Universitat Politecnica de Valencia (UPV) was the European institution with more MOOC course runs done by December 2016. This paper describes and analyses the decisionmaking process, and rationale of the development of this low budget real MOOC institutional initiative carried out by a traditional higher educational medium sized institution. This analysis is done using an Evaluative Research (ER) method based on an iterative approach of 6 cycles of formative evaluation. It has been a multiple stage process that includes many aspects. In this paper, we will analyze two of them: the creation, organization and management of a fast and cheap MOOC production process, including the several tools, plans, and procedures that have enabled UPV to create courses fast and with a low-cost; and the technical evolution of the initiative, with the different platforms that have been used. As a consequence of this process, UPV has its own platform (upvx.es) based on openedX and is a member of edx.org, with 50 courses, 177 editions, and more than 632.000 enrollments. The completion rate is 8.69%, and post-course surveys reveal a high level of satisfaction from students. The paper will finish addressing the challenges of making this an entirely self-sustainable initiative and reflecting about what is required for evaluating this experience globally.