Since 2007, the Degree Programme in Information Technologies & Business Informatics has researched systematic development and management of innovative (technical) services. In recent years, we have intensively dealt with existing approach models for product development and tested them in numerous projects together with partner businesses. Based on the results, we developed a unique phase-oriented, state-gate approach model and a tool box comprised of a number of tools appropriate for individual phases of the development and management process. This model serves as a guideline that supports companies in developing services, whereby sustainable product development is enabled in order to maintain competitiveness. It is our aim to create awareness of this topic’s significance for Austria, as a home to businesses, and its companies.