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Product development process can be divided into 5 phases: Ideation, Proof of Concept, Rapid Prototyping, MVP and Product Rollout. Each of these phases is essential to achieve a structured and efficient product development process. Design Thinking is a proven and iterative problem-solving process that anyone can use to develop cutting-edge innovations. This article gives you an overview of the respective goals and the most important steps of each phase in product development. The final phase of product development is the product rollout.