{
  "id": "competency:mm-envc",
  "code": "CDU-BUS-ENVC-900",
  "level": "MM",
  "name": "Master of Management — Entrepreneurship & New Venture Creation",
  "faculty": "Faculty of Commerce, Law and Management",
  "lineage": [
    {
      "institution": "Wits Business School",
      "year": 2026,
      "note": "MMENVC — supposed to be"
    }
  ],
  "researchProject": "The WardByWard Agent Orchestrator — A New Venture Form For Effectuating Investible Value Creation In the Informal Merchant Economy",
  "description": "New ventures as they are actually built: effectuation over prediction, affordable loss over expected return, and the arithmetic of investible value when an orchestrator aggregates an informal merchant economy into something a funder can price.",
  "syllabus": [
    "Effectuation: the five principles as a diagnostic",
    "Affordable loss: sizing a step by what can be lost",
    "Runway and burn: how long the venture lives",
    "Investible value: merchants × GMV × take rate × multiple, discounted for formalisation"
  ],
  "reference": {
    "Effectuation": "Sarasvathy (2001): bird in hand, affordable loss, lemonade, crazy quilt, pilot in the plane",
    "Investible value": "annual net revenue × multiple × formalisation factor; net revenue = merchants × GMV per merchant × take rate",
    "Runway": "cash ÷ net monthly burn",
    "Affordable loss": "the maximum the founder commits to one step without needing it back"
  },
  "role": "You are an entrepreneurship professor and former founder advising a new venture in the informal economy. Diagnose before you prescribe; name the principle at work; turn the numbers into the next affordable step.",
  "feeUsd": 1,
  "version": "1.0.0",
  "qualification": {
    "award": "MM",
    "nqfLevel": 9,
    "qualificationType": "Master's Degree (HEQSF qualification type 9a)",
    "totalCredits": 180,
    "minCreditsAtExitLevel": 120,
    "iscedFields": [
      "052",
      "041"
    ],
    "standards": [],
    "registration": "not registered"
  },
  "modules": [
    {
      "code": "CDU-BUS-ENVC-900-901",
      "title": "Coursework — the executable units",
      "nqfLevel": 9,
      "credits": 60,
      "prerequisites": [],
      "coRequisites": [],
      "outcomes": [
        "answer every unit of the qualification against its published reference, with the working shown"
      ],
      "assessment": {
        "formative": [
          "worked examples re-run against the published reference",
          "seeded practice scenarios, deterministic per (pan, unit, attempt)"
        ],
        "summative": "every unit passed once through the seeded assessment (the seeded assessment room)",
        "passMark": 50,
        "subminimum": 40,
        "moderation": "internally assessed by the unit itself — its reference implementation is the marker; the working is published so anyone can re-run the mark (D-13.1 — no model marks anything)"
      },
      "unitIds": [
        "investible_value",
        "runway",
        "affordable_loss",
        "effectuation_assessment"
      ],
      "notionalHours": 600
    },
    {
      "code": "CDU-BUS-ENVC-900-902",
      "title": "Research report",
      "nqfLevel": 9,
      "credits": 120,
      "prerequisites": [
        "CDU-BUS-ENVC-900-901"
      ],
      "coRequisites": [],
      "outcomes": [
        "The WardByWard Agent Orchestrator — A New Venture Form For Effectuating Investible Value Creation In the Informal Merchant Economy"
      ],
      "assessment": {
        "formative": [
          "worked examples re-run against the published reference",
          "seeded practice scenarios, deterministic per (pan, unit, attempt)"
        ],
        "summative": "the research report, assessed against the qualification’s published reference block",
        "passMark": 50,
        "subminimum": 40,
        "moderation": "internally assessed by the unit itself — its reference implementation is the marker; the working is published so anyone can re-run the mark (D-13.1 — no model marks anything)"
      },
      "unitIds": [],
      "notionalHours": 1200
    }
  ],
  "units": [
    {
      "id": "investible_value",
      "name": "Investible value of an orchestrator",
      "answers": "What is a merchant-aggregating orchestrator worth to a funder, from the merchants it serves, their volume, its take rate, and how formal the economy it organises has become?",
      "example": {
        "merchants": 1200,
        "gmvPerMerchantMonth": 15000,
        "takeRate": 0.025
      },
      "reference": "The WardByWard research paper: investible value = net revenue × multiple × formalisation",
      "signature": {
        "input": {
          "merchants": {
            "type": "number",
            "describe": "Active merchants on the orchestrator",
            "min": 0
          },
          "gmvPerMerchantMonth": {
            "type": "number",
            "describe": "Gross merchandise value per merchant per month",
            "min": 0
          },
          "takeRate": {
            "type": "number",
            "describe": "Orchestrator take rate, 0–1",
            "min": 0,
            "max": 1
          },
          "revenueMultiple": {
            "type": "number",
            "describe": "Valuation multiple on annual net revenue",
            "min": 0,
            "default": 3
          },
          "formalisation": {
            "type": "number",
            "describe": "Share of the merchant base with verifiable records (identity, ledger, tax), 0–1",
            "min": 0,
            "max": 1,
            "default": 0.5
          },
          "costPerMerchantMonth": {
            "type": "number",
            "describe": "Cost to serve a merchant per month",
            "min": 0,
            "default": 0
          }
        },
        "output": {
          "annualGmv": {
            "type": "number",
            "describe": "GMV across the base per year"
          },
          "annualNetRevenue": {
            "type": "number",
            "describe": "GMV × take rate per year"
          },
          "annualContribution": {
            "type": "number",
            "describe": "Net revenue − cost to serve"
          },
          "investibleValue": {
            "type": "number",
            "describe": "Net revenue × multiple × formalisation"
          },
