Innovation projects typically go through several stages:
1. Idea Generation: This is the brainstorming phase where multiple ideas are generated. Techniques like design thinking and crowdsourcing can be useful. 2. Feasibility Analysis: Assess the technical, financial, and market feasibility of the ideas. 3. Prototyping: Develop a prototype or a minimum viable product (MVP) to test the idea in the real world. 4. Testing and Validation: Gather feedback from early adopters and make necessary adjustments. 5. Implementation: Fully develop and launch the product or service. 6. Review and Iterate: Continuously monitor performance and make iterative improvements.