Reseach of the new product development process

Abstract

New product development is the main factor of economic progress in building the economic competitive advantage. The life cycle of products becomes very short and it trends to be shorter year by year. It means that innovation becomes the main driver force in the economy. The innovation level is not sufficient in Latvia. One of the most significant players in the innovation field are business incubators in Latvia. This research study underlines the role of evaluation of each stage of innovation processes. The authors offer a new model for the evaluation of innovation processes stage by stage. This model allows to identify the main problems that hinder innovation. This model allows to develop concrete proposals for improving the innovative climate in the country. The research is based on the authors’ conducted research as a part of scientific grant of Rezekne Academy of Technologies „New product development process modeling and analysis in Latvia – innovation barriers”. The main methods, that are used in this research were as follows: content analysis, comparative analysis, synthesis, abstract and logical construction methods.