          "valuePerMerchant": {
            "type": "number",
            "describe": "Investible value ÷ merchants"
          },
          "formalisationUplift": {
            "type": "number",
            "describe": "Value added by lifting formalisation to 1.0"
          }
        }
      }
    },
    {
      "id": "runway",
      "name": "Runway and burn",
      "answers": "How many months does the venture live at its current burn, and what does it need to reach the next milestone?",
      "example": {
        "cash": 450000,
        "monthlyCosts": 60000,
        "monthlyRevenue": 15000,
        "monthsToMilestone": 9
      },
      "reference": "Runway = cash ÷ net burn; net burn = costs − revenue",
      "signature": {
        "input": {
          "cash": {
            "type": "number",
            "describe": "Cash on hand",
            "min": 0
          },
          "monthlyCosts": {
            "type": "number",
            "describe": "All costs per month",
            "min": 0
          },
          "monthlyRevenue": {
            "type": "number",
            "describe": "Revenue per month",
            "min": 0,
            "default": 0
          },
          "monthsToMilestone": {
            "type": "number",
            "describe": "Months needed to reach the next milestone",
            "min": 0,
            "optional": true
          }
        },
        "output": {
          "netBurn": {
            "type": "number",
            "describe": "Costs − revenue per month (negative means profitable)"
          },
          "runwayMonths": {
            "type": "number",
            "describe": "Months of cash (null when profitable)"
          },
          "reachesMilestone": {
            "type": "boolean",
            "describe": "Runway ≥ months to milestone"
          },
          "shortfall": {
            "type": "number",
            "describe": "Cash needed to reach the milestone (0 when none)"
          }
        }
      }
    },
    {
      "id": "affordable_loss",
      "name": "Affordable loss",
      "answers": "How much can the founder commit to the next step without needing it back, and does the step fit?",
      "example": {
        "liquidAssets": 300000,
        "monthlyLivingCosts": 18000,
        "stepCost": 40000
      },
      "reference": "Sarasvathy: affordable loss principle",
      "signature": {
        "input": {
          "liquidAssets": {
            "type": "number",
            "describe": "Cash and near-cash the founder controls",
            "min": 0
          },
          "monthlyLivingCosts": {
            "type": "number",
            "describe": "What the founder needs per month to live",
            "min": 0
          },
          "monthsOfSafety": {
            "type": "number",
            "describe": "Months of living costs kept untouchable",
            "min": 0,
            "default": 6
          },
          "riskAppetite": {
            "type": "number",
            "describe": "Share of the remainder the founder is willing to lose, 0–1",
            "min": 0,
            "max": 1,
            "default": 0.5
          },
          "stepCost": {
            "type": "number",
            "describe": "Cost of the step being considered",
            "min": 0,
            "optional": true
          }
        },
        "output": {
          "untouchable": {
            "type": "number",
            "describe": "Living costs × months of safety"
          },
          "affordableLoss": {
            "type": "number",
            "describe": "What can be lost on the next step"
          },
          "stepFits": {
            "type": "boolean",
            "describe": "Step cost ≤ affordable loss (true when no step given)"
          },
          "stepsAffordable": {
            "type": "number",
            "describe": "How many such steps could be lost in sequence"
          }
        }
      }
    },
    {
      "id": "effectuation_assessment",
      "name": "Effectuation assessment",
      "answers": "How effectual is the venture’s approach across Sarasvathy’s five principles, scored 0–4 each from the founder’s answers?",
      "example": {
        "bird_in_hand": 4,
        "affordable_loss": 3,
        "lemonade": 3,
        "crazy_quilt": 4,
        "pilot_in_plane": 3
      },
      "reference": "Sarasvathy (2001) — the five principles of effectuation",
      "signature": {
        "input": {
          "bird_in_hand": {
            "type": "number",
            "describe": "Does the venture start from who the founder is, what they know and whom they know — rather than from a given goal? (0 = not at all, 4 = entirely)",
            "min": 0,
            "max": 4
          },
          "affordable_loss": {
            "type": "number",
            "describe": "Is each step sized by what the founder can afford to lose, rather than by expected return? (0–4)",
            "min": 0,
            "max": 4
          },
          "lemonade": {
            "type": "number",
            "describe": "Are surprises and contingencies treated as inputs to the venture, not as threats to a plan? (0–4)",
            "min": 0,
            "max": 4
          },
          "crazy_quilt": {
            "type": "number",
            "describe": "Are partnerships formed with self-selecting stakeholders who commit, rather than competitive analysis of a market? (0–4)",
            "min": 0,
            "max": 4
          },
          "pilot_in_plane": {
            "type": "number",
            "describe": "Does the founder act to shape the future through controllable means, rather than predict it? (0–4)",
            "min": 0,
            "max": 4
          }
        },
        "output": {
          "score": {
            "type": "number",
            "describe": "Total, 0–20"
          },
          "percent": {
            "type": "number",
            "describe": "Score ÷ 20"
          },
          "orientation": {
            "type": "string",
            "describe": "effectual, mixed, or causal"
          },
          "strongest": {
            "type": "string",
            "describe": "Highest-scoring principle"
          },
          "weakest": {
            "type": "string",
            "describe": "Lowest-scoring principle — the one to work on"
          }
        }
      }
    }
  ]
}