Design: Developing an iterative program for investigating and evaluating an idea, the result being to further iterate, rejection of an idea or proceed to developing a commerical offering or any place in-between.

Build: Develop and build the infrastructure and components needed to execute the iterative program conceived during Design phase. Experimental platforms for lab & field testing, prototypes, proof of concept trails and demonstrators are examples of the Build phase.

Execute: Perform the actual testing, trial, or demonstration that provides the answers, insights and results that drive the decision making process to further iterate, move to commericaliation or move on. Collecting data, its analysis - this too maybe iteative to refine the data collected and gain inssights.