Answer ALL questions
You have seven days to complete this examination, but it is expected that
you spend no more than three times the duration of the original
examination completing it.
Each essay answer should be no more than 1,000 words in length. You
must not exceed the specified word limit. This is a maximum word limit
(+10% does not apply). Markers will be instructed that they do not have to
mark anything beyond the 1,000 words limit.
You will not be penalised for answers that are shorter than the limit;
answers will be given credit for being comprehensive, rather than for being
a certain length.
You should provide a bibliography with each essay answer. The
bibliography is excluded from the word count. Please include the word
count for each essay answer.
The use of Electronic calculators is NOT permitted.

Answer ALL questions.
All questions are worth equal marks.
1. Why should firms formulate an Innovation Strategy? In answering this
question, you need to describe the key differences between a proactive,
active and reactive type of innovation strategy.
2. Answer ALL parts:
(a) What is the difference between ‘inbound open innovation’ and
‘outbound open innovation’ in Henry Chesbrough’s Open Innovation
Business Model?
(b) Briefly describe two critical factors associated with successful
technological collaboration?
3. Answer ALL parts:
(a) Describe what you understand by the term Intellectual Property Rights
(IPRs)?
(b) For firms, what are the main arguments for and against patenting?