Achieving first-time success is crucial in the ASIC design league considering the soaring cost, tight time-to-market window, and competitive business environment. One key factor in ensuring first-time success is a well-defined ASIC design methodology. Here we propose a novel ASIC design methodology that has been proven for the RUMPS401 (Rahman University Multi-Processor System 401) Multiprocessor System-on-Chip (MPSoC) project. The MPSoC project is initiated by Universiti Tunku Abdul Rahman (UTAR) VLSI design center. The proposed methodology includes the use of Universal Verification Methodology (UVM). The use of electronic design automation (EDA) software during each step of the design methodology is also presented. The first-time success RUMPS401 demonstrates the use of the proposed ASIC design methodology and the good of using one. Especially this project is carried on in educational environment that is even more limited in budget, resources and know-how, compared to the business and industrial counterparts. Here a novel ASIC design methodology that is tailored to first-time success MPSoC is presented.