​The Necessity of Building and Managing Innovation Networks"

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Rirggr29

Business Finance

Description

Discussion Question at least a paragraph long. Provide references

Describe three (3) methods of building a formal network and then discuss the benefits of each strategy. Next, discuss the formal network strategy you would utilize for your business model and explain the implications of this decision. Provide examples to support your rationale.

Discuss how you could utilize formal network structures to develop new products and services for an organization. Next, evaluate two (2) success factors that would contribute to the success of your new product development strategy. Provide support for your response.

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Explanation & Answer

Attached.

INNOVATION NETWORKS

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NAME
INSTRUCTOR’S NAME
INSTITUTION
COURSE
DATE

INNOVATION NETWORKS

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Introduction
An innovation network is defined as a collection of institutions or organizations
which come together to perform a common goal. Usually, such institutions are dedicated
to coming up with a new approach of doing things to solve an existing problem in the
society. Some of the various objectives that such institutions come up with may
determine the name given to the particular innovation network. A common example is the
human genome innovation network. As mentioned, such networks are usually dedicated
to solving a common goal in the society using unorthodox approaches. For this reason,
they play an important role in the development of the human society (Doherty, 2005).
This paper, therefore, discusses some of the ways in which such networks may be built
and the significance of the networks to the well-being of the society.
Building innovation networks can broadly be categorized into three approaches.
These approaches have been proposed by various researchers and experts in the
respective fields (Gausdal, 2013)...


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