1. Feasibility Study
The feasibility study would identify whether the project goals are achievable, either using existing technology, or by investing in R&D to develop new technology. In some cases, the feasibility study may indicate that the original idea may be impossible with current or immediately expected technology, and
2. Proof-of-concept build
The proof-of-concept build uses (where possible) preexisting building blocks to construct a system that performs the basic functionality.
This build is not intended for long-term use, as it may be bulky, fragile, perform poorly and/or reliably. The purpose of the proof-of-concept build is to demonstrate that the requirements outlined by the feasibility study can be approached, if not met, by existing technology or the product of R&D conducted for this project.
3. Prototype
The prototype is the first stage where the design starts looking and feeling like the final product. It is at this point where custom PCBs will be designed and final component selections may be made.
4. Production Model
Ready for market