This research note explores the future research agenda for Capability-Based Management (CBM) and the capability concept, building on discussions from the International Workshop on the Foundations and Applications of Capabilities in Enterprises, Transformations, and ESG Initiatives (FACETE). The note identifies two primary subdomains for advancement: establishing a harmonized foundation for the Capability and Capability Map concepts, and refining CBM practices. Key topics include developing dynamic, context-aware definitions and models; formalizing relationships; and improving the discovery, identification, and scalability of capabilities. Additionally, the note emphasizes the importance of clarifying capability ownership within complex organizational ecosystems. By addressing these areas, the research note calls for academics to conduct research that can enhance both the theoretical underpinnings and practical applications of CBM, fostering greater clarity and efficacy in strategy formulation and implementation, and managing the operational configuration of an organization.