In this paper, we explore the relationship between firm level ambidexterity and innovation speed in the context of new technology based firms (NTBFs). We define ambidexterity as the ability of the firm to both exploit previous competencies (e.g. systematizing experiences into routines, benchmarking against others to increase efficiency), and explore new opportunities (e.g. searching for opportunities in the environment, bringing creative people together for generating ideas for new business opportunities). In the full paper we argue that regardless of the costs associated with following both strategic paths, doing so has a positive impact on innovation speed.