Rapid Product Development in University-Industry Collaboration: Case Study of a Smart Design

Companies’ ability to innovate is more important than ever for improving their profitability and maintaining competitive advantage (Artz et al., 2010). Yet research has shown that only one out of four newly-developed products are a success (Evanschitzky et al., 2012), and approximately 40-50 of resources invested in product development are wasted on cancelled products or projects that yield poor results (Menold et al., 2016).

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