Success Factor in New Product Development for Startup Companies Using Fuzzy Logic Approach

developing a new product in a startup company is one of the challenging missions for any new established company due to the high unpredictability and uncertainty associated with this process. These products are associated with high risk due to many factors such as inexperience in developing a concrete business model and inaccuracy of estimating the market size and potential buyers or overestimating their new idea. Therefore, the probability of failure is too high. Due to high fuzziness and qualitative judgement, the traditional approaches will not be a correct option. This research aims to analyses the factors that contribute to the success of the new startup products using Fuzzy logic approach. To achieve the objective, success factors were evaluated based on research surveys; literal review and consulting expert in startup companies ended by a conceptual framework. Finally, the fuzzy logic toolbox in Matlab 2016 was used to evaluate the most critical factors that affecting the success or frailer of the new startup product. The uniqueness of idea (F1), concreate business model (F2) and marketing process (F3) have been determined as the most effective factors that lead to success of this type of products. The result reflects the big issues of the product development in a startup, which does not have a concrete business model to introduce into the market. Thus, this research is to provide insights that help people take advantage of existing and emerging technology opportunities and manage their startup companies.