---
id: "quote-actions-of-others"
type: "quote"
source_timestamps: ["\\\"§ Five Implications for Managers", "Investors", "and Founders\\\""]
tags: ["execution-risk", "third-party"]
related: ["claim-ecosystem-value-external"]
speaker: "Natalie Burford, Andrew Shipilov and Nathan Furr"
speakers: ["Natalie Burford", "Andrew Shipilov", "Nathan Furr"]
source_url: "https://hbr.org/2026/06/when-evaluating-an-ma-opportunity-consider-the-broader-digital-ecosystem"
source_title: "When Evaluating an M&A Opportunity, Consider the Broader Digital Ecosystem"
sources: ["ecosystem"]
sourceVaultSlug: "hbr-seg-ecosystem"
originDay: 11
articleStem: "hbr-cl-80-ma-digital-ecosystem"
sourceUrl: "https://hbr.org/2026/06/when-evaluating-an-ma-opportunity-consider-the-broader-digital-ecosystem"
sourceTitle: "When Evaluating an M&A Opportunity, Consider the Broader Digital Ecosystem"
---
# Value Determined by Others

> "Value is determined not just through your firm's own actions, but through the actions of others. An acquisition may unlock investments and innovations by complementors, enabling you to both broaden and strengthen your ecosystem."
>
> — Natalie Burford, Andrew Shipilov and Nathan Furr (§ Five Implications)

A stark reminder that in digital ecosystems, internal execution is not enough to guarantee M&A success. This is the rhetorical heart of [[claim-ecosystem-value-external]] and the contrarian insight [[contrarian-ma-value-source]].