There is an increasing interest in the notion that opportunities do not jump out in final form but emerge through insights and developed through learning. Some ideas are abandoned while others are shaped and progressed into ventures that perform better than others in terms of financial and innovative performance—and the focus of this study. Previous studies of learning in entrepreneurship have tended to focus on learning styles as opposed to the domain of new knowledge acquired within the opportunity development process thus representing a gap in the literature. We respond to this gap and explore differences in ‘what’ was learned as individuals develop opportunities and launch their venture. We shed light on the aspects of prior knowledge and learning that impact outcomes of product innovativeness and sales in the high-tech context.