New product development (NPD) is essential for firms in competitively intense markets as it contributes to the competitiveness and growth of firms (Clark & Fujimoto, 1997). Due to dynamic business environments, firms must implement changes to speed products through development and improve process efficiency and overall NPD effectiveness (Griffin, 1997). NPD has been shown to enhance external visibility and legitimacy and increase the likelihood of survival (Deeds & Hill, 1996). NPD also allows for first-mover advantage within the market leading to market preemption, a higher reputation within the market, and a greater learning experience (Wiklund & Shepherd, 2003). Past research has shown that in technology driven industries, NPD contributed to over forty-percent of firms’ profits (Zirger & Maidique, 1990) and in another study across several industries NPD provided over thirty-percent of profits (Hamilton, 1968), thus indicating that the importance of NPD is growing over time. As such, it provides a firm with a competitive advantage in the marketplace and may allow long-term growth and financial independence if the firm has the capabilities to implement this strategy.