A Fast-Track Feasibility Assessment Methodology for New Product Development in SMEs

The introduction of new product to a competitive marketplace by small and medium enterprises (SMEs) is perceived risky and difficult. There is an increasing need to have a systematic, yet less resource demanding, method to promptly evaluate new product opportunities in the early stages of product development. The use of such an assessment methodology would support sound business decision-making and maximize the likelihood of a successful new product development. In this paper, a fast-track methodology for new product development feasibility assessment is proposed together with the data sources that can be used for early decision support