New product development is the process of converting an idea into a workable software product. The New Product Development (NPD) process is about grabbing the market opportunity that revolves around customer needs, checking the idea’s feasibility, and delivering working software. On the other hand, Product Development is an umbrella term that sticks to the six stages of software development lifecycle and works on launching products that already have a Proof of Concept (POC). The New Product Development approach revolves around working on an entirely new idea, where the uncertainty around its development and subsequent adoption is high. The seven stages of the New Product Development process include — idea generation, idea screening, concept development, and testing, building a market strategy, product development, market testing, and market commercialization.