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A Systems View Across Time and Space

Table 1 Effectuation elements and dimensions

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.”