This research book seeks to enhance understanding of the role of learning traps in the successful new product innovation process. Drawing on and adapting key concepts from organizational learning theory, particularly in the area of capability-rigidity theory, this research investigates how market orientation may create rigidity (known as learning traps or competency traps) that reduces innovation performance. Three types of competency traps (vision traps, technology traps, and routinization traps) are identified, and an integrated conceptual framework as well as new measures are developed to help researchers and managers identify and reduce the effect of learning traps in the new product development process. Entrepreneurial orientation and network learning are suggested as the remedies for managing the possible adverse effects.