Towards Conceptual New Product Development Framework for Latvian ICT Sector Companies and Startups

The purpose of this paper is to propose outline for a new product development framework to be utilized by Latvian ICT companies and technology startups. Design/methodology: To achieve this objective, semi-structured expert interviews with 12 executives from Latvian ICT companies and startups were held to identify common factors for these companies that have contributed to the success of new product launch in the market. Findings: The paper summarizes new product development success factors, outlines organizational management aspects to be implemented for improving product development process from the managerial perspective, and suggests possible metrics that should be used to measure these factors. Practical implication: the insights gathered for the intended new product development framework could be also applied by managers of established and mature ICT companies to ensure successful internal transformation with aim to maintain competitiveness against emerging startups and promote internal entrepreneurial activities not only in Latvia, but also abroad.