New Venture Development

You are required to answer the following two questions. The word limit for each question is 1000. Your answer should be supported by appropriate references.
Please clearly state the number of each question you are answering. Both essays should be typed into a single file with each question clearly identified. The file should be in MS Word and should use the following formatting requirements: font 12, one-inch margin, using double space.

Question 1:
Critique the statement Open innovation is the best approach that firms should adopt to manage their innovations in the 21st century. Illustrate your discussion with appropriate examples. (10 references)

Question 2:
Design a plan for the use of appropriate open innovation approaches to help the inception (year one and year two) and development (year three, four and five) of your business. (10 references)