This paper addresses how the integration of product development knowledge relates to a firm’s proficiency in managing technology commercialization. Hence, it explicitly addresses the link between internal technology exploitation (i.e., NPD) and external technology exploitation (i.e., technology licensing). More specifically, the paper assesses the impact of three types of product development knowledge integration on a firm’s TCI. A key assumption is that firms that are proficient at knowledge integration will be more successful in finding opportunities for licensing technology. As an effect of the inefficiencies in the markets for technology, external technology exploitation is more complex than the commercialization of goods or services (Gambardella et al., 2007; Gans and Stern, 2003). In external technology exploitation, a firm owns a potential technological solution for specific applications. The firm faces the difficulty of identifying profitable applications, which may be in completely different industries than its own current product markets (Lichtenthaler et al., 2009).