Stage 1
Eureka!
Opportunity is revealed via the growing dysfunction of the existing order
Stage 2
Experiment!
Innovators and entrepreneurs begin to experiment, a period of trial and error
Stage 3
Enterprise
Investors and managers build new business models, creating new forms of value
Stage 4
Ecosystem
Critical mass and partnerships create new markets and institutional arrangements
Stage 5
Economy
The economic system flips to a more sustainable state, supported by cultural change