The document discusses the 5 steps of an AI/ML innovation project: 1. Empathize and analyze to understand user needs and objectives. 2. Define and synthesize insights about key decisions and potential variables and metrics. 3. Ideate potential solutions by choosing a suitable machine learning model. 4. Prototype and tune by creating mockups to study user interactions and identify insights. 5. Test and validate prototypes using user testing and evaluating the machine learning model on test data.