The ability to commercialize innovations is central to firm survival and success and despite research on parts of the process, there is no overarching framework. Successful commercialization can include retaining ownership of the innovation and bringing it to market, sharing it by licensing or developing it with partners, or by selling it. A firm-level model is constructed that goes from innovation sourcing, through assessment of viability, to selection of the optimum form of governance. External networks and absorptive capacity at the meso level, plus micro- and macro-level factors, as moderators affecting the strength of the relationship between viability and governance are identified. Propositions are generated on these relationships for empirical testing and further theoretical insight.