Knowledge is something to gain and sustaining competitive advantage (Webber 1993). Knowledge is information combined with experience, context, interpretation and reflection and may be embodied in documents, organizational routines, processes, practices, and norms (Davenport et al. 1998). Knowledge management is defined as the ability to retain, develop, organize and utilize knowledge. Creation, utilization and management of knowledge is at the center of the new product development process (Clark and Fujimoto 1991). Firms pursuing NPD projects must know what they know and how to apply it in useful ways, and know what they don’t know and how to close these gaps (Pitt and MacVaugh 2008). KM strategies for NPD impact the time to market, product and process functionality, manufacturing costs, and the match between customer requirements and final product features (Mihm et al. 2003, Ulrich and Eppinger 2003). Therefore, in a highly competitive and environment with changing customer needs as well as rapid changes in the underlying product and process technologies, NPD success is directly impacted by the firm’s KM strategies (Lynn et al. 2000). While some knowledge relevant to NPD already exists within the firm, new knowledge is created as the development process unfolds (Adams et al. 1998). The existing knowledge stored or embedded in the minds of people, in archives, in existing products and in procedures and equipment, needs to be recognized, retrieved and made available to the NPD teams. New knowledge is created through various knowledge creation activities, such as problem solving, testing or experimentation, knowledge transfer/sharing within the firm or from the outside the firm. The new and existing knowledge needs to be integrated to ensure a spiral of continuous expansion and development/refinement of knowledge for future use in the NPD process (Soderquist 2006, Nonaka and H. Takeuchi 1995).