A Systems View Across Time and Space
From: On valuing biopharmaceutical product pipelines: an effectuation model and evidence
Effectuation element | Dimension |
---|---|
Means | “What I know,” “who I am,” and “who I know” |
Affordable loss | Risk-taking propensity and the ability to thrive through a setback |
Partnerships | Collaborations with stakeholders and organizations willing to make a significant commitment to product and market development |
Expect the unexpected | Embrace surprises that arise from uncertain situations, remaining flexible rather than tethered to existing goals (Read et al., 2009; Sarasvathy, 2001) refer to this effectuation dimension as “leverage contingency” and define it as a “willingness to change products, customize.” |