01. Theoretical build-up
Any project will need viable theoretical cases so that the productivity and feasibility of the product will be cleared to the potential end-users, stakeholders, etc. Create a set of proposals that will explain the parameters of the project. This proposal will be the cynosure of the forthcoming discussions.
The Theoretical process has been completed and all the stakeholders involved in the project have said their word. Now the theory will be put to test by creating a working prototype to be presented with the decision makers. It may contain information architecture, code, sketches, mockups, design and tested product.
This stage is to create a product with a minimum set of optimum features that will be actually used in the long run. A MVP is done to test the product's hypothesis on the project and see what will be feasible in the product. This stage is where the end-users might try to use it.