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On the basis of a case study of a leading user organisation in the market for industrial automation technology, I demonstrate how standard setting can be modelled by a knowledge-based approach which transforms collaborative R&D to seamless research & development & standard-setting (R&D&S) processes. “Standard-setting” within this analysis addresses specifications of technology, but also affects implementation and de-facto standardisation. The market for industrial automation technology is characterised by collaboration on standards, high technology influences from other industries, and network effects on standards. Furthermore, system integrators play a decisive role in value creation in the customer–specific business case. This case study emphasises the dynamics between knowledge stocks (knowledge alignment, narrowing and deepening) produced by collaborative standard setting and innovation; it sheds light on an evolutionary relationship between the exploration of assets & use cases and each firm’s exploitation activities in the market. JEL Codes: L60, B52, O34, M21