Despite years of research regarding service innovation, there is no generally recognised model for the process of new service development (NSD). Focusing on industrial manufacturers, we create a new approach based on the participating actors' resources and capabilities. After determining general characteristics of the NSD process, we deduce corresponding requirements conducting a literature review. We find that during NSD, the supplier has to develop, next to the service elements the client receives afterwards, resources and capabilities which are required for the later delivery and hence closely linked. To learn about its necessary resources and capabilities and to match them with those of the customer the firm needs to consider organisational antecedents, communicative and collaborative skills as well as the processing and integration of new knowledge during all innovation stages. Besides, it has to assess the clients' cooperation willingness to gain knowledge about the customers' resources and capabilities from the beginning.