After the big earthquake of 1755 that tore down Lisbon and most of Portugal's southern coast, it was necessary to rebuild an entire nation. The demand for window glass increased so much that William Stephens, a British businessman, saw the opportunity to expand his business in Portugal by investing in the glass industry.

In Stephens, players compete amongst one another in the role of master glassmakers working at the famous "Stephens" Factory to become the most prestigious figure in town...after Stephens, of course. Through clever and cunning planning, all players will develop their works, invest in new businesses, and promote the creation of jobs. Through a unique action-selection mechanism, on their turn players choose from a variety of options, either by activating the Stephens factory or by activating one of their personal investments.

The game ends when the Napoleonic forces arrive in town, at which time the player with the most prestige wins.