach the launch stage, leading the business to revise its strategy and develop Plugable. At the time of writing, Plugable is at the prototype stage, having secured €50,000 in external funding and won several national business awards. The case study provides several key learnings for entrepreneurs in the NPD space. It underscores the importance of accurately defining the problem statement, the critical role of validation, and the significance of assembling the right team to develop an effective go-to-market strategy. These findings contribute to the emerging body of knowledge on NPD within the startup context, providing practical insights into the application of established NPD models. Furthermore, the study offers valuable insights into technology startups' unique challenges during the NPD process.