Research and development (R&D) is a major source of entrepreneurial opportunities. Given limited resources (Simon, 1947; Ocasio, 1997), firms must decide whether or not to exploit a specific, newly discovered project. Existing literature is relatively silent on the project attributes other than projected financial risk and reward that managers consider in their exploitation decisions, and how they consider projects in the context of their innovation portfolio and the influence of personal characteristics on the decision to exploit. We build on the project innovation, portfolio strategy, and managerial psychology literatures to build a model covering the influence of project, portfolio, and person on mangers’ exploitation decisions.