The Role of Big Data in Product Development Strategies in Startups

Abstract

This study aims to explore the impact of big data on product development strategies within startups, focusing on how it influences innovation, operational performance, and market competitiveness. This qualitative research employed semi-structured interviews with managers and experts from various startups actively utilizing big data in their operations. The study design facilitated an in-depth understanding of the practical applications, challenges, and opportunities presented by big data in the context of startups. Three main themes were identified: "Product Development Strategies," "Challenges of Using Big Data," and "Opportunities Arising from Big Data." Each theme comprised several categories, including market analysis, product innovation, customer engagement, data management challenges, data accuracy and security, new customer insights, product optimization, and new product development. The study concludes that big data plays a crucial role in enhancing the innovativeness and competitiveness of startups by providing valuable insights for product development and market strategies. However, startups face challenges related to data management, accuracy, and security that must be addressed to fully leverage big data's potential.