The R&D phase can be broken down into several key steps:
Idea Generation: Brainstorming and identifying potential business opportunities. Market Research: Analyzing the market to understand customer needs, preferences, and behavior. Feasibility Study: Assessing the technical and economic viability of the idea. Prototyping: Creating a preliminary model or version of the product or service. Testing and Validation: Experimenting with the prototype to gather feedback and refine the concept.