Abstract
This article intends to provide significant contributions towards the debate concerning the role of technological development, its impact on developing countries and its contribution towards the miracle of technology for poverty reduction in the world. A model for new product development is proposed, aiming at technological development leading to innovation. The referred model is divided in four phases: idea generation; prototype development; product manufacturing; and technology management/market related activities. It is imperative for developing countries to achieve economic evaluation of scientific knowledge in order to improve their living standard. Developing countries need smart work, this is, project/design of new products developed and produced with their own technology, rather than cheap work force to produce products thought/designed by others. New political actions to improve technological development in developing countries are presented appealing to the 'Latin Miracle' in Latin America, similar to what happened in South Korea with the 'Han River Miracle'.
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