“The Necessity of Building and Managing Innovation Networks” Please respond to the following:

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.