diff --git a/bonobo/core/strategy.py b/bonobo/core/strategy.py
index 28f508d..f6a24d7 100644
--- a/bonobo/core/strategy.py
+++ b/bonobo/core/strategy.py
@@ -1,21 +1,152 @@
 import time
-from concurrent.futures import Executor
+import traceback
+from concurrent.futures import ThreadPoolExecutor
 from queue import Queue, Empty
 
+from bonobo.core.errors import InactiveReadableError
 from bonobo.core.io import Input
-from bonobo.core.tokens import BEGIN
-from bonobo.util.iterators import force_iterator
+from bonobo.core.tokens import BEGIN, Token
+from bonobo.util.iterators import force_iterator, IntegerSequenceGenerator
+
+NEW = Token('New')
+RUNNING = Token('Running')
+TERMINATED = Token('Terminated')
+
+
+def noop(*args, **kwargs): pass
+
+
+def get_initializer(c):
+    return getattr(c, 'initialize', noop)
+
+
+def get_finalizer(c):
+    return getattr(c, 'finalize', noop)
+
+
+class ComponentExecutionContext:
+    """
+    todo: make the counter dependant of parent context?
+    """
+
+    # todo clean this xxx
+    __thread_counter = IntegerSequenceGenerator()
+
+    @property
+    def name(self):
+        return self.component.__name__ + '-' + str(self.__thread_number)
+
+    def __init__(self, component):
+        # todo clean this xxx
+        self.__thread_number = next(self.__class__.__thread_counter)
+
+        self.component = component
+        self.input = Input()
+        self.outputs = []
+
+        self.state = NEW
+
+    def __repr__(self):
+        """Adds "alive" information to the transform representation."""
+        return ('+' if self.running else '-') + ' ' + self.name + ' ' + self.component.get_stats_as_string()
+
+    def step(self, finalize=False):
+        # Pull data from the first available input channel.
+        row = self.input.get(timeout=1)
+
+        self.__execute_and_handle_output(self.component, row)
+
+    def run(self):
+        assert self.state is NEW, ('A {} can only be run once, and thus is expected to be in {} state at the '
+                                   'beginning of a run().').format(type(self).__name__, NEW)
+
+        self.state = RUNNING
+        get_initializer(self.component)(self)
+
+        while True:
+            try:
+                self.step()
+            except KeyboardInterrupt as e:
+                raise
+            except InactiveReadableError as e:
+                # Terminated, exit loop.
+                break
+            except Empty as e:
+                continue
+            except Exception as e:
+                self.handle_error(e, traceback.format_exc())
+
+        assert self.state is RUNNING, ('A {} must be in {} state when finalization starts.').format(
+            type(self).__name__, RUNNING)
+
+        try:
+            self.state = TERMINATED
+            get_finalizer(self.component)(self)
+        except Exception as e:
+            self.handle_error(e, traceback.format_exc())
+
+    def handle_error(self, exc, tb):
+        raise NotImplementedError()
+        if STDERR in self.transform.OUTPUT_CHANNELS:
+            self.transform._output.put(({
+                                            'transform': self.transform,
+                                            'exception': exc,
+                                            'traceback': tb,
+                                        }, STDERR,))
+            print((str(exc) + '\n\n' + tb + '\n\n\n\n'))
+        else:
+            print((str(exc) + '\n\n' + tb + '\n\n\n\n'))
+
+    # Private
+    def __execute_and_handle_output(self, callable, *args, **kwargs):
+        """Runs a transformation callable with given args/kwargs and flush the result into the right
+        output channel."""
+
+        timer = Timer()
+        with timer:
+            results = callable(*args, **kwargs)
+        self._exec_time += timer.duration
+
+        # Put data onto output channels
+        if isinstance(results, types.GeneratorType):
+            while True:
+                timer = Timer()
+                with timer:
+                    try:
+                        result = next(results)
+                    except StopIteration as e:
+                        break
+                self._exec_time += timer.duration
+                self._exec_count += 1
+                self._output.put(result)
+        elif results is not None:
+            self._exec_count += 1
+            self._output.put(results)
+        else:
+            self._exec_count += 1
+
+
+class ExecutionContext:
+    def __init__(self, graph):
+        self.graph = graph
 
 
 class Strategy:
+    context_type = ExecutionContext
+
+    def create_context(self, graph, *args, **kwargs):
+        return self.context_type(graph)
+
     def execute(self, graph, *args, **kwargs):
         raise NotImplementedError
 
 
 class NaiveStrategy(Strategy):
     def execute(self, graph, *args, **kwargs):
-        input_queues = {i: Queue() for i in range(len(graph.components))}
-        for i, component in enumerate(graph.components):
+        context = self.create_context(graph)
+
+        input_queues = {i: Queue() for i in range(len(context.graph.components))}
+        for i, component in enumerate(context.graph.components):
             while True:
                 try:
                     args = (input_queues[i].get(block=False),) if i else ()
@@ -27,28 +158,20 @@ class NaiveStrategy(Strategy):
                     break
 
 
-class ExecutionContext:
-    def __init__(self, graph):
-        self.graph = graph
-
-
 class ExecutorStrategy(Strategy):
-    context_type = ExecutionContext
-    executor_type = Executor
+    executor_type = ThreadPoolExecutor
 
     def __init__(self, executor=None):
         self.executor = executor or self.executor_type()
 
-    def create_context(self, graph, *args, **kwargs):
-        return self.context_type(graph)
-
     def execute(self, graph, *args, **kwargs):
-        raise NotImplementedError()
         context = self.create_context(graph)
 
         for i in graph.outputs_of(BEGIN):
             self.call_component(i, *args, **kwargs)
 
+        raise NotImplementedError()
+
         while len(self.running):
             # print(self.running)
             time.sleep(0.1)
diff --git a/bonobo/util/iterators.py b/bonobo/util/iterators.py
index 5a0567b..c71882d 100644
--- a/bonobo/util/iterators.py
+++ b/bonobo/util/iterators.py
@@ -1,7 +1,21 @@
+class IntegerSequenceGenerator:
+    """Simple integer sequence generator."""
+
+    def __init__(self):
+        self.current = 0
+
+    def get(self):
+        return self.current
+
+    def __next__(self):
+        self.current += 1
+        return self.current
+
+
 def force_iterator(x):
     if isinstance(x, str):
         return [x]
     try:
         return iter(x)
     except Exception as e:
-        return [x] if x else []
\ No newline at end of file
+        return [x] if x else []