Benefiting from External Sources of Technology

OVERVIEW:Almost all companies with significant internal R&D activities are making deliberate efforts to locate, acquire and exploit technology from external sources. Such technology sourcing activities are expected to grow and become more systematic. A wide variety of approaches are used to organize these sourcing efforts. Considerable success is reported in finding specific targeted technologies. Regardless of the organizational approach used, it is essential to have clear strategic directions, long-term commitment, and people with appropriate skills and experience. The primary locus of problems is not in finding and acquiring the technology but in successfully nurturing and exploiting it after it has been acquired.