Studies in the economic approach to innovation have highlighted the relevance of external knowledge for the development of firm’s innovation processes. In the same line, it has been acknowledged that the exploitation of external knowledge sources is mostly depedent on firm’s internal capacities or commonly known as the firm’s absorptive capacity. Absorptive capacity has been basically associated to the firm’s internal knowledge base, as a result of R&D activities. This is the reason for the development of several studies on the development of internal technological capacities and the exploitation of external knowledge. These studies show contradictory results that state the necessity of broadening the spectrum of factors influencing the configuration of search and exploitation processes of external knowledge.