Product Development As A Service Company

Product Development As A Service Company Success Stories [2024]

Pat Walls

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Updated: September 26th, 2024

Got a brilliant product idea but lack the know-how to bring it to life? Enter Product Development as a Service (PDaaS). This business offers a turnkey solution for transforming innovative concepts into market-ready products without the complexity.

PDaaS companies work closely with clients to manage every aspect of the product development lifecycle—from initial concept and design to prototyping, manufacturing, and even market testing. It's a comprehensive service that saves businesses time, reduces risk, and helps ensure products hit the market successfully.

This is an appealing venture for those with experience in engineering, design, and project management. By helping businesses turn ideas into tangible products, you not only solve a critical pain point but position yourself as an indispensable partner in their success. If you’re searching for a highly impactful business idea that leverages your technical skills, PDaaS could be your path to both entrepreneurial fulfillment and financial reward.

In this list, you'll find real-world product development as a service company success stories and very profitable examples of starting a product development as a service company that makes money.

1. Innovolo Ltd ($2.4M/year)

Bradley Pallister, co-founder and Head of Innovation at Innovolo, came up with the idea for the business after recognizing the need for an innovation and product development consultancy that could help B2B clients create a culture of innovation. With their flagship product, Unlimited Innovation-as-a-Service, Innovolo offers business owners a cost-effective solution to bring in an external innovation team tailored to their needs, resulting in accelerated product development and a fast turnaround time, as seen with one client's product being expedited from eight months to six weeks. With an impressive revenue forecast of £2.4 million this year, Innovolo is poised to disrupt the remote product development space.

How much money it makes: $2.4M/year
How much did it cost to start: $1K
How many people on the team: 12

How We Started A $200K/Month Company Offering Innovation-As-A-Service

Innovolo, an innovation and product development consultancy, went from offering fixed-sum product development to providing product development chain management with a unique program called Unlimited Innovation-as-a-Service, shortening their client's product expedited time significantly, and increasing revenue astronomically since their launch in 2018.

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