Product Development Services Business

5 Product Development Services Business Success Stories [2024]

Pat Walls

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Updated: October 8th, 2024

Have a knack for innovation? Consider launching a product development services business. This venture involves guiding companies through the journey of transforming ideas into market-ready products. Your expertise will encompass everything from ideation, design, prototyping, to final production.

You'll be the architect behind new products, bridging the gap between a client's vision and reality. This business idea is ideal for those with backgrounds in engineering, design, or project management. It’s a challenging yet rewarding pursuit with the potential for significant impact on various industries.

Why embark on this path? You get to shape the future of products, work on diverse projects, and solve complex problems. If you’re passionate about creating and improving products, this business can be both fulfilling and lucrative.

In this list, you'll find real-world product development services business success stories and very profitable examples of starting a product development services business 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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2. Alice James Global(AJG) ($900K/year)

Fed up with hitting a glass ceiling in the corporate retail world, Alice James took her decade-long experience and industry network to launch Alice James Global from her daughter's bedroom; today, her team of 11 supports over 30 brands monthly, including 8 Shark Tank successes.

How much money it makes: $900K/year
How much did it cost to start: $10K
How many people on the team: 8

Consulting Fashion Entrepreneurs After Quitting My Corporate Job [$900K/Year In Revenue]

Alice James Global, a fashion brand consulting firm, has experienced impressive growth, supporting over 30 brands per month and achieving an average annual growth of 60% over the last three years, with notable collaborations with brands such as Target, Nordstrom, and HomeGoods.

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3. FounderBlocks ($720K/year)

Lasse, the founder of VIPERdev, came up with the idea after receiving feedback that his team was incredibly fast and innovative. They decided to focus on working with startups and helping them bring their products to market quickly, solving actual problems first before adding fancy features. Through their efficient approach, they have become a trusted accelerator program, releasing 2-5 products per month and ensuring each project is a success story.

How much money it makes: $720K/year
How much did it cost to start: $500
How many people on the team: 12

How We Created A $60K/Month Startup Factory

VIPERdev is an accelerator program that helps founders turn their digital business ideas into products and bring them to market within 8-12 weeks, releasing an average of 2-5 products per month.

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4. SolutionBuggy ($240K/year)

Arjun Bharadwaj, Founder & CEO of SolutionBuggy, came up with the idea for his business after recognizing the dearth of skill sets in the MSME segment of the manufacturing industry. In 2016, he conceptualized the platform and launched it in 2018, aiming to digitize the MSME consulting space in India using AI technology. Today, SolutionBuggy is the largest manufacturing consulting platform in India, with over 50,000 industries and 10,000+ experts registered on the platform.

How much money it makes: $240K/year
How much did it cost to start: $0
How many people on the team: 30

We Built A $240K/Year Online Platform From India

SolutionBuggy is an AI-based manufacturing consulting platform, providing end-to-end solutions for entrepreneurs looking to start the manufacturing industry, having completed over 2000 projects with 50,000 industries and 10,000+ experts registered on their platform, and planning to expand with 20 million registered MSMEs and 300,000 consultants in the next few years.

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5. UniqueSide ($120K/year)

Manoj, frustrated with seeing aspiring founders struggle to bring their ideas to life, quit his job and launched UniqueSide.io, a founder-friendly MVP-focused software development service. In just 8 months, he scaled the business to $65K in revenue, serving clients from the US, UK, Mexico, and Singapore.

How much money it makes: $120K/year
How much did it cost to start: $0
How many people on the team: 1

I Made $65K From My MVP Development Service

Aspiring founder successfully grows software development service, UniqueSide, to $65K in revenue within 8 months, working with 9 founders from 4 countries, leveraging personal branding on Twitter for customer acquisition and retention.

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Read by 4,594 founders