New Product Development and Innovation for Sustainable Profitable Businesses of Indian Small and Medium Scale Industries (SMEs) and Startups Lonkar Sudhir1, Gupte Rajni2 1Scholar, Symbiosis Institute of Business Management, Symbiosis International University, Pune, India 2Professor, Symbiosis International University, Pune, India Online published on 29 December, 2017. Abstract While current products of a firm continue to be top priority for business, the importance of new products increases over time and they may have to replace current products. Every firm has own way to sustain current products and make efforts to develop new product in order to show their strong presence in the market and stay ahead of competition. To augment new products, firm has to continue work on new product development and innovation. The critical success factors triggering innovation and new product development are-customer inputs, market feedback, changes in customer or consumer patterns, environmental changes, regulations, direct & indirect competition, product and process quality, things gone right, things gone wrong and supplier end developments. Firms have to nurture new ideas generated from these triggers, systematically, to fulfill their objectives. Firms have, to identify touch points and, to deploy mechanisms to collect ideas, feedback & suggestions. The significant contribution to Indian economy is done by small & medium scale industries and startups. Therefore, a study is undertaken to understand the current process of new product development and innovation in Indian SMEs and startups, to find out gaps to identify triggers and define a framework, which will give future insights to firms in Indian context. Top Keywords Framework, Innovation, Indian SMEs, New Product Development, Profitability. Top |