Business can function if value is created for the stakeholders. Nowadays the significance of value creation is increasing due to fast technology and competition development. Companies often choose to develop new products. New product development with a high novelty level is significant for a company's competitiveness; meanwhile the state is interested in promoting business activity. By implementing support programs, a specific impact on economy is expected from new product and technology development projects. Various novelty classifications and measurment systems have been developed. The authors analyze new product and technology development activities implemented in Latvia. Research results show that most of new product and technology development projects analyzed in the Paper do not reach a high novelty or technology readiness level. The results obtained in the Paper are in line with Altshuller's (2007) findings.