A recent study published by CAPS Research (the research arm of the Institute of Supply Management), underscores the importance of organizations adopting external innovation rather than relying solely on their internal research and development (R&D) efforts. Some companies set goals to increase revenues by adopting external innovation. Procter & Gamble, for instance, wanted to attain 50% of its revenues through external innovations — that is, licensing technologies — over five years (1). A joint project from CAPS Research with Western…