The first step is a market analysis, researching the socio- economic context and, if a currency is deemed feasible and useful, what the design of a basic, viable prototype might look like. Depending on the project’s complexity and partners’ and stakeholders’ commitment, this phase might take from six months to two years.
Crucial elements at this stage are to clearly set out the goals and targets of the initiative and deliberate on the appropriate choices regarding the technical and operational set-up of the project.
# Stage 1: Exploration
Exploring the needs, dreams and possibilities in a real context involves: - Analysing the environment–how would a currency fit into the market? - Identifying potential partners and stakeholders - Testing ideas in various forums for support - Sketching the general idea, working out goals and target groups - Setting up a steering group and implementation team
# Stage 2: Conceptualisation
Development of the concept of the currency and selecting the appropriate design (see Chapter 5) requires: - Developing partnerships - Producing presentations of the possibilities and early ideas - Holding a ‘theory of change’ workshop to find out what all stakeholders want the currency to achieve in a context of what is feasible - Planning the intended impact of the currency
# Stage 3: Feasibility
Several of the elements described in the following sections need to be explored in depth, to ensure that a no-go scenario is not discovered at a later stage. All potential scenarios, good and bad, of the fully functioning currency need to be considered early on.
# Stage 4: Planning All elements from the above stages need to be combined and the implementation needs to be planned in detail.
Once an OK from the steering committee is granted and all the necessary resources are provided at the end of the stage, the project will progress to its practical phase.
# See also - Contents - Non-linear - Phase B: Building – Piloting