During our college days (2001) when Bluetooth was in its early stages the Bluetooth SIG (Special interest group) tied up with IEEE and announced a Bluetooth based theme for CSIDC (Computer science international design competition) with good perks like Bluetooth adapters, Windows XP and Visual studio licenses for participants and good prizes. One of our friends read about this and three of us put up a proposal with our ideas and we got through the initial round. We had a lot of ideas with us to implement a prototype, it is at this point a software company which was run by one of the alumni came over to help us in planning.
Our initial plan was to implement quickly and try it out on the users for feedback.
This was for a generic identification device that can be configured to use for payments, tolls for cars, parking etc. The idea was that Bluetooth devices can hold a lot of data and gives the users the flexibility to create as many profiles as they want.
One of the seniors in the company invited us to their place, in our first meeting itself we were stumped when we saw the mountain from which the waterfall process flowed. We were slapped with a software requirements specification document template which would have taken a few weeks to fill for the amount of ideas we had. It also had various parameters to rate the requirements like return on investment etc. I could never forget the feeling that we had on that day, we dropped our idea altogether and went on to find something which had requirements perfectly documented.
By the time we finished the first cut of the project and submitted we were only half happy that we did finish something. We ended up converting EEG wirelessly and transmit through Bluetooth which was not a novel idea at all. The Waterfall process killed the idea, the fire and above all nothing useful came out of a defined process. Someone else who had submitted a similar generic id device entered the top 10 and ended up winning something. Some events leave a lasting impression on your life, this one was so strong that I had never accepted to work in waterfall development ever even though that was the only one very active around the time I graduated.
Any process followed for the sake of following it will surely kill a lot of things