This paper examines the types of knowledge involved in IT exploration and exploitation; and how individuals can manage them. We focus on a particular organizational context described in previous research where individuals transfer between a digital innovation lab (DIL) and the existing organization for periods of time. Drawing on existent literature, we conceptualize six types of knowledge and relate them to the behaviors of learning, applying and intentional forgetting. We illustrate our conceptualization with two vignettes based on empirical data. Our conceptualization raises awareness of potential knowledge-related challenges associated with DILs, and provides insight on the composition of knowledge managed in a DIL to support fruitful IT exploration and digital innovation. Given the importance of digital innovation for today's organizations, understanding the types of knowledge in a DIL set-up is of vital importance.