The proposition underlying a staged approach to evaluation is that before investing in a full-scale evaluation of a complex, multi-site initiative, it is wise to first conduct a Stage One evaluation. We define Stage One study as systematic and exploratory ground-truthing. This roundtable will examine that proposition through analysis of a case of a Stage One study of the National Science Foundation's Undergraduate Research Collaborative in Chemistry. After an overview of the Stage One study, the discussion will concentrate on lessons learned for evaluation theory, design, and practice. Implications are related to: a) how a staged approach surfaces the varying and often competing audiences, goals, purposes, values, and criteria that drive evaluation; and b) the advantages and disadvantages of staged evaluation related to funders' valuing of evaluation. Our purpose is to further test our ideas about staged evaluation through lively discussion among members of the field. #2011Conference #Stagedevaluation #Cluster,Multi-SiteandMulti-LevelEval