This chapter considers the challenge of capturing new knowledge and transforming that knowledge into new products, services or ways of working. We consider the need for different approaches to capture and share new information when compared to those required for new ‘know how’. We explore how organisations can build a capability to absorb new knowledge from external partners and customers and the dilemmas that this can create. One of the most pertinent challenges is how an organisation can reconcile the need to learn how to improve current practices with developing the capability to recognise and exploit new opportunities. We conclude that successful organisations encourage and support an ambidextrous approach. Here employees are encouraged by a supportive culture and reward structure to pursue a learning approach that is appropriate to the innovation challenge that they face.