Project-based technology firms operating in a dynamic environment have to preserve their firm-specific advantage and also buffer against labour market shocks. Preservation and propagation of tacit knowledge that assists the firm in creating a non-replicable strategic advantage thus becomes vitally important. Due to the nature of tacit knowledge to not get codified, it is difficult for the firm to sustain advantage based on firm-specific tacit knowledge. Experiential learning-based frameworks can aid in resolving this issue. Such methodologies propagate tacit knowledge, shorten the lead time for execution of projects, reduces the time to market for innovative products and also protect against labour shortages by pursuing strategic staffing. In this paper, utilising a case study of a project, we suggest an experiential learning framework for facilitating the development of dynamic capabilities in project-based technology organisations. This framework will assist the firm in preserving tacit knowledge and develop manpower for future projects. Copyright © 2016 Inderscience Enterprises Ltd.