The corporate venturing process is divided into three phases: concept development, technical development, and business development. In turn, the concept development phase is divided into two stages: idea generation and concept evaluation. The technical development phase is divided into three stages: preliminary design, prototype build and test, and final design and pilot production. The business development phase has only one stage: launching the new product.
The concept development phase is primarily concerned with the development and testing of product ideas -- not hardware or even software. In the technical development phase, the hardware and software are developed, first as prototypes and then as final products. Business development is primarily concerned with ensuring that the product is a success in the commercial world.