Complementing received research on the role of collaboration networks in fostering interorganizational learning and innovation, the authors focus on the importance of learning from other firms� public knowledge. To this end they introduce the concept of spillover network�the network of �source� firms whose public knowledge a �recipient� firm is able to readily absorb and use as innovation input. Using patent-based data on a panel of semiconductor firms between 1976 and 2002, the authors demonstrate that firms� innovative performance tends to be higher when their spillover network is either munificent or rich in structural holes. However, being exposed to a spillover network that is both munificent and rich in structural holes is generally counterproductive. Consistent with the insight that the value of external knowledge inputs depends on the firm-level resources with which it can be bundled, furthermore, the authors argue that the extent to which firms benefit from their spillover network hinges on specific intraorganizational factors�their scientific intensity and degree of downstream integration.